When you make a payment using ApprovalMax Pay Wallets, the payment is processed through our payments partner, Currencycloud, an Electronic Money Institution that safeguards your funds.
To ensure maximum security, Currencycloud’s infrastructure handles the collection of funds (into your wallet) and the delivery of outbound payments (to your beneficiary) as two separate processes. This means that when you fund your Wallet, you follow the specific funding instructions; however, when you pay a beneficiary, the recipient will see "Sender" details on their bank statement that do not match your Wallet’s funding instructions.
If a payment is sent incorrectly and needs to be refunded, there are two possible options.:
1. Recipient / Bank-initiated return: The recipient or their bank can initiate a return payment for the full amount. To do this, they must set up a new payment and follow the funding instructions associated with your Currencycloud account.
2. Bank rejection: The recipient’s bank can reject the original payment, effectively reversing the transaction. When this happens, the funds will automatically return to your Currencycloud account.
In both cases, once Currencycloud receives the returned funds, they are credited back to your Wallet balance.
Viewing refunds in ApprovalMax
Once a refund is processed by Currencycloud, you can view the refund details directly in ApprovalMax.
If the payment was rejected by the recipient’s bank, the transaction will show as a Refund in the Wallet. In other scenarios, the returned funds will appear as a Funding transaction.
Go to the Transactions tab of your Wallet and select Refund or Funding from the Transaction type filters:
From here, you can click on the three-dots icon at the end of a row to either open Transaction details to see information such as the refund amount, currency, reason, and related payment, or download a PDF confirmation for your records:
In the case of a bank rejection, the Batch Payment request will update to ‘Partially paid’ status, and within the batch details, you will see a separate refund entry showing the amount returned to the Wallet:
For recipient- or bank-initiated returns, the Batch Payment status does not change, and the returned funds are sent to Xero via a bank feed.
Refund notifications
The type of notification the Wallet Owner and Wallet Managers receive depends on how the funds are returned.
Bank rejection:
If a payment is rejected by the recipient’s bank, the Wallet Owner and Wallet Managers receive a refund notification email confirming that the payment has been reversed and the funds have been returned to the Wallet.
The email confirms that the Payment has been reversed and includes key details such as the Payment ID and refund date:
Recipient / Bank-initiated return:
If the recipient or their bank manually returns funds by creating a new payment, the return is treated as funding, not a refund. The Wallet Owner and Wallet Managers receive a standard funding notification email.
To ensure the returned funds can be clearly identified, the recipient should include the ApprovalMax Payment ID as the payment reference when initiating the return.