This article will cover all the necessary information a Service Provider should know when it comes to refunds.
What is the refund policy?
Service providers may offer a partial or full refund to the brand at their discretion. Brands may also be eligible to receive a refund in the event that the service provider does not complete the project according to the Project Scope, cancels a Project, delivers a Project late, or they violate our terms and conditions. In the event that a refund is due, The Folklore must collect funds from the service provider first in order to refund the brand.
Coming Soon: All refunds will be based on the refund policy that service providers have on their profile.
What happens if the service provider does not send a required refund?
Although The Folklore makes every best effort to get service providers to refund brands based on our cancellation policy, The Folklore is not responsible if a service provider does not send the funds for a refund. The brand may choose to pursue legal action directly with the service provider to collect funds, The Folklore cannot be named in any legal or collection actions in this pursuit for refund.
Are refunds issued if a brand cancels a project?
Brands have 48 hours after accepting a project to cancel it and request a 100% refund for any deposits that may have been paid, including the accompanying service fee. After a project is active past 48 hours, brands won’t be refunded for the service fee and may only receive a refund from a service provider if the service provider chooses to issue a refund.
Are refunds issued if a service provider cancels a project?
If a service provider cancels a project for any reason without completing the full scope of the Project, they must return 100% of funds to the brand. If the cancellation occurs after 48 hours, The Folklore service fee will not be returned. If partial services or deliverables were sent to the brand, the brand may refuse to accept the services or deliverables and receive 100% refund.
If a brand declines to accept partial services or deliverables, they may not use any of the services and deliverables provided by the service provider and must return any physical or digital deliverables at their own expense.
If the brand is open to receiving the partial services and deliverables, they must speak with the service provider to agree to a prorated amount for the Project based on what was received. Once a mutual agreement is made, any reimbursements or payments due will need to be communicated to The Folklore in order for us to process and close the Project in accordance with this agreement.
When are refunds processed?
If refund is due, it will be processed within 7-14 business days and funds will be returned to the original payment method that was used to pay for the services.
How are refunds processed?
Requests to repay any funds received will be emailed to the service provider. The service provider has 48 hours to repay the funds using the return payment method listed in the fund repayment request email.
What happens if a payment is late?
Brands have 48 hours to remit payment after an invoice for the balance has been sent in accordance with the payment terms and the service provider completing all the services outlined in the Project Scope. After 48 hours have passed, the brand will automatically be charged an additional 2% compounding interest fee for every 7 days the invoice is past due.
Only service providers may request to waive this fee on behalf of the brand. This fee will be paid out to the service provider minus The Folklore’s typical commission and payment processing fee. A separate invoice will be sent to the brand for the compounding late fees every 7 days.
If payment is beyond 30 days late, an additional $100 for every 30 days it’s late will be charged in addition to the compounded 2% fee for every 7 days past the invoice due date.
What happens if a brand never pays the invoice?
Although The Folklore makes every best effort to get brands to pay for services, The Folklore is not responsible if a brand does not pay the invoice and will be unable to provide any payment until the brand pays the invoice.
The service provider may choose to pursue legal action directly with the brand to collect funds, The Folklore cannot be named in any legal or collections actions in pursuit of funds collection.
Reporting
Service providers should immediately report any misconduct or policy infractions from brands by emailing source@thefolklore.com. Brands should immediately report any misconduct or policy infractions from brands by emailing brands@thefolklore.com.