Find the cancellation button: What financial experts need to know about it

Find the cancellation button: What financial experts need to know about it

According to a report from www.presseportal.de, companies with which long-term contracts can also be concluded online must offer consumers the opportunity to cancel them online since July 1, 2022 - using the so-called cancellation button. Experts emphasize that the cancellation button must be designed in such a way that it is accessible even without a login and should be easy to find. Many providers have therefore included a link for online cancellation at the bottom of their website. However, the legally compliant implementation must be assessed by a court in each individual case and in the event of a dispute.

The introduction of the cancel button can have a significant impact on the market. Companies that offer term contracts online must adapt their websites accordingly to meet legal requirements. This can lead to increased pressure on company resources as adjustments to the website and contract management are required.

For consumers, the introduction of the cancellation button can mean that canceling contracts such as cell phone contracts or streaming subscriptions becomes easier. Access to online cancellation is made easier, giving consumers more flexibility and control over their contracts.

Overall, the introduction of the cancel button is expected to lead to improved transparency and user-friendliness in online contracting, both for companies and consumers. Companies should therefore carefully examine the legal requirements and adapt their processes accordingly to avoid legal consequences.