What is Refund policy?
Refund policy: The rules for returning money after a purchase.
Where Refund policy fits
Refund policy is part of Satisfaction & Loyalty in Customer Experience. Satisfaction is how well the experience meets expectations. Measure it with CSAT and NPS, solve problems at first contact, and use loyalty programs and service recovery.
Practical tip
Listen to feedback, reply fast and fix problems kindly.
Related terms
- Customer satisfaction
- How well a product meets customers' expectations.
- Net promoter score
- A score showing how likely customers are to recommend you.
- Loyalty program
- Rewards that encourage customers to keep buying.
- Customer retention
- Keeping existing customers buying from you.
- Customer feedback
- What customers say about their experience with your product or service.
- Customer service
- Help offered before, during and after a purchase.
- Complaint handling
- Resolving customer problems promptly and fairly.
- Response time
- How quickly you reply to customers.
Formulas you will use with it
Test yourself
Which term means: “The rules for returning money after a purchase.”?
Net promoter score · Refund policy · Customer service
Answer: Refund policy
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