Mastercard speeds up refunds for retailers with Mastercard Send
With so many customers now shopping online, a retailer’s success must include robust infrastructure (such as returns processing) to ensure speed of delivery and customer satisfaction.
According to Australia Post’s latest eCommerce report, beyond focusing on stock levels and making sure there’s enough of what customers want on the shelves, retailers are now looking to provide a clear and uncomplicated checkout and refunds process.
Refunds can be complex, but those eCommerce companies in Australia which excel in managing returns are keeping consumers informed and process refunds quickly, therefore gaining or maintaining a competitive advantage.
In light of this, Mastercard has announced an expansion to now allow faster, hassle-free, refunds to merchants who want to give their customers real time refunds using Mastercard Send.
Mastercard Send makes digital payments effortless for businesses and can integrate with services that millions already use, such as buy now, pay later. For businesses and governments, it can drive efficiencies and cost savings by helping get money to consumers faster. Mastercard is currently the only network that has enabled issuers to access this quick refunds solution.
This new solution removes operational costs related to customer queries on refund status and will help merchants and retailers showcase a more customer-centric mindset by helping customers process their refunds faster, effectively and eliminating friction, refund fraud and creating more efficiency around the process of buying / returning goods and services.