So merchants are actually taking a huge risk by using Bitpay?

Let's say you get hit with massive sales during a crash...I'm assuming bitpay will not allow you to just refund the original BTC amount, (seeing as the dollar exchange has already been done), so you are screwed with whatever you get?

In general how do refunds with Bitpay work anyway?  Seeing as you can't refund the person the same amount of BTC that they paid because the price will have changed?

Whereas if you just accept bitcoin payments directly to your own wallet you:
- Don't pay 1%
- Have the option to refund the exact same amount of bitcoins that was paid (so just nullify the order if price loss is too great)
- Still have the same price volatility risk

You then exchange the bitcoins for cash on your own schedule (when there is not a crash is progress)

Given this why do people use bitpay?