When you buy something you don’t like and want to return it, you either get the product replaced or get a refund on your payment mode. What if a refund took more than a month? Would you shop from that seller again? Probably not! Faster and accurate refunds are more important than you can imagine.
What is a Refund?
A refund means returning the money back to the buyer or person making the payment. Normally, refunded money takes about 5-7 days (since initiation) to reflect in a bank account. Different companies, including banks, have different refund policies.
Why are Refunds important?
Return and refund policies need to be drafted correctly because it affects your sales directly. Refunds are correlated to the number of returns a merchant gets. You’d be better off if you can dodge returns. However, it’s trickier than it looks. Check out this infographic on how different online companies handle returns and refunds.
The faster your refund, the happier your customer.
Understanding the refund process
To understand the refund process, one must understand how online card payments work. Take a look at this graphic:
*IC = Interchange Networks are payment processors like VISA, MasterCard and, AMEX.
In a refund process, the same mechanism follows in reverse. This is why even though a refund is initiated, it takes time to reflect in the bank account.
Importance of faster refunds
People shop for things online because there is an option of returning the product and getting a refund. So how can you make ensure a hassle-free experience for your customer?
The best thing to do is make the refunds faster. A faster refund will make your customer trust you more and the customer will make a purchase next time too. You need to treat the refund as a priority and not just let it snowball into a bigger problem. Sometimes with returns, you might even get a better deal!
Timely refunds help in maintaining your company’s reputation and rebuilding the customer’s trust.
Instamojo’s refund policies are centred around the customer. We understand how important it is for you to issue the refund and keep your merchants happy.
What’s more? We also have a simple buyer policy that protects buyers from fraud merchants.
At Instamojo, both buyer and seller can initiate a refund request. It is settled depending on a case-to-case basis. The refunds procedure at Instamojo is easy and there are even some features added to make it simple for all merchants and customers. Also, you not charged for the refunds you initiate on Instamojo! You can also issue partial refunds.
Why break a sweat about refunds when Instamojo can take care of it for you? Join the Instamojo experience today.
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Comment
Online business is become trending today. While making payments and refunds system really matters today. The important factors including in above article also useful to keep users alive.