You are totally right, using gift cards to issue store credit is the most accurate way to go. AltoQ Exchange automates this process by processing all scenarios of exchanges even and uneven within Shopify, and of course issuing store credit. We offer a 30 day free trial for you to assess confidently if this solution works for you. Feel free to reach out anytime - firstname.lastname@example.org
Beware any solution that uses discounts or discount codes. It will understate your sales income.
Got it, so it seems you have more than 12,000 orders a month. Here is a store credit refund case study with another big merchant https://rise.ai/customers/dottie-couture-case-study
I also highly recommend contacting the Rise team through the website or email them. They'd love to show you the demo and explain how to have a great ROI for this $600/mo.
Or you can just use our app FreshCredit. Its super simple and allows your customers to receive and save store credit. Plus you can manage up to 5k customers for only $10/month.
Check out our example store for yourself here
And if you have any questions, just call us at 704.489.3578 or shoot us an email at email@example.com
Hope that helps!