Did you know that every time you do a refund, Elavon reviews it to ensure it is not fraudulent? This added layer of security ensures your money is always safe, no matter what.
When you perform a refund, you usually do so because you made a mistake, and need to void the transaction, or a customer is returning a purchased item. In those situations, there would be an “offsetting invoice”, a purchase that was done on the same card that “offsets” the refund. If there is no offsetting invoice, or at the very least, a history of the card being used at the company, Elavon will flag the transaction. After flagging the transaction, they look to see who owns the credit card that was used for the refund/credit.
If that credit card belongs to the owner of the business, company or a related party, Elavon will view it as a cash advance, which they do not support. As a result of this, Elavon may hold the account or worst case, close the business account. In most situations, Elavon will reach out to you to discuss the transaction, and make sure that a fraud did not occur. This is just one more way that Elavon protects your business.
If you plan on issuing a refund with no offsetting invoice, we always recommend you reach out to our office first, to ensure that it goes through smoothly.
For more information, get in touch with us today!