Today’s consumers value speed, especially when it comes to refunds. PYMNTS Intelligence reports that 79% of consumers would choose instant refunds if given the opportunity. Even more striking, consumers are 39% more willing to pay a fee for instant refunds than for average disbursements. Percentage-based fees, in particular, appeal to those seeking smaller payouts, as they’re often cheaper than fixed-rate fees.
Despite this enthusiasm, the reality is stark: only 42% of overpayment refund receivers have access to instant refund options. This discrepancy highlights a missed opportunity for businesses to meet consumer demands and differentiate themselves from competitors.
The preference for instant payouts extends beyond refunds. Gig workers, truck drivers, and even recipients of government disbursements increasingly opt for faster payments. This trend underscores a broader shift toward financial immediacy.
For businesses, offering instant refunds is more than just a convenience—it’s a way to improve customer satisfaction and drive loyalty. Instant refunds demonstrate a commitment to meeting customers where they are, making every interaction seamless and stress-free.
In an era where speed and efficiency define consumer expectations, providing instant refunds is not just an option; it’s a necessity.
Yours truly,
The Instant Refund Expert®
The Refunds Blog 