A Refund Policy is a clause that should appear in your “Terms and Condition” and page or a stand-a-lone page on your site. It’s an important policy to be upfront with your customers so they know what the time frame is an how to go about getting a refund from a purchase of a product from you.
A refund policy is only required if you’re selling your own products. If you’re doing affiliate marketing then in the disclosure page you would want to mention that you have no control over the refund policy or privacy policy of other 3rd party websites.
Your refund policy should make clear the following:
- Are there any time restrictions on returns?
- Who is responsible for the return shipping?
- What is the requirement for a return to be accepted?
- What if something goes wrong and goods are damaged or do not match the description?
- How long does it take you to complete a return?
- When will the consumer get his or her money back if a return is accepted?