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What are a refund and return/exchange policies?

In a majority of counties, there are laws that protect the rights of the consumers. These laws dictate the bare minimum of a refund and return policy that you have to abide by.

A well-written refund policy can boost your sales and increase profits, while an overly restrictive refund policy can scare potential customers away and cost you dearly.

Return and refund policy should typically address the following few points:

• Clearly state if returns, exchanges, and refunds are accepted by a company.
• The number of days customers have to return or exchange a product.
• List any products that may be exempt from returns.
• Outline any other requirements that customer has to meet to be eligible for a refund.
• SaaS companies often include information about prorated or partial refunds.
• For physical products, it’s a good practice to include some details about shipping charges in the event of a return.

Since refund policy is a legal agreement, it can help an online business in instances when some of the customers claim their rights are not being respected. Let’s see exactly why you need a refund policy on your website.

While the privacy policy agreement is the only one that is required to be put on display by the law, the terms and conditions agreement and return and refund policies are optional, but highly recommended by legal advisors. Be aware, though, that some countries/states require retail sellers to display a return policy.

If you run an online business where you are directly selling to customers, having a return/refund policy is highly advised. This doesn’t only apply to eCommerce stores and retail stores, but to drop shipping companies and SaaS businesses as well.