Seventy-eight per cent of the surveyed U.S. consumers received an ecommerce refund in the last 90 days, TodayPay revealed.
TodayPay, in consultation with The Refunds Blog, commissioned a comprehensive refund research study to further highlight consumer preferences and behaviours regarding refunds. The study surveyed nearly 800 U.S consumers that have made an ecommerce purchase and subsequently returned the item for a refund in the 90 days leading up to the study. According to the survey, 78% received an e-commerce refund in the last 90 days, whereas 93% want a choice in terms of how they get their refund.
Jeremy Balkin, Founder and CEO, TodayPay Inc. and former Head of Fintech for J.P. Morgan, said, “There’s over a trillion dollars of value exchanged every year in the form of refunds, yet there’s been almost zero innovation improving the refund customer experience. Traditional refunds are monolithic, inflexible, and uncertain. TodayPay is transforming the broken refund process, from where money goes to die, into an intelligent customer acquisition channel for merchants and instant gratification for both merchants and consumers by offering refund certainty, speed, and choice.”
“TodayPay decouples the refund, which is a payment solution, from the return, which is a logistics problem. This helps merchants compete end-to-end on customer experience based on the speed of a payment, instead of the speed of broken supply chains. For consumers, it means the ability to get paid instantly with multiple redemption choices, instead of status quo, which is simply a reversal back to the original payment method on the next month’s credit card statement,” added Balkin.