Nearly Four out of Ten Americans Would Rather See The Dentist Than Wait For Refunds

TodayPay Releases 2025 Edition of Where Is My Refund? Consumer Research; 37% of U.S. Consumers Would Rather Visit the Dentist Than Wait For a Refund

NEW YORK, Jan. 9, 2025 /PRNewswire/ -- Refund delays are now officially scarier than root canals for many Americans, according to TodayPay's 2025 Edition of its "Where Is My Refund?" report, released today at the NRF Big Show by the award-winning fintech company TodayPay Inc.

Based on research conducted earlier this month, the report, Where Is My Refund? Understanding When, Where, and How Consumers Want Their Money Back, found 37% of U.S. consumers would prefer a trip to the dentist over waiting seven days for a refund. The survey, based on responses from 500 qualified U.S. shoppers, paints a compelling picture of consumer frustration and the urgent need for merchants to modernize their refund processes.

"This jaw dropping data highlights the growing consumer dissatisfaction with outdated refund payment methods and the heightened expectations for instant gratification in today's modern digital economy," said Jeremy Balkin, Founder & CEO of TodayPay. "Our findings are clear — U.S. consumers expect their refunds to be as seamless as when they make a payment. In an age where real-time payments and same-day deliveries are expected, consumers want to choose how their payment comes and at what speed."

The Refund Revolution Is Here

Additional key findings from the survey include:

• Demand for Instant Gratification: Roughly two-thirds of respondents (63%) want same-day refunds, a 12% year-over-year increase.
• Impact on Brand Loyalty: Nearly half of consumers stated they would avoid retailers with slow refund policies, while 74% said they would make repeat purchases if instant refunds were available.
• My Money, My Choice: Nearly all consumers (95%) want flexibility for how they receive refunds, whether through alternative payment methods, gift cards, rewards points or even cryptocurrencies, a 2% year-over-year increase.
• Refund Transparency: Ambiguous refund policies are a top frustration, with participants emphasizing the need for clarity and simplicity in the process.

"The refund payment method isn't only a pain for shoppers, it's a growing problem for merchants who want to take back control of the post-purchase customer experience," said Balkin.

The Where Is My Refund? report highlights a growing ecommerce refund payment market valued at over $200 billion annually, driven by record-breaking online sales and higher return rates. As more consumers shop online, their expectations for speed, choice, and transparency in refunds have skyrocketed.

"Refunds are no longer the anonymous backend of the payment system where money just goes to die — they are a defining moment in the customer experience," Balkin added. "For merchants that get refund payment choice right, the reward is loyalty, higher customer satisfaction, and repeat sales."

To access the full report go to: https://refunds.expert/report

TodayPay is SOC II and PCI compliant and uses artificial intelligence and machine learning to deliver a safe, secure, and seamless instant refund experience for merchants and their consumers. TodayPay decouples the refund, which is a payment solution, from the return, which is a logistics problem. This helps merchants compete end-to-end on customer experience based on the speed of a payment, instead of the speed of broken supply chains. For consumers, it means the ability to earn cashback on a refund and get paid instantly, instead of status quo.

About TodayPay
TodayPay is the world's first faster payment solution helping merchants offer their customers instant refunds in multiple payment methods, including earning cashback. TodayPay is a B2B and D2C technology company pioneering a new category in payments called Refunds as a Service™. TodayPay has been widely recognized across the industry including being named the Most Innovative Alternative Payments Solution by PAN Finance and among the Most Fundable Companies^® by the Pepperdine Graziadio Business School. Learn more about TodayPay at https://www.todaypayme.com/, and connect with us on LinkedIn, X, Instagram and YouTube.

About TodayPay Founder
Prior to founding TodayPay, Jeremy K. Balkin served as Managing Director for J.P. Morgan in New York City, where he led fintech innovation and corporate development in the Payments business. Mr. Balkin is well known across the fintech and payments industry for coining the phrase, "Payments are eating the world" and he received the PayTech Award in 2022 recognizing his leadership across the payments industry.  

Contact:
[email protected] 

SOURCE TodayPay Inc.