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A refund policy notifies the terms for offering a refund to the customer. It is essential to make sure that customers making payment for the product/service at the website are aware of whether they will be eligible for a refund or not, the grounds for refund, and what percentage of the payment will be refunded.
Every e-commerce business that allows a customer to purchase from the website should have a refund policy to answer all refund-related queries.
Some of the key points included in this template for refund policy for an online business are:
(a) Where Refunds Apply
(b) Special wording has been inserted for EU Right of Withdrawal
(c) Effects of withdrawal
(d) How to Request a Refund
(e) Abuse of refund policy
(f) Release of Liability
(g) No Admission of Liability
(h) No Disparagement clause to protect the Retailer.
Is refund policy a legal requirement?
No, a refund policy is not a legal requirement but it is strongly advised to have one. It makes the buyer bound by the terms of the refund policy when purchasing from the website. A clear refund policy will also prevent disputes with the buyer.
When do I need a Refund Policy?
If you are an e-commerce business that offers the buyer to purchase from the website then you need a clear refund policy to answer all refund-related queries of the buyer.
Where should I display the Refund Policy on the Website?
This document can be used as a template for a Refund Policy for a company's website. The user deemed to have accepted them by using the service.
The website name and how many days should a refund will be requested should be clearly stated in the template.
For this refund policy to be binding, you must place a 'checkbox' next to a statement such as "By clicking I Agree that I have read and agree to the terms presented in the Refund Policy".