A recent survey by Quicken discovered that 78 percent of respondents are ordering online more since the pandemic started in March. And as online sales increase, so do returns — 34 percent of respondents said they had more returns, with 10 percent saying they had significantly more.
FREMONT, CA: Quicken, maker of America's best-selling personal finance software, introduced a new feature for Simplifi by Quicken, its award-winning personal finance app, to allow users to track their returns to ensure they receive their refunds. The company designed the shopping refund tracker to make sure users do not leave money on the table during the holiday shopping season, which has already seen record online spending with Black Friday as well as Cyber Monday. With heavier online shopping, returns could also reach record numbers this year.
A recent survey by Quicken discovered that 78 percent of respondents are ordering online more since the pandemic started in March. And as online sales increase, so do returns — 34 percent of respondents said they had more returns, with 10 percent saying they had significantly more. However, few people have a system to make sure they receive their money back from each return. Fifty-seven percent of respondents stated that they either have a loose system in place or do not have one at all, with 45 percent citing that refunds might fall through the cracks.
Ahead of the upcoming holiday shopping season, Quicken introduced a shopping refund tracker within Simplifi to help users manage their returns as well as ensure they receive all their money back, without having to manually check their accounts every day. With the shopping refund tracker, users are able to see a snapshot of all of their refunds in progress, so it is easy to know when each is expected to be received. Simplifi would send a notification when a return from a specific payee, such as Amazon, is successfully refunded, so users would know the money is back in their account. It will also send a notification if a refund is overdue so that users can track the status.
"Nearly three-fourths (71 percent) of survey respondents said they would want a better, easy, system to track their returns and confirm they received the money back," stated Quicken CEO Eric Dunn. "We want our users to be able to make returns with confidence and take away the burden of monitoring for their refund to hit, so that they can focus on other important aspects of their personal finances, such as budgeting, saving and planning for retirement."