Why You Need A Refund Policy For Your Online Course
Today I want to talk about why you need a refund policy for your online course. A refund policy for your online courses is an often forgotten topic. You only think of it once someone asks for one. At that point, it is too late.
Having a great refund policy in place before you put your online course up for sale will save you so much time and stress. Having a refund policy can also be a great way to make your customer feel more secure when buying your online course.
How Do I Create A Refund Policy?
A refund policy does not have to be complex. It can be as simple as one sentence. The 100% money-back guarantee is a great example of that. When a customer sees that they know they can buy the item with confidence.
Maybe you want a limited refund. Let’s say a 30 day, no questions asked refund. You can do that as well. The stipulations of the refund policy are completely up to you. It is about what you feel is fair to you and your student.
There are those that say you should never offer a refund for a digital product, ever. They are more worried about being taken advantage of or ripped off. This is going to be a judgement call. It is what you feel comfortable with.
Once you make your choice, be sure you post it in an easy to find place on your sales page. Even if you are not offering a refund of any type, you should still state that clearly.
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How Do I Handle Refunds?
You are going to have people asking you for refunds. It is inevitable. That is why it is important to have a refund policy. You can have a separate page that tells the current student how to apply for a refund.
On this page you will want to be clear with your instructions. Should they email you? Is there a particular process they need to go through with the payment processor? A lot of this will depend on what software you are using.
Most learning management systems will have the refund process built in. This is super handy and takes some of that stress off you. If you are using an LMS, take some time and look for the instructions on how your students can get a refund. Be sure to use that to create your refund policy.
Payment processors and e-commerce software will also have a built-in refund system. Just like learning management software, you will have to take some time and look at what that process is.
Because the software you use may hold funds for several days before transferring them to your bank account, you need to keep that in mind when planning your refund process. Where will the funds be if you need to refund a student?
Don’t Forget The Automation
What happens after you refund a student? Is there a system you can set up to automatically remove them from access to the online course material? This will depend on your software.
You may have to go in and manually remove them if this is not available. Set up a system for doing this and become familiar with the process.
I know this sounds like a lot of work, but having a plan in advance of your launch will save you a lot of time and frustration later.
If you find that you are struggling with this, feel free to reach out to me for help. I offer one-on-one consulting calls for difficult tech issues like this. We can get on a video conference and I can walk you through how this can be done with your systems.