Today is the era of welfare state concept. We must strike a balance between the buyers and sellers interest. Now a days when the world is opting for online transactions, having a good and sound website refund policy is important in the fields of services.
A refund policy basically contains the situations, provisions, terms and conditions when a thing can be refunded to an unhappy customer. It helps both the buyer and seller; an unsatisfied customer can claim refund if it satisfies or matches with the seller’s conditions for refund. Since it is predetermined there lies no scope of cheating or fraud. Plus, it also maintains their liability and good will of a website. To remain in the competition, one must maintain an easy, reasonable and customer friendly refund policy. In cases of disputes it is recognised as an agreement between a buyer and seller.
Advantages of Refund Policy
- Having a website refund policy is a market demand.
- It is beneficial in many ways, like- It helps in legal disputes.
- It helps in easy returns without much worry. It makes the process of transaction easier for example if the product is not as expected then the website can easily return the money back.
- A seller need not to enter in contract with each and every buyer. It maintains uniformity.
- The person buying becomes aware of the terms and conditions of refund. He enters on his own risk.
- A good refund policy earns you goodwill and reliability.
Essentials of a Refund Policy
A website refund policy should be specific and contains all the situations and circumstances in which website is willing to provide refund. It must be in easy language and reasonable. Some essential details that must be there in a refund policy are: -
- The time-period in which refund is given must be specifically mentioned.
- The conditions as to the condition of product ought to be returned must be mentioned.
- Cases in which refund will not be given should be mentioned.
- When or within how much time refund will be provided should be mentioned.
- If website is taking any charges in providing refund it should be mentioned.
- Apart from all these forms of refund should also be mentioned.
- It must contain all the basic details and frame in such a way as the scope of queries can be diminished.
Terminations: Ways and Reasons
A refund policy is not complete till it provides its cancellation policy and the modes in which an item purchased can be cancelled or the time period in which an item can be cancelled.
For the development and betterment of the website it is most for seeking reasons for the cancellation. Since a lot of people does not like to write much while dealing in e-commerce and it also irritates them so a list of expected reasons must also be framed.