How long does it take for the amount to be refunded to the parents bank account?
When you initiate a refund, Stripe immediately submits refund requests to the parent’s bank account or card issuer. The parent will see the refund as a credit approximately 5-10 business days later, depending upon the bank.
Refunds issued shortly after the original charge may appear in the form of a reversal instead of a refund. In the case of a reversal, the original charge drops off the parent’s statement, and a separate credit isn’t issued.
What if your Stripe balance is $0 when you make the refund?
If the provider's Stripe balance does not cover the refund amount, Stripe withdraws money from the provider's bank account to cover the refund to the parent.
Where will the amount be refunded?
Refunds can only be sent back to the original payment method used in a charge. You can’t send a refund to a different destination, such as another card or bank account.
How are refunds processed on installment plans?
All installment charges and payment dates get locked in at the point of purchase. The refund amount is first used to reduce future payments (starting from the latest installment), then to return money from past payments. Updating the installment dates of a session later applies only to future registrations, it does not apply to existing registrations.
To stop future installment payments, you simply need to issue a refund for the remaining balance on the student’s registration. The remaining balance can be checked by following the steps below:
- Go to the "Rosters" page > go to the "Enrolled" page of the session > Click on the student's name to view the details.
- Near the bottom of the student’s details, you will see their payment plan
- Sum the "scheduled" amounts and refund that total. This will stop all future installment payments.
Note: "Refund" for the "scheduled" payments won't withdraw any amount from your Stripe account since those payments haven't been collected yet, it will just stop the future installment collection.
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