Automated refunding

We are happy that April was a calm month, without any big system disruptions on the part of financial institutions. This month we noticed a jump in client inquiries about refunding money to customers. We see that using the available payer details to make manual refunds through a bank account is time-consuming and complicated. So we decided to introduce a solution to simplify the process – automated refunds. Benefits of automated refunding:

• Easier and faster process for refunding money to a customer
• Few employees involved in the refund process and less work needed
• Fewer administrative and manual tasks
• Minimizes errors as there’s no more need to manually gather customer information, make accounting entries, review lists, connect to the bank or create a payment order How to set up the service and how it works technically To activate the automated refunding service, contact your Neopay account manager. You will be able to choose how you want to handle refunds of money to customers. The solution will be installed with the help of your developer. Once automated refunding is activated, simply select the recipients you want to make a refund to (say, 50 customers) and confirm by clicking on the “Refund” button. The money will be sent to their accounts automatically. Setting up and activating the service involves 3 steps:

1. Opening of your NEO Finance account. Refunds will be possible for all payments received via this account.
2. Connection of your company’s accounting system to our system via a gateway.
3. Activation of the service. Your company’s accountant or bookkeeper can select one or more recipients for a refund and confirm the operation by clicking on the “Refund” button. All details of the refund are sent to Neopay which forwards them to the bank, and the transfer to the customer is made directly from the company’s account in the system. We will soon be adding a new option to link your existing NEO Finance account to the Neopay self-service portal (mano.neopay.lt) and show it there. This feature will allow you to use a convenient refund tool in the self-service portal. You’ll be able to not only view transactions, but also to use the “Refund” button for every payment made to your NEO Finance account in the last 30 days. You’ll also be able to specify a refund amount, make refunds one at a time, and set limits for refund amounts that require approval. As summer approaches, we encourage you to simplify the refunding process by automating it! Contact your account manager about setting up the service.

Annaliisa Vinnal, Sales & Partnerships Manager for Estonia, Neopay