The merchant account or payment gateway may have some guidelines for minimum information needed in the policy. Otherwise, here are some basic points to consider for inclusion:
- Do you accept returns? If so, for how long after purchase? 10, 30, 90 days? Is there a different time limit for returns for refund vs. returns for exchange?
- Do you accept returns for refund, or only exchange? What about in cases where merchandise is defective?
- Do you refund shipping costs, or only the cost of merchandise? What about in cases where the merchandise is defective?
- If a customer returns something for exchange, is customer responsible for shipping charges, or you? Do you cover or reimburse the cost of return shipping if the merchandise is defective?
- Can orders be cancelled? If so, how long do they have to cancel after placing order? 1 hour? 24 hours? (This will probably depend on how soon you ship orders. You don't want to be able to cancel orders that have already been shipped.)
- How long after the order is placed will it be shipped? Same day? Within 2 business days?
- How are orders shipped? USPS, UPS, etc.
Once you have formulated a policy based on your answers to these questions, you can put it together in bullet point format such as:
- Returns for refund will be accepted within 14 days of date of purchase
- Returns for exchange will be accepted within 60 days of date of purchase