If you are seeing an item on your statement for refund protect fee correction, it means that:

1- You have been using connected Stripe account as payment processor

2- You have been selling Refund Protection between 8/4/2019 and 10/3/2019

 

Background:

As you already know, Refund protect is an insurance-like service that the buyer can purchase from a 3rd party company and in case of certain emergencies that the buyer cannot attend the event, that 3rd party company reimburse the buyer.

 

The buyer can add refund protection to their shopping cart on the check-out page for an additional fee. 

 

The fee gets added to their invoice and gets collected using YOUR payment processor. 

 

Ticketor then bills you for the fee to collect the fee and pay the 3rd party company. 

 

What happened?

 

If you are using a connected Stripe account, the insurance fee normally comes out of each payment along with the Ticketor fee. 

However, due to some changes to Stripe system, this fee did not get deducted from payments between 8/4/2019 and 10/3/2019.

It means that YOU COLLECTED the refund protect fee from the buyer, but Ticketor never collected the fee from you. 

As a result you are seeing a correction fee for all the refund protect fees between 8/4/2019 and 10/3/2019 on your next statement.

 

Example:

Assume that the total invoice amount for a buyer is $100.00 . 

The buyer then decides to purchase refund protection for $6.00

So the total invoice amount becomes $106.00 and the total amount gets paid to you through your payment processor. 

Assume that Ticketor fee for this invoice is $2.50

If you are using a connected Stripe account to charge this invoice, the normal behavior is that Stripe would charge an application fee equal to $6.00 + $2.50 = $8.50 for this payment. And you would receive $106.00 - $8.50 - Stripe_Fee for this payment. 

However, in the mentioned period, the application fee was set to only $2.50 and you have received $106.00 - $2.50 - Stripe_Fee in your account. 

As a result Ticketor is charging you the additional $6.00 in your next statement. 

 

Note: You can see the application fees in your Stripe account by logging in to your dashboard at Stripe.com, go to the payments tab, click on any payment, then click on the i (info) icon next to the fee to see a break-down of Stripe and Application (Ticketor) fees.

 

Please contact us through chat or email if you have any questions or concerns and sorry for any inconvenience. 

 

Support@Ticketor.com