Refund Process

Processing refunds is usually a function that organizations split between Accounts Receivable, where a refund originates as an over-payment, and Accounts Payable, where the physical payment must be made. Because there are no invoices tied to these refunds, a manual, time-consuming and inefficient check issuance process is adopted. Customer service related to these refunds can be challenging, and you will likely need to establish an escheatment process for any unclaimed funds and understand unclaimed property requirements in over 50 different jurisdictions.

BNY Mellon Treasury Services offers a Refund Check Solution designed to simplify your business life. By lifting the check issuance, management and escheat activities related to these payments out of your operations, our solution enables you to free up your teams to focus on their primary roles and objectives.

Our Refund Check Solution tackles virtually all of the major obstacles that organizations normally encounter with refund check issuance. By transitioning these one-time payments to BNY Mellon's Refund Check Solution, you can devote more resources to

• Reducing manual-based processing costs
• Streamlining the pay-to-escheat process for these refund items
• Reducing external inquiries in your accounts payable and receivable areas
• Improving accounts receivable information and tools to track your refund payments

Who's helping you?

Let our AP experts collaborate with you to assist you in your efforts to reduce your direct operating costs, increase your core focus, minimize risk and optimize your organization's financial performance.