A refund is the process of returning money to a customer after they have made a purchase. This typically occurs when a product is defective, not as described, or if the customer changes their mind. Refunds can be issued in various forms, such as cash, credit to a payment method, or store credit. Businesses often have specific refund policies that outline the conditions under which refunds are granted. These policies help protect both the customer and the business by providing clear guidelines on how to handle returns and exchanges. Understanding these policies is important for consumers when making purchases.