About Where Is My Refund?
Speed & Choice
· 93% of U.S. consumers want a choice in terms of how they get their refund
· 78% received an e-commerce refund in the last 90 days
· 51% want their refund same day
That means consumers want to choose the speed and payment method with which they receive their refund from a merchant. The simple "reversal onto the original payment method next billing cycle" is no longer fit for purpose.
Checkout
· 92% of U.S. consumers would complete checkout if guaranteed a refund
· 79% would increase the order value if offered refund certainty
Average cart abandonment at checkout is 69% and refund uncertainty is costing merchants precious sales and higher average order values and basket sizes.
Customer Satisfaction
· 90% of U.S. consumers would make repeat purchases from a merchant if offered instant refunds
· 83% would leave a positive review for merchants who offer instant refunds
· 56% have heard of instant refunds
Amazon has proven that the sooner a merchant refunds their customer, the more likely they are to spend it, spend more and tell their friends to spend it with that merchant.
About Todaypay
TodayPay is the world’s first faster payment solution helping merchants offer their customers instant refunds in multiple payment choices. TodayPay is a B2B technology company pioneering a new category in payments called Refunds as a Service™.