The refund is a return payment to the customers after they have paid for goods/services. The refund belongs to both online commerce and brick-and-mortar stores. Often, the product return is an integral part of the refund.
To receive a refund, customers contact the store’s support team or fill in the special form and specify the reason. Hence, most stores will require to send the product back in the undamaged conditions. In the brick-and-mortar store, the customers bring the product back along with the cheque. The store refunds the product’s price either in cash or online. That depends on how the customer has made the payment.
So, there are 2 refund types:
- A full refund,
- A partial refund.
Nevertheless, in any case, the refund amount won’t surpass the initial products’/services’ price.
Different management systems will have different refund procedures. For example, if the merchant uses the Chrome Web Store, he proceeds to the Payment profile. After finding the needed customer, the seller picks the good(s) he has to refund. The merchant states the refund reason and adds the message to the customer (but not necessarily). To finalize the procedure, the merchant presses the Refund order button.
Every merchant needs to understand it’s highly vital to have a Refund page on the website. All refund conditions should be clear. Moreover, the refund procedure itself shouldn’t be too complicated. That’s an important rule in order to prevent chargebacks.