Reimbursement is the compensation paid by a corporation to it's employee when an employee makes an out-of-pocket payment for the benefit of the corporation.
No. Reimbursement is the settlement of out-of-pocket expenses incurred by an employee whereas a refund is when a corporation pays back the customer for goods or services purchased earlier from the said corporation.
Here's an example of reimbursement: Let's say an employee purchased flight tickets for a business trip using their own personal card since the corporate card was not available. He then submits a reimbursement claim, for this amount, to the comapny, given that he spent the money for business purposes. The company, subsquently reviews and approves this claim, and pays back the flight ticket cost to the employee. The money is thus reimbursed to the employee.
Reimbursement is when out-of-pocket expenses are paid back to employees, whereas compensation is when employees are paid for their time or effort.