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Refund Policy
To refund literally means to pay a customer back who is not satisfied with the goods or services purchased online. A customer may also be entitled for a refund if they have been over charged or over invoiced. After a customer has cancelled/returned good/s, if any payment was made online in lieu for the purchase of such goods, then the payment made earlier has to be refunded back to the customer. The refund policy will state the terms of refund (what will be refunded, such as: store credit, cash refund, exchange of goods, etc.) The timeline for which a refund can be made and claimed is usually stated in the refund policy (Return within 7 days to 12 days). Most countries have regulations within industries for companies to include a refund policy, especially for online stores.