Skip to main content

Refunding customers

  • Updated

Step 1

Log in to your Merchant account and click on the payment you want to refund. Below the payment's details, you will find the refund options. Note: Refunds will always be in BTC, even if the customers paid with any other cryptocurrencies. Currently, Bech32 or Segwit Address Format ("addresses start with “bc1”) are not supported for refunds.

The options are as follows:

  • If you have your customer’s Bitcoin address, you can select "BTC address" and enter their Bitcoin address for the refund. 
  • If you don’t have your customer’s Bitcoin address, you can select "E-mail address", enter the customer’s email address, and we will send an email with instructions to your customer to securely collect their Bitcoin address for the refund.

Step 2

Enter the amount to refund in the "Refund amount" field. The amount should be given in the currency that the payment has been converted to. The maximum amount you can refund is the amount paid for the payment.

 

Minimum Refund Balance

You will find this function in the "Payment Settings" section of your Coinify Merchant account. It allows you to specify a certain amount that you would like to keep in your account after receiving a payout from us--in case you need to refund a customer. You can read more about it here.

Note that:

  • Refunds are available for up to 30 days after completion of the invoice.

  • If you do not have 2-factor authentication enabled in your account, you will need to verify the refund by clicking a link sent to your e-mail. If you have 2-factor enabled, you must enter your 2-factor code when refunding.

  • Refunds are currently only enabled for payments that have been converted to a national currency. For payments that are credited to your account in Bitcoin, you may refund yourself after the Bitcoin has been paid out to your own Bitcoin wallet.

 

Important:  The refund will be equivalent to the FIAT currency payment amount (GBP, DKK, etc.), and that the actual Bitcoin amount may vary slightly from what your customer has paid you at the time when the actual payment was made. This is done in order to prevent taking advantage of price fluctuations.

Related articles