EdWallet Payment Cancellations and Refunds (Fees and Processing Times)

Requesting EdWallet Payment Cancellations and Refunds

Student and Corporate Payments

To refund student payments and invoiced funds from your Edwallet account:

1. Contact us immediately (payments@edvisor.io) if you the payment was made in error. If caught early, the transaction may be interrupted and reversed. If the payment has already cleared in the past, then:
2. Create a new 'Bank Account' to collect payments from (https://wallet.edvisor.io/bank-accounts/company/list).
3. Create a new withdrawal payment for the new account.
4. Contact payments@edvisor.io to let us know that you have created this transaction so it can be monitored - provide the payment ID's for each transaction.

Provider (and Withdrawal) Payouts

To receive refunds from provider (school) payouts back into your Edwallet account:

1. Create a new Corporate payment registration for the school (https://wallet.edvisor.io/invoice-funds/all/list).
   
   This ensures you control the refund amount, and that the funds are returned to the same source they were originally received from: your EdWallet account.
   
   You may need to create a new corporate profile to collect payments from (https://wallet.edvisor.io/settings/invoice_profiles). 
2. Then, you can then create a new withdrawal to refund your student (https://wallet.edvisor.io/payouts/list).
3. Contact payments@edvisor.io to let us know that you have created these transactions so they can be monitored - provide the payment ID's for each transaction.

 

EdWallet Refund Requirements, and Causes for Potential Delays

Proof of Original Payment

There can be significant delays to your request, where Schools require formal proof of the original payment before issuing a refund, such as an ACH (batch of funds), specifically requesting any of transaction date, amount, beneficiary name, sender's name, and sender's account number.

Obtaining such documents may take up to 15 days or potentially longer, depending on the request. Contact our team to provide the specifics of your request.

Fund Recalls

For cases where our payments processor, must initiate and recall funds from the school/beneficiary on your behalf, a reason for the recall must be provided.

Recalling funds may take up to 21 days or potentially longer for the bank to process, and bank fees may apply.

General Refund Information

For refunds being made directly back to a payer's (student) card (e.g., the payment was cancelled before settlement to the school), the standard time frame for a card refund to be processed is up to 15 working business days or more.

Discrepancy in Amount

A difference in the amount refunded (e.g., less in the student's local currency) can be caused by currency conversions and the exchange rates applied by the credit card provider at the time of the initial payment and the subsequent refund.

Chargebacks

If a student initiates a chargeback on a payment that has already been settled with Edvisor, our processor will defend the chargeback, but the student should be updated to cancel it to avoid the student/cardholder receiving funds twice.

 

EdWallet Payment Cancellations and Refund Fees and Charges

The fee structure may depend on the circumstances of cancellation, payment method, and agency or school policies.

Applicable EdWallet Payment Types:

• Student Payments
• Corporate Payments
• Payouts (Partners)
• Withdrawals (Bank Accounts)

 

Typical Fees and Charges

• Administrative Fees:
  There are currently no administrative fees charged by Edvisor for cancellation and refund requests on payments made in error (ie. duplicated, typo, wrong beneficiary, etc).

• Service/Exchange Rate Charges:
  If funds need to be returned to the payer using multiple currencies, banks may apply their own exchange rate in addition to other fees. This will vary depending on the payment date, route and currency conversion requirements. Contacting your bank for clarification is recommended.

• Same-Currency Refunds (avoid fees):
  No additional fee is charged for refunds credited to accounts in the same currency (USD to USD, GBP to GBP, etc.).

Additional Notes

• Documentation:
  Occasionally, the recipient of the refund may be required to provide extra documents (e.g., proof of account or identification) to complete the process.

• Refund Policy Variability:
  The amount or presence of fees can vary depending on the agency or school’s policy. Always confirm with your provider.

• Program Cancellation:
  If a student cancels their program, and requests a refund, an admin fee might be deducted as per the provider's (school) policy.
• Payment Error/Overpayment:
  If a duplicate or erroneous payment occurs, contact Payments support immediately. Exchange rate bank fees may apply, or be avoided, depending on the situation timing.
  
  

FAQ

How will I know if a fee will be deducted for my case?
Unfortunately, this is a case-by-case scenario. We recommend checking with your own agency or school refund policies, or contact the paying bank, before submitting a refund request. However, Edvisor does not collect any service fees for payment cancellations.

Is there a charge for currency conversion?
Yes, an FX spread applies when refunds are processed in a different currency. This will vary according to the refund request date.

Will my student need to provide extra documents?
In some cases, proof of identity, account details, and/or proof of debit will be requested to ensure compliance and secure processing. It is best to be prepared to provide this prior to requesting a refund.

How can I avoid fees and charges?
Refund Fees and charges are unfortunately out of Edvisor's control and difficult to predict, but we recommend arranging refunds to be credited to accounts in the same currency (USD to USD, GBP to GBP, etc.) to minimize FX and unforeseen bank exchange fees.

Support and Escalation

If you have questions about a specific payment or are unsure of applicable fees, please contact your company’s finance team, refer to policies of the payer's bank, or reach out to our Edvisor Payments team directly for assistance: payments@edvisor.io

Other ways to reach us for your convenience:

Getting Help from Edvisor