{"id":7186,"date":"2018-05-09T14:01:16","date_gmt":"2018-05-09T14:01:16","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=7186"},"modified":"2022-02-09T22:07:04","modified_gmt":"2022-02-09T16:37:04","slug":"faster-refunds-matter","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/faster-refunds-matter\/","title":{"rendered":"Why Faster Refunds Matter When You are in Online Business"},"content":{"rendered":"

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.<\/p>\n

What is a Refund?<\/h2>\n

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.<\/p>\n

Why are Refunds important?<\/h2>\n

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<\/a>\u00a0on how different online companies handle returns and refunds.<\/span><\/p>\n

The faster your refund, the happier your customer.\u00a0<\/strong><\/p><\/blockquote>\n

Understanding the refund process<\/h2>\n

To understand the refund process, one must understand how online card payments work<\/span><\/a>. Take a look at this graphic:<\/p>\n

\"\"
*IC = Interchange Networks are payment processors like VISA, MasterCard and, AMEX.<\/figcaption><\/figure>\n

In a refund process, the same mechanism follows in reverse.\u00a0<\/strong>This is why even though a refund is initiated, it takes time to reflect in the bank account.<\/span><\/p>\n

Importance of faster refunds<\/h2>\n

People shop for things online because there is an option of returning the product and getting a refund. <\/span>So how can you make ensure a hassle-free experience for your customer?<\/span><\/p>\n

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.\u00a0<\/span>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!<\/p>\n

Timely refunds help in maintaining your company\u2019s reputation and rebuilding the customer\u2019s trust.<\/span><\/p>\n

Instamojo’s refund policies<\/a><\/span> are centred around the customer. We understand how important it is for you to issue the refund and keep your merchants happy.<\/p>\n

What’s more? We also have a simple buyer policy<\/a><\/span> that protects buyers from fraud merchants.<\/p>\n

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<\/a><\/span>to make it simple for all merchants and customers. Also, you are not charged for the refunds you initiate on Instamojo! You can also issue partial refunds.<\/p>\n

Why break a sweat about refunds when Instamojo can take care of it for you? Join the Instamojo experience today.<\/p>\n

\n

GET STARTED HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"When you buy something you don’t like and want to return it, you either get the product replaced…\n","protected":false},"author":6,"featured_media":7194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[1447,1378,1444,1441,103,1439,1440],"yoast_head":"\nWhy Faster Refunds Matter When You are in Online Business<\/title>\n<meta name=\"description\" content=\"Returns and refunds policy is the cornerstone for any online store. People shop online because it provides them with the choice of returning the product and getting a refund. 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