online refunds – PayU Blog https://payu.in/blog Wed, 03 Aug 2022 09:08:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://payu.in/blog/wp-content/uploads/2020/05/favicon_index-1.png online refunds – PayU Blog https://payu.in/blog 32 32 Move Over Noodles and Coffee, Refunds are Now Instant! https://payu.in/blog/move-over-noodles-and-coffee-refunds-are-now-instant/ Tue, 26 Jul 2022 07:47:07 +0000 https://payu.in/blog/?p=11664 Instant Refunds is an essential part of any online business today that's looking at increasing customer loyalty. Get an idea of how PayU Instant Refunds is designed keeping online businesses in mind.

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]]> India has become a nation where online businesses are not just increasing in numbers but also thriving. Be it the pandemic or just the idea of sitting within the comfort of your home while shopping, online businesses have garnered an enormous number of consumers in the past few years. While it seems like upwards and onwards is the way for online businesses, there is one challenge that keeps coming back. Order returns and consequent refunds. When we say refunds, it inherently means instant refunds because that is one of the main keys to customer delight with an instant customer payment.

Changing Landscape of Instant Refunds

Over the past decade, online shopping has rapidly caught on with Indian shoppers. People are far more comfortable with the idea of purchasing online instead of in retail stores. In fact, the number of online shoppers in India is expected to reach 500 million by 2030, which is a massive leap from 150 million in 2020.

The hesitation and scepticism that masked people’s minds about online shopping when it was initially introduced is not there anymore. Some of the major reasons behind the increase in online shopping are:

  • Safety
  • Competitive prices
  • Ease of returns

Thus, as an online business, you can further ensure that returns are easy with speedy refunds or what we call Instant Refunds. This is the key to gaining your customers’ trust and ensuring that they keep coming back to you every time they need to make a purchase. After all, slow refunds are not only dated but also lead to customer dissatisfaction.

Here are some negative effects when you don’t process refund speedily:

  • Drop in customer’s trust in the brand
  • Increase in cart abandonment
  • Loss of customers
  • Loss of revenue

Now, these reasons are significantly negative for any and every business. So, if you are an online business aiming to maximize revenue and customer base, then clearly, Instant Refunds are the way to go. Most importantly, if you want to increase repeat transactions and customers, then processing instant refunds should definitely be a focal point for you.

Boost Your Business with PayU Instant Refunds

This is where PayU Instant Refunds comes in as a knight in shining armour for online businesses out there!

With PayU Instant Refunds, you can:

  • Process round-the-clock refunds
  • Offer refunds back to the source & delight them with instant payments
  • Get real-time reports on the PayU dashboard
  • Gain complete control to choose between normal and instant refund for every transaction

Now, these are a great combination of benefits to keep your customers happy! To add to this, PayU Instant Refunds supports 150+ payment modes and enables you to get 95% coverage on all domestic transactions so that you can make online payments to your customers with ease. To sum up refunds in a nutshell; the more instant they are, the better it is for your business.

So, what are you waiting for?

Aim for the skies because there’s no limit to your customers’ happiness

Only with PayU Instant Refunds!

FAQs

How long does it take for the customer to receive an instant refund from the time the refund request is received?

Ideally, it takes up a few minutes to process for customers to receive a refund from the time refund is initiated.

How do I activate Instant Refunds for my business?

To initiate the Instant Refund process for your business, please follow these steps:
1. Sign up on https://onboarding.payu.in/app/account/signup
2. Visit
3. Post this, our team shall get in touch with you regarding activation, legal addendum, etc.

What payment modes do Instant Refund support?

PayU Instant Refunds support Credit/Debit cards, UPI, Wallets and Netbanking.

Is there a fee for processing refunds instantly?

Yes, PayU charges a minimal amount to process instant refunds.
This is mainly because we have to bear the cost of processing the fund transfer to the customer’s account for a refund.

 

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