Developing client trust isn’t always the easiest part of running a business, but it is one of the most important parts of it. When clients look to companies for successful partnerships, they tend to consider those who address their needs as more trustworthy than others. One thing that can erode the trust of your loyal clients is not being able to provide quick, painless refunds.
Here’s why you should consider the speed of your refunds for the success of your business.
They keep customers from returning to the store
A client might not mind coming back once after their initial purchase, but if they end up returning again and again over the course of your interaction, then it’s possible you might lose their business. No one likes revisiting a store to return items, and there are simpler ways to provide better service. With rapid credit card refunds, your client simply has to ship your product back to inventory—without having to make a separate trip to drop it off. Customers can see their refunds in their bank account within a day.
They don’t require receipts
In the past, once a client lost a receipt, it would be almost impossible to make a return since there wouldn’t be a record on file. Now, rapid refunds allow employees to pull up a record of the purchase from any integrated virtual terminal. Not only does this make it simpler for clients, but it also saves time and effort on the part of your employees. With rapid refunds, you can also determine whether you want to issue a full or partial refund depending on the state of the product when it is returned and its value.
They don’t require phone conversations
Getting ahold of unhappy customers used to take time and a customer support team. It could take days or weeks in order to reach clients on the phone and to discuss the possibility of a refund. Phone conversations could also lead to friction between employees and customers—especially if they were unhappy with the product they purchased. Rapid refunds take out the unnecessary interaction between an unsatisfied customer and a frustrated employee by avoiding phone calls altogether. Instead, once a request is made, a refund can be issued immediately.
They offer records of past purchases
Even if clients ask for a refund within a warranty period for a purchase they made with an old card, it is still possible to do. Fast refund systems keep cards on file, so even if a customer has had to replace the credit card the purchase was made on, you can still reference the system in order to issue a refund. With better technology, it is much easier to search for previous purchases and to keep track of when transactions were made and what type of payment method was used.
Making sure your clients are content is an essential part of your business’s success. With rapid returns, you can meet expectations and ensure that your customers remain satisfied with the relationship they have with your company.