Failed POS transaction (How to reverse a failed POS transaction); Discover the ins and outs of reversing a failed POS transaction in this comprehensive guide.
As the Point of Sale (POS) method gains popularity in Nigeria, understanding how to navigate and resolve failed transactions becomes crucial for both customers and businesses.
This article walks you through the process, providing insights into why failures occur and the necessary steps to reverse the transaction.
Navigating the Landscape of POS Transactions:
The POS method has become a cornerstone for businesses, enabling them to accept payments seamlessly. Customers, in turn, find it convenient to use their ATM cards for transactions, eliminating the need for physical cash.
However, occasional hiccups may lead to failed transactions, leaving customers debited without completing the intended purchase.
Understanding Failed POS Transactions:
Failed POS transactions can occur due to various reasons such as a blocked card, network issues, or problems with the POS device. This guide breaks down the meaning of different codes displayed on the POS machine, helping customers interpret the status of their transactions.
See Also: How Much Can I Borrow from Opay For The First Time
List of Possible Codes and Meanings:
- Code 00: Transaction approved – Successful transaction
- Code 01: Refer to card issuer – Customer should contact their bank
- Code 02: Refer to issuer special – Customer should contact their bank
- Code 03: Invalid merchant – Merchant should contact the bank/device issuer
- Code 04: Pick up card – Card reported as stolen or lost; merchant should retain the card
- Code 05: Do not honour – Card failed a security check or funds frozen due to account irregularities
- Code 08: Honour with identification – Successful transaction
- Code 09: Request in progress – Customer should contact their bank
- Code 11: Approved VIP – Successful transaction
- Code 12: Invalid transaction – Retry transaction again
How to Reverse a Failed POS Transaction:
If your bank account has been debited despite the POS machine indicating a failed transaction, follow these steps to reverse it:
- Document the Receipt: Take a picture of the receipt confirming the failed transaction.
- Wait for Automatic Reversal: Banks typically automatically reverse the money to your account within 24 – 72 hours.
- Contact the Bank After 72 Hours: If the money is not reversed after 72 hours, contact your bank. Send the picture of the receipt via email to expedite the process.
FAQs – Addressing Common Queries:
How long will it take to reverse a failed POS transaction?
Typically, it takes 24 – 72 hours for the money to be credited back to your account.
What is a failed POS transaction?
A failed POS transaction occurs when there are issues such as a blocked card, network problems, or device malfunctions.
How to reverse UBA/Access/First/Zenith/GTbank failed POS transaction?
Send proof of the failed POS transaction to the respective bank’s customer care.
In Conclusion: Resolving Failed POS Transactions:
This guide equips you with the knowledge to address failed POS transactions effectively. Whether you’re a customer-facing debiting issues or a business owner navigating the complexities of POS transactions, understanding the codes and reversal process is crucial.
Share your thoughts or questions by leaving a comment or reaching out via email.
Final Thoughts:
Thank you for exploring this guide on reversing failed POS transactions. For more insights on banking and finance, subscribe to this blog and share the knowledge with your friends on social media.
Remember, knowledge is empowerment, especially when it comes to your financial transactions.