Consumers increasingly demand instant refunds, and they’re willing to pay for them. According to PYMNTS Intelligence, 79% of consumers prefer instant refund options, a 17% increase since September 2023. The report also reveals that consumers are 39% more likely to pay a fee for instant disbursement compared to standard payouts. Percentage-based fees are particularly appealing for smaller refunds, offering a more cost-effective solution than fixed-rate fees.
Despite this demand, only 42% of overpayment refund receivers are offered instant refund options, leaving a significant gap between consumer expectations and current practices. This lack of options is notable, given that other payment categories, like government disbursements and gig worker payouts, are increasingly adopting instant payment methods.
The consumer appetite for speed is not limited to large payments—smaller refunds are just as critical. Offering instant refunds can turn a frustrating experience into one that fosters customer loyalty. By providing immediate access to refunds, businesses not only meet consumer expectations but also create a competitive edge in the marketplace.
In a world where financial immediacy is becoming the norm, failing to offer instant refunds could mean falling behind. For forward-thinking businesses, this is an opportunity to shine.
Yours truly,
The Instant Refund Expert®
The Refunds Blog 