Quicken, maker of America’s best-selling personal finance software, released a new feature for Simplifi by Quicken, its award-winning personal finance app, to help users track their returns to make sure they receive their refunds. The company designed the shopping refund tracker to ensure users don’t leave money on the table during the holiday shopping season, which has already seen record online spending with Black Friday and Cyber Monday. With heavier online shopping, returns could also reach record numbers this year.
Read More: insightsoftware Announces Intent to Acquire IDL Group
A recent survey by Quicken found that 78% of respondents are ordering online more since the pandemic began in March. And as online sales increase, so do returns — 34% of respondents said they’ve had more returns, with 10% saying they had significantly more. However, few people have a system to ensure they receive their money back from each return. Fifty-seven percent of respondents said they either have a loose system in place or don’t have one at all, with 45% citing that refunds might fall through the cracks.
Ahead of the upcoming holiday shopping season, Quicken launched a shopping refund tracker within Simplifi to help users manage their returns and ensure they receive all their money back, without having to manually check their accounts each day. With the shopping refund tracker, users can see a snapshot of all of their refunds in progress, so it’s easy to know when each is expected to be received. Simplifi will send a notification when a return from a specific payee, such as Amazon, is successfully refunded, so users know the money is back in their account. It will also send a notification if a refund is overdue, so users can follow up on the status.
Read More: GlobalFintechSeries Interview with Derek Boirun, CEO and Founder at Realio
“Nearly three-fourths (71%) of survey respondents said they would want a better, easy, system to track their returns and confirm they received the money back,” said 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.”
The shopping refund tracker also offers peace of mind when returning high-ticket purchases. Forty-five percent of respondents returned more than $100 of online orders since March, with some counting returns of more than $10,000.
Read More: Diving Deep Into The Biggest Myths of Online Payments
