Occasionally a company pays more than its facility balance, for example by paying a statement amount after an earlier overpayment, or by a duplicate Direct Debit and manual payment in the same period. Where this happens, the surplus is a credit on your facility and can be returned to you.
How a refund is processed
Once we confirm there is a genuine credit balance and the relevant payments have cleared, we refund the surplus to the business bank account the payment came from. Returning funds to the originating account is a standard control that helps prevent fraud and ensures the money goes back to the right place.
What we may need from you
- Confirmation of the business account that should receive the refund.
- Time for incoming payments to fully clear before a refund is released.
- A short check that no further payments are due to be collected.
Credit you'd rather keep on account
If you prefer, a small credit can sometimes be left on the facility and offset against the next scheduled payment instead of being refunded. Let your account team know which you would like.
Credicorp lends only to UK limited companies and LLPs for business purposes, outside the FCA consumer-credit regime.
See also: Does a payment holiday increase the total cost?, Will I get a refund if I overpay at settlement? and Funding a shop fit-out or refurbishment.