Please note: Refunds are final and cannot be canceled. Once issued, they usually take 3 to 5 business days to process.
To issue a refund, navigate to the Customer's account.
1. Scroll down to the Billing History section.
2. Click on the date to the left of the payment that needs to be refunded.
3. Click Refund at the top right.
4. If there are multiple line items included in the payment and you don't want to refund all of them, you can click Refund for the specific line item to be refunded. If not, proceed to the next step.
If there was an incorrect payment made due to a mistake with the amount of an invoice and the invoice amount needs to be for more or less, a FULL refund will need to be issued for the specific invoice so the invoice amount can be corrected and a new payment will need to be issued.
5. Select the Refund Method and enter a Reason for the refund. For example, if you are refunding a deposit after the tenant moves out, you might enter "Refunding Deposit" as the reason.
6. Click Refund.
7. Once the refund has been issued, there will be a line item in the Billing History showing the refund and the original payment will be updated to reflect the new amount. Invoices will then need to be voided. You can do this from the customer's Billing History by clicking Mass Void Unpaid Line Items.
📖 Learn more in our article: Mass Void Unpaid Line Items
Refunding ACH payments
ACH payments are locked in Storable Easy for 14 calendar days to ensure the funds are successfully collected before issuing a refund. This is due to how long it takes ACH payments to fully process and settle. Most ACH payments don't settle for 7 business days. If the payment fails due to insufficient funds, no account, etc. the account balance will reflect the failed payment amount.
Impact of refunds on your payment processing account
It is possible that issuing a large refund will put your payment processing account into a negative balance. If so, you will see a direct debit from your bank account. Once the payment processing account has been reconciled by other tenant payments being made, you will see the funds credited back to your account.
Note: There are NO FEES associated with refunds.