Before refunding a client, ensure that funds are available in your merchant account. Be mindful that your merchant account is different from your bank account.
You can check your merchant account balance by logging into Netbanx. It should be visible when you select the account.
What happens if I process the refunds with insufficient funds?
If you process the refund transactions within SmarRec and your Current Balance doesn’t cover the total refund amount, an email is sent from Paysafe to the SmartRec Customer Care team flagging the lack of funds. Our team then sends an email to the main billing contact (and CC’s the organization’s main email address) to notify that there’s a specific shortage of funds in your Netbanx merchant account.
What do I do when I receive the email?
When you receive this email from Customer Care, you must wire transfer the necessary amount to your merchant account in order to fulfill the refunds. If you’re expecting to issue upcoming refunds, be sure to add this to the initial amount.
In the email is an attached memo confirming the destination bank (Paysafe) where you must wire the funds. No electronic transfers from your bank account or checks can be used as a payment method, Paysafe only accepts wire transfers completed by your bank. Keep in mind that this wire transfer must be done within the next 14 days after the refund transactions are completed in order to avoid the refunds failing.
In order to speed up the deposit process, we highly recommend sending a copy of the wire transfer receipt to customersupport@paysafe.com.
What happens after I’ve sent the wire transfer?
Keep in mind that once the wire transfer is received in your merchant account, this places a hold on all deposits (payments received via SmartRec) to your business bank. It takes 3-5 business days for the wired funds to be received in your Netbanx account, in addition to Paysafe’s usual refund schedule.
❗ Once the pending refund transactions are completed, contact the SmartRec Customer Care team to remove the hold on your Paysafe merchant account.
We will schedule a request that the hold on your account be removed. It takes 5-7 business days to treat the request and have the funds deposited to your business’s bank account (depending on your financial institution).
* Last updated in August 2022