Have you ever attempted to withdraw cash via a Point of Sale (PoS) agent or perhaps via an Automated Teller Machine (ATM) and received a debit alert for a failed transaction? If you have, you would know the pain of not getting the cash you need immediately and the fear that accompanies the thought that you may never receive that money again.
These days, several cash withdrawal methods have been established to meet daily transactional, precautionary and speculative purposes that demand cash at hand. The PoS, for instance, represents one of the few provisions that complements a cashless economy, which many countries drive towards these contemporary times.
Still, it is met with many inefficiencies like failed transactions or even a failed debit, which has frustrated many individuals and are at the mercy of whatsoever they have sojourned unto already needing cash payments.
Paying for goods and services with your card should probably be one of the easiest things to do within a few minutes. It, however, becomes an issue if the PoS machine keeps coming up with “FAILED” responses while also debiting your bank account. leaving persons in a bemused and dumbfounded state, sometimes leading to arguments between vendors and customers.
So, to avoid these, here are four steps to resolve a PoS debit issue, perhaps at the point of paying for a transaction or at the point of withdrawal.
Read also: All you need to know about the Naira redesign policy and CBN’s promise to sanction PoS operators
How to resolve failed PoS transactions
In the first place, this is not rare, and if someone is trying to con you, you don’t need to overthink it, especially if you saw the slip come out of the POS machine. Sometimes, transactions fail, and the client is either not debited or is instantly credited.
Also, you must know that there are specific actions you can take depending on the bank you operate; however, for this article, we will be telling you general steps to note both as a merchant and a customer.
As a merchant
- First, a merchant should NEVER release his/her goods without confirming a successful payment. Yes, the buyer may have been debited, but also, yes, you have not received a successful notification/advice.
- Merchants should always have POS paper rolls available and in place for every transaction – the customer’s bank would ask for the slip as evidence of the failed transaction.
As a customer
Collect the “failed” receipt from the merchant
One of the common mistakes people make when they have a failed debit or transaction is that they fail to hold on to the receipt or perhaps take a copy of the vital information that their banks may request. For instance, banks like United Bank for Africa (UBA) require a customer to snap a copy of the receipt of their failed withdrawal when they file a complaint.
So, if you usually are nonchalant about the physical receipt of a failed transaction, or you discard them when the reversal has not been made, maybe you should reconsider doing that. However, if it’s via an ATM, Insert card – enter PIN – select more services – select “log a dispense error.”
Take pictures of the receipt slip
If you have a smartphone, immediately take a clear picture of the slip. This is because the print of the slip fades off easily. If you do not have a smartphone, have someone close to you with a smartphone snap it.
Contact bank customer service
A very important thing to do afterwards is to contact your bank to lodge a complaint via mail, phone call, social media with the “failed” slip or even in person when you walk into the banking halls. You must do this immediately to have your issue sorted immediately.
Wait for a resolution
After taking all the above-stated steps, you have to wait to get your complaint sorted. If it delays and does not come after the stipulated timeframe given by your bank, you must follow up by calling again or going to any branch of your bank to make a formal complaint.
Read also: Cash swap programme: CBN chooses 5 banks, bars Abuja, Lagos PoS operators
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