Business & Finance

Shopping With Buy Now, Pay Later Is Easy. Getting a Refund Is Harder.

Shopping With Buy Now, Pay Later Is Easy. Getting a Refund Is Harder. #Shopping #Buy #Pay #Easy #Refund #Harder Welcome to JibGlobe, here is the new resources we have for you today:

Hannah Renno doesn’t usually take on debt when she shops. But the two-year, interest-free installment loan from

Affirm Holdings Inc.

AFRM 12.40%

for a Peloton treadmill seemed too good to pass up.

She paid off the nearly $5,000 loan early. Then Peloton recalled her treadmill, sending her on a monthslong quest to get a refund.

Making purchases with buy now, pay later companies is easy. Getting money back after a return or recall can take months—if it happens at all. Refund-seekers say confused customer-service representatives often blame the merchants for the delay. Merchants, customers say, blame the buy now, pay later companies. Refunds are on the way, customers say they are told, but they sometimes don’t materialize. 

Buy now, pay later companies all work a little differently, and so their refund processes can vary. In general, the customer asks the merchant for a refund, and the merchant initiates the process. The merchant is typically responsible for getting the refund to the buy now, pay later company, which sends the payment to the customer. But things can get messy in the back-and-forth, stalling the refund on its journey to the customer.

Complaints abound on social media. The Consumer Financial Protection Bureau is looking into the refund delays as part of a broader review of buy now, pay later companies, according to people familiar with the matter. Some customers say they only got their money back after tagging the companies in a tweet or contacting their chief executives.

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