As a retailer or supplier, you aim to give your clients the best products. There are times, however, when your product doesn’t meet a client’s expectation for a particular reason. Having a return to vendor (RTV) policy is efficient in handling this crucial service.
Getting a logistics company to handle your return to vendor service rather than an in-house department is the ideal option. There are various services the company will manage for you under a return to vendor program. ReverseLogix cites some of them.
Return for Credit
This RTV service involves the return of goods to you without the client asking for a replacement. Your system can automatically generate a debit memo for such returns, or you can choose to have it manually entered. With a return for credit, you will owe the client goods to replace the ones returned at their convenience. To minimize issues, return for credits should have timelines for claiming a replacement.
Return for Exchange
This return service involves you replacing the returned product with a different item. In most cases, the exchange product matches the returned one in terms of price so that your accounting books balance. To minimize issues with this service, you can list the products that can be used as exchange items for returns on your webpage, so clients know what they can claim.
Return for Replacement
Under this service, you replace any returned products with similar items. This is the most uncomplicated RTV service and the most common. This is primarily because it presents minimal challenges in accounting.
When handled efficiently, the above return to vendor services will protect your brand’s reputation. You can also use this service to boost your reputation as a business committed to customer satisfaction. Outsourcing this vital service will allow you to access unmatched expertise and efficiency at a fraction of the cost of handling it in-house.