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The advantage is for the store in that it doesn't ever have to issue a cash refund. Many not-for-profit retail stores are not set up for cash refunds, so they issue store credit - usually with a time limit imposed so that the store doesn't have to track the transactions for eons.
A disadvantage is having to keep additional records besides the other daily financial woes of running a business. The better thing to do would be to issue a Gift Certificate with an expiration date one year from date of issue.
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