[Service Notice] Payment Date and Refund Policy Revision Announcement
Hello. This is Wadiz.
We are pleased to inform you that Wadiz's payment period and refund policy have been revised.
To create an environment where more supporters can participate in projects, and to provide greater support for makers' challenges and growth, we are revising our policy. The revised policy will be applied from Wednesday, November 8, 2023, and applies to all projects regardless of submission timing.
We will continue to strive to provide services that you can trust and rely on.
Please refer to the details below for more information.
1. Key Policy Revisions
1) Payment period and settlement timing will be shortened.
The payment period has been extended to include both business days and non-business days, so payments will proceed on weekends and holidays.
- If a project ends on Friday, Sunday becomes the final payment date.
- The changed payment period will be applied starting from projects that end on November 8, 2023. Projects that ended before November 8, 2023 will have the current policy applied, with payments proceeding for 4 business days.
| Changes | Before Revision | After Revision |
|---|---|---|
| Payment Period | 4 Business Days | 2 Days |
※ For details on the settlement process, please check the Settlement Guide (Link).
2) Supporter refunds due to change of mind in funding projects are partially allowed.
Based on Wadiz's refund policy and relevant laws, refunds due to supporter change of mind are possible, except for <cases where refunds due to 'mere change of mind' are not allowed>.
- Refunds due to supporter change of mind are not possible in the following cases.
- If there are additional refund impossibility reasons depending on reward characteristics, please inform on [Project Management - Policy - Refund Policy - Other Refund Impossibility Regulations].
| Refund Impossibility Reasons |
|---|
| - When a request for return/refund due to supporter's mere change of mind is made more than 7 days after receiving the reward - When a product is lost or damaged due to the supporter's fault (such as cosmetic stains on clothing, missing components, damage to sealed product packaging, etc.) - When the value of a reward decreases due to its use or consumption (such as cases where evidence of use such as powering on an electronic device remains, cases where perfume or cosmetics have been used, etc.) - When a reward is fresh or frozen food, plants, or similar items where value significantly decreases over time such that resale becomes difficult - When rewards requiring advance booking such as accommodation or photography services have an approaching use deadline making resale difficult (however, the approach of the use deadline follows the content set by the maker) - When a reward is individually produced according to orders such as engraving, sealing, or customized 1:1 manufacturing - When an electronic ticket (including QR code, barcode, etc.) or similar item makes recovery substantially impossible, and significant damage to the maker is expected - When a product individually imported from overseas is involved, and significant damage to the maker is expected due to return logistics costs and inability to resell domestically - When an ebook, CD, DVD, software, or other reproducible reward has been opened and accessed - When a funding project is one that collects and uses success funds for donation or sponsorship purposes - Other cases where allowing refunds would result in irrecoverable damage to the maker, which are specified as refund impossibility reasons by the maker on the project page, etc., and cases where the return of rewards is restricted by the terms and conditions |
※ For the full refund standards, please check Wadiz Service Refund Policy (Link).
3) Refund application period for funding projects will change.
The supporter refund application period for funding projects has been changed to be the same as pre-order projects.
| Refund Application Available Period |
|---|
| - Supporter change of mind: Within 7 days from the date of reward receipt application is available - Defect or reward different from advertised/displayed: Within 3 months from the date of reward receipt or within 30 days from the date of awareness application is available - Reward not shipped/not provided: Application is available from the day after the reward shipment date set by the maker |
※ When refund is due to supporter change of mind not attributable to the maker , Wadiz intermediary fees are waived.
※ However, please note that intermediary fees are charged for refunds due to defects or rewards different from advertised/displayed, and rewards not shipped/not provided.
4) Refund processing period for funding projects will change.
- After the refund processing period has elapsed, refunds are automatically approved.
- From 5 business days after the refund request date, ‘hold processing’ selection becomes available.
- If it is difficult to make a refund decision within the period, such as when contact cannot be made with the supporter, the refund processing period can be extended by an additional 3 days.
- The changed refund processing period will also be applied to projects that ended before November 8, 2023 and are within the refund period.
- The revised refund policy is applied, and refunds are automatically approved after the period has elapsed. Please be sure to check and process in advance.
| Changes | Before Revision | After Revision |
|---|---|---|
| Refund Processing Period | Funding: 14 days Pre-order: 7 business days | Funding & Pre-order: 7 business days |
※ Final settlement proceeds only after refund processing is complete.
5) Payment cancellation available period will be extended.
The period during which supporters can cancel payment will be changed to ‘After project payment ~ Before reward shipment’.
- Payment cancellation, which was only possible during ①period, is extended to ②period.
- However, based on Wadiz's refund policy and relevant laws, if it is specified that refunds due to mere change of mind are not possible, ②period payment cancellation may be rejected.
| ① | ② |
|---|---|
| Payment ~ Final Payment Date | Final Payment Date ~ Before Reward Shipment Information Registration (Project participation cancellation due to supporter change of mind) |
※ Payments canceled by supporters before reward shipment are recorded as ‘supporter change of mind before shipment’, are excluded from final settlement, and no intermediary fees are charged.
※ After project completion, payment cancellation or refunds that occur during the period from payment date to before reward shipment do not affect the achievement rate.
2. Application Date and Target
- Application Date: Wednesday, November 8, 2023
- Application Target: Based on the application date, ① Projects under submission and review, ② Ongoing projects, ③ Completed projects that are within the refund period will have the revised refund policy applied.
- Precautions
- The revised refund policy also applies to projects that ended before November 8, 2023 but are within the refund application period.
- However, since it was notified before the service change that refunds due to supporter change of mind were not possible, makers may reject these.
- As the refund policy changes are uniformly applied, unprocessed refund requests for funding projects may be automatically processed, so please be sure to check in advance.
For inquiries regarding refund policy and payment period, please leave your message on Wadiz Help Center Inquiry submission and email info@wadiz.kr, or Customer Service 1661-9056 (Operating Hours: 9 AM-6 PM).
We will continue to think and work hard to provide better services and environment.
Thank you.
Wadiz Team