What is a rain check
Regenscheck definition & example | - 2021 - Financial Dictionary
Table of Contents:
What is it:
A Rain check is a written promise from a seller to a buyer. It guarantees that a buyer can buy a product for a certain price at a later date, usually because the item is out of stock.
This is how it works (example):
Let's say the chocolate chips are on sale for $ 2 a bag at Walgreens this week. John Doe goes to Walgreens for the deal and finds the shelves naked thanks to some extreme couponers. He asks the store for a rain check, which gives him a slip of paper that he can use to buy up to five bags of chocolate chips for two dollars each over the next two weeks. John waits a week and comes back for the chips.
Why it matters:
Rain checks discourage customers from moving on to competition. Some states require stores to take advantage of their offers with rain checks because when a store advertises an item for sale, it is expected that the item will be in stock. In the absence of rain checks, stores could advertise cheap items and never take deals. (Unfortunately, this rule often doesn't apply to car dealerships.) In some cases, vendors may need to print the words "no rain checks" on their ads when inventory is really limited and customers are advised to do so.
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