Store Credit Definition
Store credit is a type of refund offered by a store to a customer who returns an item not eligible for a cash refund that allows them to purchase something in that store up to the value of a returned product or service. Often this type of refund is offered to customers who attempt to return a product without a valid receipt.
Some stores also offer store credit as a refund option, besides cash. To incentivize this type of refund, you can give an extra -10% on items purchased with store credit. Another example of store credits is a store-only gift card that is issued and usable only at a specific store.