Survey: Instant or fast refunds spur repeat ordering
Much like shipping speeds, consumers are keen on receiving refunds from retailers in a timely manner.
Almost half (44%) of U.S. consumers say they would rather visit the dentist than wait seven days for a refund, according to a new report from fintech company TodayPay. The overwhelming majority (94%) of consumers say an instant refund guarantee increases the likelihood they complete a purchase with a retailer, while 92% say they would shop again with a retailer that offers faster refunds.
In other findings, 85% of consumers reported improved brand perception of a retailer following a fast refund, and 34% of consumers say they would pay a fee to receive their refund sooner.
Nearly three-in-10 (29%) customers say they want a refund the same day they return an item, while 17% want a refund “instantly.”
"Refunds have quietly become one of the most important – and most overlooked – drivers of customer loyalty in retail and e-commerce," said Jeremy Balkin, founder and CEO of TodayPay. "When nearly half of consumers would rather go to the dentist than wait a week for their money, that's actually become a fundamental business problem, and every CEO should take note."’
[READ MORE: The cities where consumers are most likely to make returns are…]
Ninety-two percent of those surveyed said they want a choice when it comes to refund payment, with store credit and gift cards being “tolerated,” but rarely preferred (only 12%). Forty percent of those surveyed want a cash bonus when they return an item, while 22% want it paid back to their bank account.
"Refunds are a defining moment in the customer experience,” added Balkin. “The brands that win in 2026 will be those that treat the refund channel as a strategic advantage rather than an operational afterthought."
TodayPay surveyed 1,400 U.S. consumers for its third annual “Where Is My Refund? Understanding When, Where & How Consumers Want Their Money Back” report.
