Need a new status that functions similar to refund with a different name.

Hello,
Our store sells events as such we don’t offer money refunds, only store credit, this leaves us two options, one is a refund, the other is the cancellation. The refund and/or cancellation triggers our ticket plugin to properly return inventory and cancel the ticket(s) created as part of it’s WC integration. This leaves us with a problem, we technically should use the refund function, although we want to avoid the term ‘refund’, it should be ‘Cancelled for Event Credit’ (one example), can your order status plugin allow us to create a new status called ‘Cancelled for Event Credit’ that functions like (or calls) the integrated refund function? That way we can simply run a manual status change, then send a coupon credit and the customer will see ‘Cancelled for Event Credit’ in their ‘My Account’ and/or via e-mail.

If not, can you recommend another option?

Thanks!