Morning money gang. Welcome back to my channel. We are kicking off another week of hair extensions, business master class, continuing the super practical and actionable conversation on marketing tools, tactics, and a major thing that you need to have in place. Something that is going to protect you from, from your customers. We talked about the PO boxes today. We’re talking about your returns policy. Let’s get to the money. Give it up for the one and only speaking great whatever you need. We’ve literally got, when it comes to the Harris tension’s industry, the reason why, so I think it’s stripe in the past has refused to accept payments for this industry. The reason why paypal insists they hold on to 10% of our money for at least 90 days. The reason this is considered a high risk industry is because scamming as bitches, there’s just no other word for them.
They are the ones that will buy your product where for a couple months. Then report to paypal that the item was not as described or that the item never arrived. Either way, when you don’t have the money, like as soon as this person disputes it, paypal has to take the money out of your account or put the money on holding your account. If you don’t have that tied to a bank account, if you don’t add any more funds than paypal ends up having to pay out of their own pocket to these people. So because of that, a lot of payment processors won’t touch the hair extensions industry. And paypal punishes even the best actors of all of us in this industry. But the thing that has protected us time and time and time again has been one page on our website that lists exactly what the return policy is.
I think our worst one was someone trying to return $2,300 worth of here a month and a half after they bought it. Um, I mentioned this person a couple videos ago. They had made an initial purchase from us. The sample pack all closure installed it, wore it out, um, bought a bunch of hair, went to a trade show, never bothered getting any marketing materials, never bothered, um, posting on their social media or building their actual brand. And then because they couldn’t sell $2,000 worth of bundles in an afternoon where nobody had heard of them, they decide to hit up paypal and say the item was not as described and that they want all of their money back, which just isn’t, it’s just not, it’s not going to fucking happen. We get the alert, someone’s trying to dispute $2,300 worth of hair that was purchased months ago and we just provide them all of the correspondence, a link to our shipping and returns policy in addition to a screenshot highlighting the area of our shipping and returns policy as it pertains to this order.
And we send them back and within an hour paypal lets us know the disputes been decided in our favor. The money has been returned back to our balance and that we can go on about our merry day. If we did not have a return policy in place, they would’ve just scammed us out of $2,300 did they ever attempt to reach out to us? No. Did they ever attempt to return it so that we’d have the value back even though she says she installed it on herself and on her sister? No, no attempt was made. This was literally just a scamming as bitch trying to take my company for 2300 fucking dollars. Our returns page, I think ours is shipping and returns on a, on our [inaudible] but that one page, if it is live and it is posted, paypal will base their decision off of what it is you have stated on that page and the description that you list under the product in question under the product that they are attempting to dispute.
Basically what paypal is doing is investigating what did you promise these customers? Did you fulfill your promise? A lot of the times people will try and do the item not received and when we provide the tracking information, paypal immediately sides with us so they’ll dispute that decision and say, well actually the items different than described and that’s actually what this woman tried to do first that won it, we won it and then this other one not as described. What paypal does is if the item in question is at least similar or doesn’t conflict with what is listed in the item description, you as the seller when if it was plastic hair or something like that. If we sent her a bunch of red wigs as opposed to bundles, then she would have won, but because the the item description, it’s hair bundles, it’s this quality of here, it’s supposed to last this long is this texture of here and it all matches, we win.
Do not make any extra promises like you’ll be looking. Just don’t do that. Describe exactly what the item is. 3.5 ounces of hair on a whiffed in one of these textures selected here in the options. That’s it, anything extra. They might be like, oh well you said she was going to look like Beyonce. This bitch still like a looks like a frog. No. To have to deal with so much fuckery when we are literally one of the only companies out here working to empower black female entrepreneurs to have to deal with ups, turnip lady when we are just here to empower you to make more money. It sucks that it’s a consistent thing like we’re just talking to people that are interested in business. You guys are just talking to people that want bundles. There is way less filtering happening so your return rates and your dispute rates are going to be much, much higher.
You have to protect yourself like getting that po box. You need to dedicate at least an afternoon to writing out your returns policy page and publishing it. That is extremely important. So as your terms of service page, if you want to install a pixel, I don’t think they let you run ads unless your terms of services updated. Make sure that you include the return window with hair. Be Really careful about that and maybe limit orders for newer customers or something to protect yourself with clothing. I think the statistic is about 40% of items are returned. It’s because it’s bought online. People don’t know how it’s going to fit until they get it in and then they shipped the rest back. That don’t work. That’s just kind of how that works, including, so you’d want to look at people in your industry that are doing it right, not that are doing it at a level that a multibillion dollar company can afford to just like eat the loss of a bunch of, of a bunch of scammers, but be smart and do what you can actually come through with and follow through with.
So there’s the return window. There are the things that would qualify an item for return for us. No refunds, no exchanges unless an error has been made on our part. We had a member order, a custom loose, kinky, curly, full lace wig. If you visit our site, you know that each of those, that if it’s a loose, kinky, curly like kinky curly, that’s not even that common loose, kinky curly is even less common. The fact that you want us to put it on a full lace wig and make it a certain density, that means you, you’re literally the only person that’s ordered this. This person wanted to exchange it for something else because they didn’t like how the wig fit, even though it was the same size as all of our wigs. If we hadn’t stated no returns or exchanges, we would have to take back that $500 wig that we know no one else has ever bought from us and no one has bought it since.
We would literally just had this wig sitting on our shelves that costs us hundreds of dollars to make and then we’d have to ship her out. Something else. Think about that and then think about whether or not you want to do exchanges. Do you want bundles that have been sitting in someone’s super smoky house that smell like secondhand smoke coming back to you? What are you going to do with them? Think about all of these things and take them into consideration. Um, as far as our memberships and our services, because we offer a number of digital services, we create ads for people. We do social media management. The minute you purchase a service, you don’t get it back. Why? Because the minute you get it, my office manager assistant sends it off to our designers and they get to work immediately. You might not see the work being done, but it’s fucking being done.
So now the minute you buy one of those, we’re just going to deliver it like we always do. You’re going to get what you paid for because the work has already been done. It’s not just shipped items that you have to take into consideration. Are you offering services? Are you offering memberships? What do you need to have in place so that you’re providing that level of comfort and security to your potential customers while also covering your neck? Because there will always be scammers. There will always be someone that wants to take from you what they have not earned and have not given. Your job is to protect yourself from them. They’re just doing their job scamming away. That’s just what scammers do. You need to protect yourself and protect your business. I would’ve been mad as fuck if we lost $2,300 to this person because that’s not just us losing the money.
Now paypal is like this bitch is up to some shit like us, you know that like lowers our score with them. So what do you need to put in place? Um, return window. The situations where a turn or exchange is accepted and if there are no situations you need to literally write that down. And then what the returns process will be like. I think we state once we receive your information, if it’s approved then we will be in touch with you via email on how you can return the items. It’s really, really straightforward and we basically just email that person back the address to return it to and a little note that they should include on the outside of it. Otherwise, if you send us back something and we haven’t approved the return, it’s just going in the trash cause federal law. So today’s homework drop one thing that you think is absolutely necessary to include in your return policy.