Glossary of Terms

Refund

Definition of
Refund

Refund is the process of reversing any sort of payment. It may be triggered by consumers who are dissatisfied with products or services bought. An exchange/replacement process can be put in place to mitigate the volume of refunds. While it can be a way to increase customer satisfaction, refunds can be considered as high-resourse activities for companies and can be detrimental to the financial standing of a company if not managed carefully.

Related services
Go to GLOSSARY