Breaking new ground in UK retail!
Worldpay has launched a first-of-its-kind service that delivers near instant refunds to cards helping to close the gap between consumer expectations and merchant capabilities.
The faster refund capability is available to the vast majority of UK shoppers using Mastercard and Visa cards when making purchases at participating retailers, including HMV. Consumers who make an eligible return can now receive near instant refunds when returning goods for online purchases.
Under many systems, refunds can take days to reach consumer accounts. Worldpay research shows 40% of consumers expect a refund within 24 hours when making a return and now this could be a reality for shoppers with refunds coming through within minutes.
“Studies show that up to 30% of all e-commerce purchases end in a return or exchange. Offering a faster refund experience means merchants can create better customer interactions. For example, it could potentially reduce calls to customer service to track funds,” said John McNaught, Head of Payouts at Worldpay. “Put plainly, refunds are a headache for consumers and merchants alike. Worldpay is taking the pain out of the process by making refunds nearly instant.”
Retailers that enable the faster refund service can improve their overall customer experience and satisfaction levels, driving better rates of retention and cost efficiency through reduced queries related to refunds.
If this could transform commerce in your business; reach out to Callum Scott below:
T: 07765959213
