If you're running a subscription business, you know that refunds are a necessary part of doing business. But did you know that there are a few things you can do to minimise the impact of refunds on your business?
Here are a few tips for handling refunds in a subscription business:
- Communicate with your customers. If a customer is unhappy with their purchase, reach out to them and see if there's anything you can do to resolve the issue. Often, a simple refund is all it takes to keep a customer happy.
- Offer partial refunds. If a customer is unhappy with part of their purchase, offer them a partial refund. This can often be a more palatable option for customers than a full refund.
- Offer alternatives to refunds. If a customer is requesting a refund, offer them alternatives such as a credit towards their next purchase, or a discount on a future purchase.
- Don't take it personally.
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