Be honest now: Are you doing everything you can to KEEP and PROTECT the money you work so hard to make??
It’s certainly exciting to see all those paid invoices roll in and all the new clients flock to your doorstep, but how safe are you from money woes like refund demands, chargebacks, and ghosted payment plans?
Allow me to share an all-too-common money problem I see these days:
A client pays you via an online payment processor like Square, Venmo, or PayPal. A few weeks later, they apparently get buyer’s remorse, because you receive a notice from the payment company that they’ve requested a refund.
This can go one of two ways:
- The company sides with the customer, issues the refund, and you lose your money.
OR
- You present your signed contract with a clearly stated “No refunds after 7 days” policy, and the refund request is canceled. You get to keep your money! 🥳
Without a written refund policy in place, you have no way to prove that you should keep the client’s payment. Paypal/Venmo/Square likely won’t care if you’ve already rendered services or delivered the product — their main concern is keeping their consumers happy and feeling protected.
MY main concern is keeping YOU feeling happy and protected.
That’s why I’m sharing my best, easy-to-apply tips for implementing a solid refund policy, right here, right now, just for you!
When it comes to keeping the money you make, your first line of defense is your REFUND POLICY.
Important note: I am not telling you that you have to offer refunds — that’s your business policy, and it’s up to you to make that decision. What I am saying is this: Whatever your refund policy is (even if it’s that you don’t offer refunds), it must be crystal clear, in writing, and communicated to your clients/customers in the right places.
Alright, so how do you accomplish this?
I’m so glad you asked!
Your refund policy must cover:
- How much of a refund you’ll give (50%, 100%, etc)
- How long the refund period is (7 days, 30 days, 90 days, etc)
- What your client must do to request a refund
Add this written policy to:
- Your 1:1 Client Agreements
- The Terms of Use for your online courses, group programs, and digital downloads
- Your Website Terms and Conditions (in the “commerce” section)
Don’t overcomplicate this: your refund policy can be short and simple. Just make sure you cover all the above elements!
To be rather blunt, without a stated refund policy in place, your money is in danger.
But the good news is that it’s a quick and easy change to make! Once you get that refund policy in place, you’ll have peace of mind knowing your money, your hard work, and your business’s bottom line is safe and sound.
Are you already my client? You’re in luck! All my contract templates provide you with everything you need for your crystal-clear, well-communicated, super-protective written refund policy.
Need help with your refund policy or any of your client agreements? Book a contracts consult today!
