With the MyCurrency app, refunds do not need to affect your cash flow.
With the MyCurrency app, small businesses can now easily create their own store credit that can be used for refunds.
Mistakes and losses are an everyday part of running a small business. Especially ones that are just starting or innovative businesses that are creating a new industry.
It's inevitable that a return or a refund request would appear on your system. This doesn’t need to be a nuisance. It can be seen as an opportunity to correct mistakes and learn from them so as to not repeat them.
Most mistakes in product fulfillment can be remedied without too much expense, but there is always a risk that a big mistake that costs a lot to fix. On top of the cost of correcting the order, it’s often necessary to refund the customer, as a courtesy for the inconvenience the product order mistake may have caused them.
This is where MyCurrency can help. Refunds do not need to be in cash. You can issue store credit instead. MyCurrency is a FREE mobile app that lets you create your own store credit for free. Once you’ve created an account on MyCurrency, you can use the app to refund your customers your own store credit equal to the refund amount, allowing your customer to spend that credit on items from your store.
Refunding in store credit has the advantage of sometimes leading to your customer spending the credit on an item with a sticker price exceeding their credit balance, resulting in them purchasing the item with a combination of store credit and cash. This means that issuing store credit refunds would not only not deplenish your cash reserves, but might even add to them.
Customers would also appreciate the fact that as long as they have access to their account on MyCurrency, they will not lose their store credit, unlike if it is in a form of receipt that could easily be misplaced or lost, which often happens, given most returns/refunds have a rule that a receipt should be included for returns/refunds. But with MyCurrency, since only the store can issue the credit, it would be easier to validate and track, so the store would have less need to require the customer to hold onto their receipt as proof of purchase.
MyCurrency has more to offer than just creating store credit for refunds. The app is created to cater to small businesses and is inclusive for all industries. Its applications range widely, including being able to create your own store coupons. Read the next article to learn how: https://mycurrency.substack.com/p/and-another-cool-feature-of-mycurrency