If a merchant needs to refund a user after receiving a stablecoin payment (USDT/USDC) through VelaFi, a refund request can be submitted to the VelaFi Business or Customer Support team.
Refund Scenarios
Refund requests may be submitted under the following circumstances:
- The user paid an incorrect amount (overpayment or underpayment).
- The user successfully completed the payment, but the order was canceled or expired.
- Other situations approved by VelaFi following review.
Refund Fee
A fixed processing fee of 0.5 USDT/USDC applies to each refund transaction.
Refund Process
Step 1: Submit a Refund Request (Merchant)
The merchant should contact the VelaFi Business or Customer Support team and provide the following information:
- Order ID
- Original payment transaction hash (Tx Hash)
- Payment cryptocurrency and network
- Refund amount
- Refund wallet address
Important: Please provide the user’s personal wallet address for the refund. Centralized exchange deposit addresses are typically shared addresses and may prevent the refund from being credited successfully.
Step 2: Verify Information (VelaFi)
Upon receiving the refund request, VelaFi will verify the order details and payment information. Once the verification is completed and approved, the refund will be processed.
Step 3: Process Refund (VelaFi)
VelaFi will initiate the refund transaction on-chain based on the information provided by the merchant. Once completed, VelaFi will share the refund transaction hash (Refund Tx Hash) so that both the merchant and the user can track the refund status.
Refund Rules
- Underpaid Orders: Additional payments are not supported for underpaid orders. The amount received will be refunded, and the applicable refund fee will be deducted.
- Overpaid Orders: The full amount received will be refunded, and the user will need to place a new order and submit a new payment. The applicable refund fee will be deducted.
Merchant-Canceled Orders: The full payment amount will be refunded, and the applicable refund fee will still be charged.
Notes
- All refund requests must be initiated by the merchant. VelaFi does not process refunds automatically.
- Blockchain transactions are irreversible. Once a refund has been completed, it cannot be canceled, reversed, or recovered.
- Before submitting a refund request, merchants must confirm the refund amount and wallet address with the user. VelaFi is not responsible for any loss of funds resulting from an incorrect refund address provided by the merchant or user.
VelaFi reserves the right to review, suspend, or reject refund requests associated with abnormal transactions, suspected fraudulent activity, money laundering, sanctions violations, or other prohibited activities.