REFUND POLICY

CS Shirish Bhootra
Jul 29, 2022
2 min read

By Shirish Bhootra

July 26,2022; 06:00 p.m.

Meaning:

A refund policy refers to guidelines framed by the seller of goods or services in respect of goods being sold or services being rendered that are not in accordance with customer satisfaction, and the customer wants to have a refund of the amount paid in respect of said goods or services.

It is also considered an extension of customer service, so policies framed are such that they are customer oriented and should be customized to be applicable in all situations.

Guidelines for Framing Refund Policy:

Refund policies are customer oriented as well as business-oriented, but along with that, several other factors are to be considered so that they possess transparency and are easy for the customers to understand.

The time limit within which they may claim for refund of product or services.
The exact nature of the refund would be allowed ( exchange, payment in cash ).
Compliances are to be performed for a claim of refund like a share of receipt when a physical visit to the store or submitting a copy of the receipt if an online application for a refund is made.
Conditions to comply for product or service so they may be considered valid.
Conditions with respect to who will bear the expenses concerning shipping etc.

Customer-oriented Refund Policy: Its Impact:

A refund policy is considered an extension of customer service and customers are satisfied when they are provided with an adaptable refund policy. The refund policy has a positive impact on the business if customers are satisfied or else it may also affect the image as well as the goodwill of the business.

Customer feedback plays a vital role in business. It is a free mode of publicity, it is also an indicator of the growth of the business.

Conclusion:

Since refund policy plays an important role in business, it should be framed with caution. Want to have a refund policy for your organization being framed by experts? Feel Free to Connect with

Shweta Consultancy Services

References:

Bemporat, Tess. (2019). How to Write a Retail and Exchange Policy. How to Write a Return and Exchange Policy | Lightspeed (lightspeedhq.com). Retrieved on July 25, 2022.