Failed POS Transaction (How To Reverse A Failed POS Transaction)

October 28, 2022 coinist Comments 0 Comment

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Failed POS Transaction (How To Reverse A Failed POS Transaction)

Read all about how to reverse failed pos transaction.

A point of Sale (POS) machine is a device designed to keep records of all sales orders, pos transactions, customer profiles, and management.

POS transactions take place whenever an activity involving the exchange of assets, liabilities, or equity occurs. This payment method is the most convenient, safe, fast, and secure way of making payments for goods and services and cash withdrawals.

If the POS transaction fails, but your account was debited, usually, the bank automatically reverses the money to your account immediately. However, if the bank does not reverse the money to your account immediately, you need to contact your bank and report the issue.

This article will discuss how to reverse failed POS transactions and the reasons for failed POS transactions.

Read my post on the best POS machines in Nigeria

How to Reverse Failed POS Transaction

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Sometimes, a POS transaction fails, but the customer account is not debited or debited and credited immediately. In a scenario, the customer is debited and not refunded immediately. Here are the steps to follow;

Make sure you collect the failed slip from the merchant and confirm.
Take a clear picture of the slip
Contact your bank and make your complaint about the failed transaction.

Reason for Failed POS Transactions

There are different reasons for failed Pos transactions, usually printed out as error codes. The following is the list of error codes displayed on the POS and what they mean;

Code 01: Refer to Card Issuer

This means the customer should contact their bank.

Code 02: Refer to Issuer, Special

The customer should contact their bank

Code 03: Invalid Merchant

This means the merchant should contact their bank.

Code 04, 41,43: Pick Up Card

This card has been reported as stolen or lost, and the merchant should retain the card.

Code 05,62: Do Not Honour, Restricted Card

The fund has been frozen due to account irregularities/fraud, or the card has failed a security check, so the customer should contact their bank.

Code 08: Honour With Identification

The transaction is successful.

Code 09: Request In Progress

The customer should contact their bank.

Code 12: Invalid Transaction

The transaction should be retried with correct entries because an invalid character has been entered.

Code 13: Invalid Amount

The transaction should be retried with correct entries because an invalid amount has been entered.

Code 14: Invalid Card Number

The customer should contact their bank.

Code 15: No Issuer

The customer should contact their bank if it exists.

Code 29: File Update Not Successful

The customer should contact their bank.

Code 30: Format Error

The customer should contact their bank

Code 33,54: Expired Card

The card has expired. The customer should get a new card

Code 34: Suspected Fraud, Retain Card

This card has been reported as stolen or lost, and the merchant should retain the card with them and don’t give it back.

Code 38,75: Pin Tries Exceeded

The customer has entered the wrong pin thrice and should contact their bank.

Code 51: Insufficient Funds

The balance in the account is not enough for the transaction to be attempted, and the customer should fund the account.

Code 55: Incorrect Pin

The customer has entered the wrong pin, and the card will be blocked on the third wrong attempt.

Code 57: Function Not Permitted to Cardholder

The customer should contact their bank.

Code 58: Function Not Permitted to Terminal

The customer should contact their bank.

Code 65: Exceeds Withdrawal Frequency Limit

This means the customer has exceeded the day’s limit and has to wait till the next day.

Code 82: CVV Validation Error

The customer should contact their bank.

Code 89: Administration Error

The customer should contact their bank.

Code 91: Card Issuer Unavailable

The customer bank is currently not available. The customer should try again later.

Code 92: System Error

The customer bank is currently not available. The customer should try again later.

FAQs

How long does it take to reverse failed POS transaction?

It usually takes 24- 72 hours for your money to be reversed to your account.

How do I get my money back from a failed transaction?

It is automatically reversed to you immediately if debited for a failed transaction. However, if your funds are not reversed immediately, then contact your bank and make your complaint.

What is a POS reversal?

It is when funds previously credited after a POS transaction are returned to the cardholder.

Read my post on the best banks for POS business in Nigeria

Conclusion: Failed POS Transaction (How To Reverse A Failed POS Transaction)

POS payment method is very common in Nigeria, and most business owners use POS to receive payments from their customers.

If the POS transaction fails, but your account was debited, contact your bank for refunds. It usually takes 24 -72 hours for the funds to be reversed.

I hope you got a lot of helpful information from this article; please share and leave your comments.