Processing Payments and Invoices

Payments

Depending on your chosen integration path, you may be responsible for payment processing.

Hakuna as Payment Processor

If you use Hakuna Checkouts (e.g., Hakuna Redirect or Hakuna Assist), Hakuna will collect payments for you. At the end of each monthly billing period, we will provide you with a report of successfully brokered and paid insurance policies and pay out your commission.

Merchant as Payment Processor

If you integrate product protection into any of your checkouts, you will be responsible for collecting those payments and processing any refunds in case of returns or cancellations. Please note: VAT should not be charged on protection plans!

We recommend booking the collected gross premiums to a sub-account or separate clearing account. At the end of each monthly billing period, we will provide you with a statement detailing successfully concluded contracts. You must then transfer the collected gross premiums to Hakuna. We will pay the insurance tax and transfer the risk premium to the risk carrier before paying out your commission, including the amount earned on any premiums collected by Hakuna. The details of the commission payment will be covered in the provided commission statement.

Example of a billing statement

Example of a commission statement

If you transfer a gross insurance premium to us and the protection is later revoked (accepted up to 14 days after fulfillment), you are still responsible for refunding the customer. We will adjust the reporting and billing accordingly in the following month.

Customer Invoices

Hakuna product protection is exempt from VAT as gross premiums include the mandatory insurance premium tax (19% in Germany). There are two ways to handle this in customer invoices:

1. Hakuna Product Protection on Invoice with Disclaimer

Hakuna can be listed as an item on the invoice, but only as a gross amount (without VAT) and with the following disclaimer (either under each product protection item or once at the end of the invoice):

The insurance is sold in the name and on behalf of the insurance company specified in the General Terms and Conditions and includes X% insurance tax.

Example of a customer invoice with disclaimer under each product protection item

Example of a customer invoice with disclaimer once at the end of the invoice

2. Product Protection Not Included on Invoice

If it is not possible to include this disclaimer in the invoices, the product protection should not be listed on the invoices. The customer will receive a separate invoice from Hakuna.