If a customer refunds and the affiliate is on delayed payments JVZoo will offer a credit to the vendor that will go towards their next billing cycle.
If your affiliate is on delayed payments then payment has not yet been made to the affiliate yet. However, if you have paid your affiliate/asscoiate you are responsible for the refund and will need to follow the same steps as for any refund and the system will attempt to refund as many sub-payments as possible. As long as the affiliate has funds in their account you will receive the affiliate payment back. This applies to any dispute filed within 60 days of purchase. After this time frame you will need to contact the affiliate to receive the money back.