- When you refund an order with a Warranty through Shopify, we automatically credit your account.
- Refunds are credited to your account once every two weeks (every other Monday)
- Refunds requested after 30 days become Pro-Rated. If this happens, please reach out to Clyde.
So, let’s say a Customer buys a Warranty for $100. Of this $100, the Insurance Partner’s premium and Clyde’s service fee total $60 and your store’s margin is $40. (Actual numbers vary depending on your margin).
You will collect all $100 on the Date of Purchase. At the next billing date (every other Monday), Clyde will bill you for $60 (the sum of the insurer’s premium and Clyde’s service fee).
Refund Credit Example
Using the same example, let’s say a customer requests a refund 15 days after purchase. Since we have already billed you for the Warranty, when you process the refund in your store, Clyde will issue a Credit for $60 to your account. This Credit will be applied to future Warranty Sales.
Refund Not Billed Example
Using the same $100 Warranty, let’s say a customer requests a refund 1 day after purchase. In this case, since we have not already billed you for the Warranty, no Refund Credit will appear.
Using the same $100 Warranty, let’s say a customer requests a refund 31 days after purchase. Since, we have already billed you for the Warranty and the sale occurred more than 30 days ago. In this case, you will receive a Credit that is less than $60. The Refund is Pro-Rated based on how many days post-purchase the refund was requested.
These rarely happen, and if they do, please reach out to email@example.com so we can support.