Informasi Umum

What is a Refund? Here is the Full Explanation

Admin BFI
31 March 2023
72566
What is a Refund? Here is the Full Explanation

The term refund is commonly encountered when shopping online. This term refers to the refund process carried out by the seller (seller) to the buyer due to the non-conformance of the goods received.

In simple terms, a refund means a guarantee of online transaction protection in the form of a refund if the item received is not in accordance with the agreement. For more details, let's look at the discussion regarding refunds in this one article.

 

1. What is a Refund?

Refund means a refund made by the seller to the buyer due to a discrepancy in the goods received. For example, the item you received does not match the image or product description. You can also submit a refund if the item you receive has a manufacturing defect and so on.

In other words, a refund is submitted when a customer is dissatisfied with the item received for various reasons. To be able to make a refund you need to follow the procedures set by the place where you shop. This is because the refund process requires the approval of two parties, namely the seller and the buyer. This is why when submitting a refund you need to wait for confirmation from the store in question.

In the realm of business, refunds are not only used as security protection when shopping which can attract many customers. However, refunds can also be a way for a business to restore its reputation in front of consumers. In this way, public trust in a business can be properly fostered.

 

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2. Types of Refund

A refund means a refund based on the agreement of both parties. These existing refunds are not always given in the same amount as at the beginning of the transaction (100% refund). There are several types of refunds that apply different policies. Here's a more complete explanation.

2.1. Full Refund 

A full refund is a type of refund that offers a 100% refund according to the nominal amount of the transaction that you issued before. Full refunds are often used in marketplaces such as Tokopedia or Shopee.

Later, the returned funds will be sent to the return address you chose, such as a bank account, e-wallet, and so on. With a note that if you submit a refund on the marketplace, make sure you haven't clicked the purchase confirmation button (item has been received).

2.2. Partial Refund

A partial refund is a refund solution that is carried out by returning a portion of the funds that have been paid by the buyer. In other words, the funds returned are not 100% but only part of them.

In addition, partial refunds can also be in the form of a combination of money and vouchers or money with some items. This depends on the policies and agreements obtained between the two parties.

2.3. Non-cash Refund

The third type of refund is a non-cash refund where the refund given is not in the form of money but other goods with the same value. For example, giving shopping vouchers or other forms that have the same value as the nominal you issued before.

Whatever type of refund you choose later, be sure to read the terms and conditions for refunds found at each online store, OK!

3. Refund Benefits

Refund means returning the nominal money that has been issued by the customer due to one thing. With a refund, customers will feel helped for the losses they experience with a refund guarantee provided by the seller.

As customers, of course, we will feel very happy if all transactions that occur are equipped with security protection, one of which is the refund option. However, what are the benefits that can be obtained by the seller or sellers from this refund system?

3.1. Growing a Sense of Consumer Trust

Refund is a system that can make potential customers believe in the services provided by your store. The reason is, when the item they receive is not what they expected (not the same as the picture or product description), potential customers can freely submit a refund as long as they follow the terms and conditions.

On the other hand, refunds are also able to maintain a sense of consumer trust in a store or brand. This is because those who implement a refund system and work as it should make their customers feel satisfied and have more freedom to shop. So, it is very likely that they will return to shop at the store.

3.2. As a Guarantee of Goods According to the Description

Second, refunds function as a guaranteed tool if the product offered matches the product information listed, starting from product photos, descriptions, and so on.

By using this system, customers will tend to feel safe and satisfied shopping at your place.

3.3. Restore Seller Credibility

There are many things that can threaten the credibility of a store or brand. One of them is constraints on product delivery where the product received by the customer has production defects, is exchanged, and so on.

Therefore, with a refund, the seller can restore credibility or a good image that has been painstakingly built by being responsible for customer satisfaction.

From a business point of view, refunds are quite detrimental to sellers because they have to prepare more funds to compensate for the problems that have occurred. However, this is certainly very comparable to a sense of trust and credibility that is maintained.

4. Refund Policy

Each online store or marketplace has a different refund policy. It's a good idea to ask in advance so that when there are problems, the refund process means you can do it easily.

5. The difference between a Refund and a Return

Many people still misinterpret between a refund and a return. No doubt, many people think that the two are the same thing. To make it easier for you to understand the difference between the two, here is a brief explanation.

1. Refund means a refund from the seller to the buyer, while the return is the return of goods from the buyer to the seller.

2. The object returned for the refund is in the form of money, while the object returned is in the form of goods.

In short, the difference between a refund and a return is in the object being returned.

6. How to Make Refunds

You can do a refund easily according to the terms and conditions provided by the seller. Even so, there's nothing wrong if you make the following preparations so that the refund process can run as it should.

Refund Artinya BFI

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6.1. Tell the Seller about the Problems You Are Experiencing

The first step you need to take to submit a refund is to notify the seller if the item you receive is not as it should be.

6.2. Save the Order Number or Order Number

One of the conditions for submitting a refund can be processed to the next stage, namely by attaching the order number or order a number of the transaction you made. So that the seller can process the form that you submit more quickly.

6.3. Make Sure You Have a Product Unboxing Video

The next and most important thing is to attach evidence in the form of an unboxing video that shows if the product received is not suitable.

Make sure to record as clearly as possible without any video pauses so that the seller can check its authenticity and process your proposed refund.

6.4. Fill in the Refund Form

When you submit a refund, it means you are willing to fill out the form provided. Explain the reasons for submitting in as much detail as possible so that the seller or seller can understand the problems you are experiencing

6.5. Provide an Account Number or Virtual Account for Receiving Refunds

Fifth, make sure you prepare an account number or virtual account number that is used for online transactions. This aims to facilitate the seller in the refund process. Estimated refund time depends on applicable policies.

7. Tips for Avoiding Refunds

Shopping at online stores that provide a refund guarantee is certainly a relief in itself. Even so, it's a good idea for us as buyers to be more careful when buying so we don't have to bother dealing with refunds.

7.1. Be Careful When Buying

The first tip you can do to avoid refunds is to be careful when buying. Be sure to do some research before making up your mind to buy your target product. Some of the things you can do include reading product descriptions carefully, checking reviews or testimonials from other buyers, and making sure the existing products match your needs and expectations.

7.2. Make sure the Refund Procedure is clear

Second, a refund means a refund made on the basis of an agreement between the two parties. Therefore, make sure the online store you choose has a clear refund policy so that when the item you receive is not as expected, you can easily request a refund.

Also, make sure to read the terms and conditions as best you can. You can also ask the seller directly about certain points that you feel are unclear.

7.3. Don't be Easily Tempted by Low Prices

Beware of products with unreasonable prices such as being too cheap or not in accordance with market prices. Because this can be an indication of a product that is lacking in quality or fraud.

Here are 3 tips that you can apply to avoid refunds. Make sure you are not in a rush when buying an item. Consider the options available and compare them with similar items. Read also the existing refund conditions as clearly as possible.

Hopefully, with this information, you can understand that a refund means a refund that occurs as a result of something and is based on the agreement of both parties.

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