A refund is the process of returning money to a customer who is dissatisfied with a product or service. This can occur for various reasons, such as receiving a defective item, canceling a service, or returning a product within a specified time frame. Refunds are typically issued by retailers, service providers, or online platforms, and they aim to maintain customer satisfaction and trust. The amount refunded usually matches the original purchase price, but it may exclude shipping fees or other charges. Refund policies vary by company, so it's important for customers to review the terms before making a purchase. Understanding these policies can help avoid confusion and ensure a smooth refund process.