Listen to this articleJodie Lichtenstein is the CEO and co-founder of Fastback Refunds. From personal experience Jodie recognized a gap in the antiquated online merchandise refund process when she found herself waiting up to 3 weeks for thousands of dollars in returned wedding guest dresses. She founded the instant refund platform in 2023 and served as the company’s first Chief Operating Officer building everything from process, product, reporting, and marketing. As CEO, Jodie is focused on deal strategy, external partnerships, and investor relations. Below is our recent interview with Jodie Lichtenstein, CEO at Fastback Refunds:
Q: Could you provide our readers with a brief introduction to fastback refunds?
A: Fastback refunds was born from identifying a gap in the consumer financial experience. I had to return bridesmaids dresses for many different weddings and the process was opaque and arbitrary. The online merchandise returns process is ripe for technological innovation given the typical refund can take anywhere from 5-30 days which retailers have no incentive to improve the process Thus, I decided to start this new venture with 2 other co-founders and a very talented team.
Q: Who is your ideal customer and why?
A: Our customers are regular people like you and me. Perhaps they’ve purchased multiple dresses, bought clothes in order to try on at home, have returns affecting their cash flow, or perhaps just busy moms who don’t have time to shop in person.
They have all this merchandise and the merchant makes life difficult for them. Charging for returns. Slowing down the processing of the return. Providing poor or non-existent customer service. Creating artificially long times to give money back. A lot of fail points in this space. Our customers have all experienced it and are ready for a simplified experience. Part of commerce is returns and this space has been neglected for too long at the expense of consumers. We are radically changing that experience.
Q: Can you tell us more about your solutions?
A: You have an item to return. You choose your retailer, you can initiate the return separately or through our app, link your bank account and the money is in your account as soon as your return is shipped. I love the simplicity. A straightforward and easy user experience.
Q: What can we expect from fastback refunds in the next 6 months? What are your plans?
A: We are in growth mode. We expect exponential user adoption and we are in the process of raising further outside money. Most of our customers are repeat users. We are building brand visibility and loyalty and bringing on new team members. I am especially proud of the work culture we’ve built.
Q: What is the best thing about fastback refunds that people might not know about?
A: The technology is what makes us special; it has never been done before and is unique. We have spent a lot of time, effort, and money perfecting the technology that makes life easier for our users. Companies are just people. But it’s what those people create that has the potential to be successful. Disrupting and improving this sector is something I am deeply proud of. What we have done in a short amount of time and what the future promises for simplifying the merchandise returns experience for millions.
