Refund policy is exactly as it sounds - a policy that dictates the terms of any refunds or returns which may be offered by the website or eCommerce store. ... Before you make a purchase, you may decide to review the refund policy of a given website or store to make sure you are comfortable with the terms.
For instance, if a site says that “all sales are final” and no refunds will be issued, you may think twice about placing an order.
On the other hand, if another business offers a “60-day, no questions asked” refund, you will be more comfortable with spending your money on their site.
Right off the bat, you should realize one thing to be true about a refund policy - you are going to need to offer some form of refunds/returns if you wish to be successful in your business venture.
It is hard enough to earn trust in the online business world, you don't want to make that task even harder by failing to offer your customers refunds.
Hopefully, you will be able to keep these returns to a minimum, but you are going to need to offer something as an element of customer assurance and protection.