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Creating an e-commerce returns policy

Posted on September 1, 2016 by admin

A comprehensive returns policy is imperative for every e-commerce business. It is not only good practice, but it provides customers with confidence and demonstrates your business’ commitment to customer service.

A solid returns policy will ensure the returns process is professional, reduce the time and money spent on returns and keep your customers satisfied.

Here are five tips to consider when designing your e-commerce returns policy:

Your returns policy needs to be easy simple and easy to understand. It is best to avoid legal jargon and complex terms. Instead use plain english and terms that everyone can understand.

To avoid customer disappointment, it is critical that your site displays accurate product descriptions and photography. Use 360-degree view of the items you sell alongside informative descriptions of products/services.

The returns policy should be posted on everything including your website, receipts, emails and even packaging so customers have every opportunity to review the policy.

State the timeframe in which customers must return the product, i.e. 30, 60 or 90 days from purchase. For goods that are damaged or malfunctioning, there may be a shorter time frame.

The policy must state the customer’s options to receive a store credit, exchange or a cash return for items. Businesses have flexibility in these preferences, for example, a full refund does not have to be provided. However, every effort should be taken to replace an item or provide a refund without incurring any costs for the customer.

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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