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Non-For-Profit's avatar
Non-For-Profit
Experienced Cover User
12 hours ago

Credit Card Refunds when customers used Online Payment option

Hi, we hire out our venue and collect security bond payments and refund them when there are no issues after the venue hire.

Here are some questions we have:

1. Is there a time limit for when we can process the refund? (example: today they make the payment through a credit card using MYOB online and the event is next year in 2027, can we still refund the bond payment to the same credit card next July 2027?)

2. If the bond is $1,000 and they paid using credit card on MYOB online payment and there was some damages and we charged $700 for the damages, can we do a partial refund of $300 to the same credit card? 

3. We understand we can't do the refunds ourselves and have to contact MYOB - is contacting MYOB a straightforward process or does it take very long for MYOB to approve and process the refund? We have 1 week after the event to process the refund. Thank you. 

online payments

1 Reply

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    11 hours ago

    Hi Non-For-Profit, 

     

    I get that there are some situations where refunds like these could happen. Here are the answers to your questions:

    1. The guidance doesn’t give a fixed time limit for requesting a refund. MYOB Support will need to check the payment when you’re ready to request it.
    2. Yes, a partial refund can be requested. For example, MYOB could refund $300 of a $1,000 bond. Please check with your accountant whether keeping the remaining $700 for damages is appropriate and how to record it.
    3. You can’t process this refund yourself in Online Payments. Contact MYOB Support with your written consent, the invoice number and the amount to refund. MYOB will arrange the refund through Financial Services. If the payment has already settled, drawing the funds back can take up to 15 business days. Card refunds can then take about 1–5 days.

    Online payment fees or surcharges generally aren’t refunded unless the issue was caused by MYOB.

    More info: https://www.myob.com/au/support/myob-business/sales/customer-returns-credits-and-refunds/paying-customer-refunds-electronically

     

    Regards,
    Genreve

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