- 1 Why our Refund Rates being so High isn’t Alarming (or Terrible)
- 2 Why does my transaction take so long to confirm?
- 3 How Long Does It Take for the New York State E-File to Process?
- 4 mr_welk
Why our Refund Rates being so High isn’t Alarming (or Terrible)
James Laws asked me last week for my “lifetime refund percentage” (over at Sprout Apps) so he could get a general feel for our industry. He briefly mentioned his percentage was sub-5% which gave me pause, my immediate reaction was to think I’m doing something wrong; even though (at the time) I didn’t know my numbers. Knowing SA’s refunds were much higher I dug into the numbers, creating a report of sales 1 over the last 10 months 2 .
Wow, 13% of sales were refunds. I was expecting a high number (by comparison) but not by that much. Then I immediately noticed that it’s more like 16% (seen in the second chart) because I included Abandon/Failed. Oh my!
Digging a bit more I wanted to know what the refund % was based on sales value (not based on total sales). This way I could determine if smaller purchases (which are less likely to be refunded) are skewing the percentages. Put another way, were refunds more of an issue with sales of Sprout Invoices or Help Scout Desk (which are $60+), or with add-ons.
The percentages above show that the refund rate is slightly worse with those more expensive purchases…which was no surprise. Still though., sigh.
What does this mean for revenue? Since there are percentages of percentages above, the numbers get a bit convoluted, so I wanted to see what percentage of revenue is refunded and found it’s slightly better than I thought…
This shows that with every $100k is sales, that I’m refunding 11%.
Why are my refund rates so high?
I think it’s a combination of the money back guarantee, how I market it as a selling point, and the use of a timed offer. A recent customer that recently received a refund noted:
“I probably should have tried the demo first…I was just meaning to do some light research yesterday (not buy) but the 25% discount timer got me. If it wasn’t for the discount timer I would have waited and tried the demo today before buying. But the 25% off plus the 30 day guarantee made me think “why not? Lets go for it”.
Here’s that special timed offer that we’re referring to. It’s something I offer to hesitant customers 3 onsite (and via email).
Knowing that this combination has exponentially increased sales for Sprout Apps last year I have no qualms with the refund rate being so high. I can convert customers better than visitors. Simply, a customer purchasing with the intent to trial the product will convert more than a visitor that demos before purchase.
I hope this doesn’t come off as deceptive marketing; To be completely honest, it’s slightly manipulative but not deceptive. Manipulative in the good way, since there are no downsides since I offer a 30-day MBG.
Obviously my goal is to convert visitors to customers, so that they can see the value of my products, and I can prove how awesome the support is. Things a website full of screenshots and text can’t do very well alone.
So that explains why refund rates are relatively high, now what I’m really worried about is the abandoned/failed purchases. This number is something that I’m going to work on decreasing over the next year, there’s no apparent reason for it to be that high. Although I first need to validate if this number is a concern since I’m already attempting to convert these to customers via Customer Segment, and abandoned/failed checkouts aren’t removed if they do end up purchasing later.
What’s your opinion?
- Sales excludes any purchases of free items. ↩
- My data set is based on any sale after I added the money back guarantee and the limited time offer. ↩
- There’s a lot of logic that goes into showing this promo. It’s not just available for everyone, there are certain actions that need to occur on the site first. ↩
Why does my transaction take so long to confirm?
With the increasing transaction volume the competition between transactions have been increasing as well. While a miner fee was not always necessary, they are currently.
As miner prioritize transactions based on their fee in comparison to the space they will take up, the transaction fee should be chosen according to the transactions size.
The Mycelium bitcoin wallet uses an Fee Estimator which provides a Fee for a transaction to be included within the next X blocks,
the following dynamic Miner Fees can be selected within the wallet:
- LowPriority, to be included within the next 20 Blocks, ideally within the next 3hrs20mins. Will default to 0.08 mBTC/kb if no estimation is available.
Please note that 1mBTC equals 0.00100000 BTC or 100,000 Satoshi.
If your transaction is not confirming, we recommend to check what the transactions fee is, this can be done by looking up your transaction using either your address or transaction hash (txid). If you are unsure where to find your transaction hash or the address please see our explanation on how to check bitcoin transactions and addresses
Check out bitcoinfees.21.co to know what the recommended fee is at currently. See screenshot below:
You can see that the bracket of 51-60 Satoshis per byte is the first one to give an estimation of 0 blocks until confirmation.
Let's look at a transaction as a example from blockcypher.com:
Check your transactions fee and use this table to easily switch to satoshis and calculate your satoshi fee per byte.
When calculating what the fee is in satoshi per byte for the transaction, we see that it is within the 21-30 bracket of satoshi per byte. This means we can expect this transaction to confirm within the next 2-18 blocks in theory if no new transaction would be relayed with a higher satoshi-per-byte-fee than ours. But miners are also likely to include all the other transactions before.
If you experience problems with confirmations, consider setting your default miner fee to priority and change it manually when confirmation time is not an issue.
Is it possible to resend an unconfirmed transaction with a higher fee? That would really be great!
@David there is a way to increase your transaction fee to speed up confirmation process if there is any transaction of yours are ignored because fee is too low. The requirement is you should be the one who SENT or Receive.
Here is the Guide must be performed on Windows, Mac, or Ubuntu desktop
@Rizki, thanks! I think that will work for me.
I bought BTC but i didn't receive can you help me
Does anyone know if these people actually answer or work? I purchased bitcoin since Thursday night. They took my money and I m sitting here waiting for my bitcoin. Today is Sunday morning and still no bitcoin. come on seriously. I m am not a happy customer right now. Either return my money in full or send me the bitcoin I purchased. What the hell.
Juniorfaour did you receive your bitcoins?
Hope to have a reply.
I'm getting very high estimate transection fee, even if I set to low priority I'm getting something like 17$ fee just to send 40$ (conversation from btc-->USD on Aug 17th).
Is there a way to override the fee estimator and set the default value (without estimator) or to set a manual value?
Please let me know.
One thing you could do is export your seed to Electrum wallet and set the fee to very low. I do not know of a way to set the fee to very low or 0 in Mycelium.
Thanks for the advise.
I will try to do as u mention, but I would like to have this option available in Mycelium.
Just over three (3) hours now on a receive transaction of 1.999 BTC to my Mycelium wallet and still ZERO confirmations. I always use the "NORMAL" fee range. Never an issue even close to this happening in the past more than two years I've been using the Mycelium wallet. What's going on?
Been waiting almost 24 hrs to receive my bitcoin. This is ridiculous
How Long Does It Take for the New York State E-File to Process?
New York State says to expect your refund in 14-30 days, but many are experiencing delays
Once you’ve filed your federal and state returns, you begin the dreaded waiting game. The states tend to be a little slower than the IRS. So even after you get your federal refund, you could still be worrying about your money from the state.
New York has a slightly more sophisticated tax system than other states. However, it can still take a long time for your return to be processed and refund issued. Many taxpayers have unrealistic expectations. They expect NY to be as fast as the IRS.
What is the quickest way to get your tax refund?
The fastest way to get your refund is to e-file your return and request your refund via direct deposit. The Department of Taxation and Finance declares that these taxpayers can receive their refund in as little as 14 days. Most, however, will have to wait somewhere between 14 and 30 days. Note also that it is hardly uncommon for refunds to take even longer than that.
Any deviation from the e-file/direct deposit combination means that your refund will take even longer than this 14-30 day window. In addition to direct deposit, New York allows you to get your refund sent to you on a debit card or in the traditional form of a paper check. As both of these options involve sending a physical thing through the mail, they take a little longer, usually about 2-5 business days more.
What is the slowest way to get your tax refund?
The longest amount of time your refund will take is if you paper file your return. If that’s the case, you can tack on an additional 4 weeks to all of the times given above. That’s how long it takes the Tax Department to process paper returns.
You should know, however, that this year NYS is experiencing some pretty severe delays. Despite the projections of the Tax Dept., many taxpayers are reporting that it is taking much longer to get their refund. Some are getting messages saying their tax returns need extra review and that it will take 60 days for them to get their refund. Many other people are reporting that it’s taking 6-8 weeks for them to get their direct deposit refund.
There’s very little you can do to expedite the processing of your return. You can check the status of your return here, but there is really no reason to take the further step of contacting the Tax Dept. unless they ask you to in your status. This is doubtless one of their busiest months of the year and fielding angry phone calls is not going to speed things up.
If you’ve already taken care of your 2012 federal and state return, you should make sure that you have filed all of your old past year returns. You can still get a federal refund for the last three years.
Хорош он в первую очередь системой защиты платежей. Пока ты не получил свою посылку, продавец не получит денег.
Вот сейчас веду забавный диалог с китайцем, посылка 4 месяца как не отслеживается, время кончилось, потребовал вернуть деньги.
Продавец как уж на сковородке юлит, ищет 1000 отговорок. Для понимания, это второй диспут на возврат, первый я отменил, поверив продавцу что он решит проблему. Второй уже доведу до конца 🙂 В заказе 3 лампочки за 10 долларов примерно. Переводить на русский уже лень, так что читайте так. Обратите внимание на даты.