Store credit is a virtual currency given to your website customer, with which he can purchase any products from your website. More specifically, it is a way to give money to customer.
When you need to give store credit
- Customer returned the item, you need to transfer money to customer
- After customer paid the money, suddenly the product price dropped - then you would like to return the difference to customer.
- Product slightly damaged/ other close match product shipped, then customer is willing to accept the product instead of returning it. You need to pay the difference.
- Giving loyalty rewards to customer.
- Promotional offers - (cash back offer, we return the 10% of the order value as store credit)
- You made the mistake, as a good gesture to compensate the customer pain you would like to reward the customer by giving the store credit.
What are the benefits of giving store credit
- In case you are returning the money to the customer returns through the payment gateway, then you have to pay payment gateway charges.
- If customer use that same money to purchase another product, once again you have to pay to payment gateway. By giving store credit, you are saving money on double transactions
- You can get free interest on the money (which you did not returned)
- Customer return is already a loss to you, by bounding customer to make another purchase you are forcing another transaction. Hopefully it may recover your loss due to product returns.
- Loyalty rewards, promotional offers are correctly utilized.
What are the Cons?
- Store credit fraud: You have to careful or more secure in respect to stealing of store credit, or adding fake the store credit by running simple api or some hack.
- Any malfunctioning can leads to substantial financial loss and can cause legal trouble.
- Depending on your country, you may have legal restrictions on its usage
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