Chexy Wallet and PAD Payments
Currently, the Chexy Wallet operates as a pass-through payment system rather than a stored balance or prepaid account. This means:
Chexy charges your credit card at least 3 business days for the payment amount entered in Chexy.
The funds are processed within those 3 business days to be ready for withdrawal on the payment due date set in Chexy.
Once your payee submits a withdrawal request that matches the amount that was charged, we release the funds to them.
Funds are not held within Chexy Wallet and cannot be stored, retained, or reapplied for future payments. Chexy ensures a smooth and reliable payment process as long as the payee accepts the withdrawal.
Below are specific scenarios and their handling procedures:
Handling Unprocessed PAD Withdrawals
If a PAD withdrawal does not occur as scheduled:
Contact Chexy Support to request a refund. Note that refunds are issued without the applicable processing fees.
Discrepancies in PAD Payments
Occasionally, discrepancies may arise, such as:
Earlier Payee Withdrawals than Expected: If a PAD request is made by the payee before your card is charged by Chexy, Chexy will:
Accept the PAD request temporarily to ensure the payment is processed without delays. This ensures that potential late fees or penalties from the payee are avoided at this time.
Notify you about this request via both your Chexy account and email, ensuring transparency with resolution steps. Chexy will then charge your designated funding source and finalize the withdrawal.
Unwithdrawn Payments by the Payee: If the payee fails to withdraw the payment amount:
Confirm with your payee on the status of withdrawal.
If no withdrawal requests will be made, contact Chexy Support to request a refund.
Excess PAD Deposits
If you receive a positive PAD deposit into your Chexy Wallet that exceeds your recurring payment amount:
Deposits currently cannot be used for future payments.
Contact Chexy Support for next steps.
Key Takeaways
Chexy Wallet is currently designed to function as a pass-through for processing PAD payments and does not store funds for future use.
If there are discrepancies or issues with payment processing, notifications are sent to keep you informed.
For unwithdrawn payments, contact your payee first and check in on the withdrawal status.