How to Process a Refund

Once a refund request has been created on a policy, the refund needs to be processed and paid out to the policyholder’s bank account. If you're unsure on how to create a refund, see our guide on this.

 

Refund statuses 

Refunds have three different statuses: 

Pending - The refund still needs to be processed

Paid Out - The refund has been successfully processed and paid

Rejected - The refund was declined and not paid

 

Refunds payout view.png

Paying out refunds

Note: Root does not offer automatic payout functionality. Refunds need to be paid out manually via the bank. Root does not offer automatic payout functionality.

 

You have two ways in which you can access the data to process a manual refund:

  1. Action each of the refunds individually:

          a. Select Inspect in the Action column.

          b. A popup will appear with the payee details for the selected refund request.

 

Inspect refund.png

          2. Generate a bank file that allows you to process refunds in bulk:

                a. Filter the list by the status Pending.

                b. Click Export Data. 

                c. This will generate a CSV file with all the pending refunds and payee details.

 

Refunds data.png

 

Note: Each bank has different requirements for the structure of the CSV file. This may mean that you need to edit the exported file to match what is required by your bank.

 

Mark a refund as paid out

Once the refunds have been paid manually via your bank, you need to manually mark it as paid out on the Root Platform:

  1.  Click Mark as paid out in the Action column of the applicable refund.
  2. You can upload a Proof of Payment.

Refund paid out.png

 

Before marking a refund as paid out, please ensure that it has been manually completed via your banking platform.

 

Reject a refund

To reject a refund payout, click Reject in the Action column of the applicable refund. Here, you will be asked to provide a rejection reason.

Refund rejected.png

 

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