The demand for instant refunds is growing rapidly. PYMNTS Intelligence reports that 79% of consumers prefer immediate refunds when available. Many are even willing to pay a fee for this convenience, with percentage-based fees being a preferred choice for smaller refund amounts.
However, only 42% of overpayment refund receivers are offered instant options. This gap presents a significant opportunity for businesses to differentiate themselves by delivering refunds faster.
Instant refunds reflect a broader trend toward financial immediacy. Gig workers, for instance, overwhelmingly prefer instant payments, and 78% of Americans express high satisfaction with instant government disbursements.
Offering instant refunds is a simple way to meet these expectations. Fast refunds enhance the customer experience, foster trust, and help businesses stand out in competitive markets.
Consumers value speed and are willing to pay for it. For businesses, instant refunds represent a powerful way to build loyalty and gain an edge.
Yours truly,
The Instant Refund Expert®
The Refunds Blog 