How should a prop firm handle refunds for challenge fees?

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Accepted Answer

Most firms refund an evaluation only if it has not been used, for example within a set period and before the first trade. After trading starts or after a breach, fees are usually non-refundable. State the policy at checkout, apply it consistently, and refund quickly when it applies, since a refused refund often becomes a chargeback.
Elements of a clear refund policy:
Eligibility: unused accounts within a time window.
Exclusions: accounts that have traded, breached or passed.
Technical failures: reinstatement or refund if the platform failed.
Process: how to request and how long it takes.
Chargebacks: what happens to the account if the customer disputes instead.
Checking whether an account has been used is simple when the platform records trades. On PropExecutor an unused account has no trades in its history; archiving it ends any live sessions, so the credentials stop working once refunded. This is general information.
### Example policy
"Refunds are available within 7 days of purchase if no trade has been placed. Once trading has started, the fee is non-refundable. If the platform fails to deliver your account, we will refund or replace it."
### Process refunds promptly
A refund approved quickly prevents a chargeback filed out of frustration. Record the reason for every refund to spot patterns, such as confusion about rules.

How should a prop firm handle refunds for challenge fees?

Detailed answer

Example policy

Process refunds promptly

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