Failed POS transaction (How to reverse a failed POS transaction)

Read all about how to reverse a failed pos transaction.

The Point of Sales method of payment is becoming very popular in Nigeria, majority of medium scale and large scale business use the POS as a means of receiving payments from their customers.

As a customer, it is very convenient to use your ATM card to pay for goods & services, without the need to move around with physical cash.

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 business owner.

There are times when you may make payment using POS, and you will be debited even though the POS machine is showing that the transaction failed.

Although this is not usually a common occurrence, but it usually happens from time to time, and it is good for you to know the next steps to take in order for your payment to be reversed.

In this post, I am going to be writing all you will need to know about a POS failed transaction, and how to reverse/get a refund on a failed POS transaction.

Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

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What is a failed POS transaction?

A POS failed transaction usually occurs when your card is blocked, when there is network issues or perhaps there is problem with the device.

If your bank account has been debited, but the POS machine shows that the transaction failed, then it might be a bit confusing, as the seller might not release your goods to you, since he/she has not confirmed the payment.

The below is a list of all possible codes that may be shown on the machine and their meaning:

Code 00

Transaction approved

Successful transaction

Code 01

Refer to card issuer

The customer should contact their bank

Code 02

Refer to issuer special

The customer should contact their bank

Code 03

Invalid merchant

The merchant should contact the bank/device issuer

Code 04

Pick up card

The card has been reported as stolen or lost. The merchant should keep the card and not give it back to the customer.

Code 05

Do not honour

The card has failed a security check, or the funds have been frozen due to account irregularities.

Code 08

Honour with identification

Successful transaction

Code 09

Request in progress

Contact their bank

Code 11

Approved VIP

Successful transaction

Code 12

Invalid transaction

Retry transaction again

How to reverse failed POS transaction

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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.

Usually, the bank automatically reverses your money to your bank account in a period of 24 – 72 hours.

But if after 72 hours your money has not been reversed, then you will need to contact the bank. Take a picture of the receipt confirming the failed transaction and send it to your bank. You can contact them via email.

Once they receive it, they will let you know if your transaction went through, and if it didn’t, they will reverse your money back within the period of 24 – 72 hours.

Make sure you take a picture of the receipt early, because it usually fades off overtime.

Frequently asked questions (FAQs)

How long will it take to reverse a failed POS transaction?

It usually will take a period of 24 – 72 hours for your money to be credited back to your bank account.

What is a failed POS transaction?

A POS failed transaction usually occurs when your card is blocked, when there is network issues or perhaps there is problem with the device.

How to reverse UBA failed POS transaction?

To reverse UBA failed POS transaction, send a proof of the failed POS transaction to the UBA customer care.

How to reverse Access bank failed POS transaction?

To reverse Access bank failed POS transaction, send a proof of the failed POS transaction to the Access bank customer care.

How to reverse First bank failed POS transaction?

To reverse First bank failed POS transaction, send a proof of the failed POS transaction to the First bank customer care.

How to reverse Zenith bank failed POS transaction?

To reverse Zenith bank failed POS transaction, send a proof of the failed POS transaction to the Zenith bank customer care.

How to reverse GTbank failed POS transaction?

To reverse GTbank failed POS transaction, send a proof of the failed POS transaction to the GTbank customer care.

Summary

With the above, you should easily get your money reversed back to your bank account after a failed POS transaction.

If you have any questions or you have something to add to this post, you can leave us a comment or shoot us an email, and we will get back to you as soon as possible.

Conclusion

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