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-resource activities for companies and can be detrimental to the financial standing of a company if not managed carefully.
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