Refund returns faster? Visa has the solution

(Advertorial) In an era of seamless purchase transactions, consumers expect returns to be refunded immediately. Visa Direct’s solution helps retailers improve customer relations.

Instant refunds

We’ve all been there as consumers. We make a purchase with high expectations and, for any number of reasons, decide to return it. The seller agrees to take it back, we return the item—shipping it or in person—and then we wait for the funds to make it back to our accounts … and wait … and wait. Often, it can take days or even weeks, during which time, we’re checking our account, contacting the merchant multiple times, and just wondering when the money will show up.

In an era of easy, near-instant purchase transactions, why can’t refunds be just as fast? Well, now they can be with faster refunds enabled by Visa Direct: this solution allows refunds to be sent to the buyer as soon as the retailer accepts the return. The solution can also support partial returns (e.g. a customer buys 10 items but returns only two).

Improving perception

Faster refunds make good business sense for participants across the payments ecosystem. Retailers and payment providers that provide this important value-added service create better buyer-seller experiences and stronger relationships with their customers. New Visa-sponsored IPSOS research in five countries shows that, on average, 87% of respondents said that the option of an immediate refund would significantly improve or somewhat improve their perception of a merchant . Further, approximately 80% of respondents said that they would be much more or somewhat more likely to shop at a merchant that offers this type of service.

Exactly how Visa Direct Faster Refunds works and why retailers have an interest in offering this solution? That’s what Visa Direct Business Development Director Marianna Janssen will explain at the RetailDetail Congress, on 8 May in Antwerp. Other speakers at this Fashion & Lifestyle Edition include e5, Inno, Marie Méro, Zeeman and RetailDetail founder Jorg Snoeck. Click the button below for more info on the programme and to book your tickets.