A strong refund and cancellation policy, regardless of reason, will help you have clear-cut rules when it comes to approving or denying refunds. Circumstances can change at any moment, and it's understandable that keeping your customers happy is a top priority, outside of any existing policies you may have; but mass refunds can also put you out of business.
What is the middle ground between customer service and continued financial issues for your business?
One option is to offer credits for future events or programs you offer. This doesn't solve an immediate need for revenue, but it can help your short-term cash flow by lowering refund requests. Other options that can help cover your immediate costs include small business loans, grants, and private donations. Our anonymous systems allow you to make sales without requiring a lengthy sign-up or account creation process, so you can be up and running quickly.
Although more challenging, other financially promising options can include:
- Sell merchandise you already have inventory for or make new inventory to sell
- Run a campaign to raise money for your business to share with loyal customers
- Sell gift cards for future services
- Lease out your physical space, if you have one, for other programs that can operate
- Create an online version of your program - with a lower price point - to keep engagement with your clients but at a cost that is easy to market
You can leverage your Regpack account to create any system to generate additional revenue. Check out our webinar on this topic below:
If you have any questions about how best to do this - please reach out to our Support team, we're here to help!