Return, Refund & Cancellation Policy
Sometimes, when you visit some service or product-based websites, you place an order online. Suddenly, for some reason, you might wish to cancel the order. Some websites and apps give you the provision to cancel the order within a limited time. Some websites don’t provide you with the option to cancel the placed orders. A cancellation policy outlines all terms and conditions about the cancellation of an order (service/product) placed.
The terms and conditions that refer to the processing of a refund to a customer are called the refund policy. Normally, a refund is expected in the following two cases :
- After receiving the product, the return of the product takes place due to the disliking of a product, a damaged product, a customer receiving the wrong product, or for any other predefined reason.
- Cancellation of the order placed on the website/application for which the payment is already made online
The refund policy will consist of all the necessary details on how the refund will take place, the process, procedure of it, etc., in a detailed manner.
The first step to setting up a system to handle returns and exchanges is formalizing your policy so you can communicate it clearly to your customers. A written return policy allows you to treat all requests the same, and avoid the tendency to handle things on a case-by-case basis, which is often less productive and more expensive.
Policies will vary depending on the logistics of your business and the products you sell, but every policy should cover the following basics:
- What can be returned
- What can be exchanged
- What products are “final sale” (non-returnable, non-exchangeable)
- How to initiate a return or exchange (e.g. an email address to contact or a web page to visit)