Reduce your workload and save time through our automatically generated refund notifications
What's the product?
Refunds are an important topic for many merchants. Depending on your industry, your volume of refunds can vary from a couple a month to many a day. One of the problems with refunds is that they're not always the easiest to find for consumers, leading to different questions, such as whether refunds have arrived, with some customers even claiming that refunds never arrived.
The main catalyst for this confusion lies in the variables that come with refunds. Refunds can happen at a time where the consumer is not expecting them, under a different IBAN, under a different name, or with an order amount that differs from the original transaction (e.g., without shipping costs). These are all valid reasons for confusion, and can be a reason that your customer chooses to contact you, leading to more work for you to answer these questions.
These questions add additional, unnecessary pressure on your customer support. To make life easier for our merchants, we're continuously analyzing key procedures such as these, and we've created a pre-generated proof of refund in your backend.
Old vs. New
Typically, a customer reaches out with a question, setting in motion several actions that (in the ideal case) require your customer support to investigate, check the status, and get back to the customer. If the customer disputes this, the case gets more complicated and time intensive.
Now, proof of refund is already available in your MultiSafepay dashboard. This is the ultimate timesaver when it comes to handling these matters.
The proof of refund can be downloaded in your dashboard and sent directly to your customer and includes the website name associated with your business and all relevant information needed to verify that it's authentic, such as:
- ARN (reference number to verify with bank if needed)
- Date and time / refund completed
- Amount refunded
Virtual IBAN – Reduce customer confusion
Another key solution we offer in the quest to optimize your business procedures: virtual IBAN. Essentially, a virtual IBAN is a virtual alternative to a regular IBAN and does not represent a bank account in a physical bank.
This comes into play when optimizing the refund procedures. Many retail companies struggle with unnecessary queries from customers about their refunds, mostly from customers struggling to find said refunds. Refunds are generally issued under a different name than the merchant's name.
A virtual IBAN changes the name that's issued on the refund to “Your name – by MultiSafepay”, completely removing this issue from the equation.
Read about it in our dedicated blog article.