We are used to the consideration that refunds are equal to the loss of customers, but could you imagine the situation, when refunds start new purchases? It’s really possible with the new Store Credit and Refund extension.
Refund reasons can be numerous, and customers will not necessarily put a curse on you, as soon as they ask for refunds. Often they perceive the situation impartially and are ready to continue purchasing from you, but not earlier you return them their money, of course. Here lies the biggest chance for their retention and engagement, if you are able to provide them with a store credit instead of actual money returns.
The store credit functionality allows you to transfer money to customers without delays and in the full amount. They do not need to wait for the transaction processing or pay any transactional fees. As soon as the store credit amount is enrolled to their accounts, they can instantly continue their shopping process.
The store credit here performs two main tasks: retains customers and increases their loyalty to your brand; and this practice is widely used by online and offline vendors.
The Store Credit and Refund extension by aheadWorks enables you to start Store Credit programs easily and provides you some useful features for streamlined handling of the entire procedure.
The main functionality of the Store Credit and Refund extension allows store owners to provide customers with credits, which can be spent to pay any order items, including products, shipping, taxes, etc. Along with other purposes, store credits are able to become a full-value replacement of online refunds. This functionality option lets customers get their money back and continue shopping immediately, while merchants retain clients and get new sales.
Features for Customers
Spend Credit on Products, Taxes, or Shipping Fees (or Everything You Want)
Using a credit customers are able to pay whatever they want, including taxes and shipping fees. The process is simple and requires from customers just to check the box within the Payment Information section at the checkout. If the store credit exceeds the total value of the order, customers can pay using it alone; otherwise they should specify an additional method for the remaining amount.
Detailed Store Credit Information in the Frontend
The module provides customers with a detailed history of their store credit balance in the My Account area. Customers are able to quickly check the balance or track the entire list of store credit transactions accompanied by dates, comments, and action statuses.
My Account Area
They can also subscribe to balance update notifications by email.
Gift Card / Certificate Integration
The Store Credit and Refund and Gift Card/Certificate extensions integration introduces even more opportunities to customers, as they can convert their gift cards into the store credit and keep their funds in one place or spend them easily.