If the amount paid by the customer is more the travel good cancel fees (charged by supplier and agent) the customer is entitled to a refund.
This refund is the difference between the amount they have paid towards their flight and the cancel fees
If the amount paid by the customer is less then travel good cancel fees (charged by supplier and agent) the customer will receive no refund.
They have no obligation to cover these cancel fees. The customer will not be able to use Slice Pay service again in the future.
Customer - Has Paid Cancel Fees
If the amount paid by the customer is more the travel good cancel fees (charged by supplier and agent) the customer is entitled to a refund.
This refund is the difference between the amount they have paid towards their flight and the cancel fees
Flow of funds for refundable booking - customer paid more than cancel fees
Key Booking Details
Flight cost $1000
Hold Price Fee: $100
Cancel fees: $200
Agent cancel fee: $50
Airline cancel fee: $150
Payment details
Customer has paid $250 to date towards the flight. Then opts to cancel
Airline sends back $850 to the agent
Agent retains their cancel fee of $50, passes the remaining $800 to Slice
Slice passes the $50 back to the customer
Slice retains $750
Net cash flows and impacts
Customer
Paid airline cancel and agent cancel fees: $200
Customer paid Slice Hold Price Fee: $100
Total paid: $300
Agent receives cancel fee: $50
Airline receives cancel fee: $150
Slice receives
From agent: $750 which represents a reversal of the initial $1000 paid up front
From the customer $250 towards the flight
These amounts from the airline and customer represent a reversal of the initial $1000 sent to the agent for the flight
From the customer $100 which represents the Hold Price Fee
Total made: Hold Price Fee $100
Cancels - Has Not Paid All Cancel Fees
If the amount paid by the customer is less then travel good cancel fees (charged by supplier and agent) the customer will receive no refund.
They have no obligation to cover these cancel fees. The customer will not be able to use Slice Pay service again in the future
Flow of funds for cancellation of refundable booking - all cancel fees not paid
Key Booking details
Flight cost $1000
Hold Price Fee: $100 (paid as a deposit)
Cancel fees: $200
Agent cancel fee: $50
Airline cancel fee: $150
Key payment details
Customer has paid $100 (the Hold Price Fee only) to date towards the flight. Then opts to cancel.
We will often ask the customer to bridge the shortfall (in this case of $100) but they may not
Airline sends back $850 ($1000 - $150) to the agent
Agent retains their cancel fee of $50, passes the remaining $800 to Slice
Slice retains $800
Customer not eligible for any cash back
Net cash flows and impacts
Customer
Paid towards flight $100
Customer paid Slice Hold Price Fee: $100
Total paid: $200
Agent receives cancel fee: $50
Airline receives cancel fee: $150
Slice receives
From agent: $800 which represents a reversal of the initial $1000 paid up front
From the customer $100 towards the flight
These amounts from the airline and customer represent a reversal of the initial $1000 sent to the agent for the flight
Note total received back is only $900 (but the amount paid for the flight was $1000)
So lost $100 during cancel process
From the customer $100 which represents the Hold Price Fee
Total made: $0
Lost $100 in the cancel process
Made $100 on the non-refundable Hold Price Fee
👉 Note process of cancelling a non-refundable booking is similar. However Slice Pay will make a loss and not net off any cash (unless taxes are refundable)
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