The Point of Sales method of payment is becoming very popular in Nigeria, majority of medium and large-scale businesses use the POS as a means of receiving payments from their customers.
The POS method of payment is usually a safe, fast and a secure way of making payments and also for receiving payments if you are a business owner.
It is clearly very convenient to make use of the ATM card to pay for goods and services, without the need to move around with physical cash.
DECLINED YET DEBITED?
There are times when you may make payments using POS, and you will be debited even though the POS machine shows that the transaction failed.
You might not have experienced it, but it happens on daily basis, reason it’s important to know the next steps to take in order for your payments to be reversed.
This post will be stating clearly the steps to take in order to reverse failed POS transactions.
What is a failed POS transaction?
This happens when your card is blocked, network issues or perhaps there is problem with the device.
If your bank account has been debited, but the POS machine showed that the transaction failed, this might actually be a bit puzzling, as the seller might not release your goods to you, since he or she has not confirmed the payment.
If the POS machine showed that the transaction failed, but your bank account was debited, then you will need to know how to get your money reversed back to your bank account.
AUTO-REVERSAL WINDOW
Usually, money is reversed back to your account in a period of 24-72 hours.
But if after 72 hours, your money has not been reversed, then...
VISIT YOUR BANK
...you will need to contact your bank, take a picture of the receipt confirming the failed transaction and send it to your bank. You can contact your bank via email.
Once your complaint is received, you will be notified if the transaction actually went through, if it didn’t, the money will be reversed back to your account within 24 - 72 hours.
Make sure you take the picture of the receipt because it quickly fades off.
With the above, you should easily get your money reversed back to your account after a failed POS transaction.
