Today, most individuals prefer to use their credit cards to make online and offline purchases. After all, it is more convenient than paying via cash and the money used is usually borrowed, unlike the case of a debit card. Sometimes, after paying for a product using your credit card, you may decide to cancel the transaction for one reason or another. However, before you do so, you may want to determine if it is possible to undo a payment made using a credit card.
It is possible to reverse payment on a credit card and to do so, you must provide the merchant with a reasonable reason. Also, you should note that not all merchants allow complete reversal. So ensure you always read the terms and condition of any merchant you wish to transact with.
There are several situations that would cause you to want to reverse a payment made with your credit card. It could be a mistake, an unauthorized transaction on your credit card, a defective product, or what have you. Contrary to what you may think, requesting a payment reversal is not as easy as making a transaction. There exist a few steps you have to take and things you have to understand regarding how a payment reversal works. As we progress, I’ll be providing you with all you need to know about this topic.
Can you block a company from charging your credit card?
Can You Reverse a Payment on a Credit Card?
On one chilly Sunday evening, Mr Albert eyes spot a nice TV set while surfing the internet. A few hours later, he decides to buy the TV as a birthday gift for his 15 years old son, Josh. He places the order and makes payment. However, when the TV set arrived the following day, he notices that it has a cracked screen. The product was defective. He contacted a representative of the online store and requested a reversal.
Mr Albert is like several people out there. However, not everyone would request a reversal on the grounds of a defective product. For some, it could be that they made a mistake; the transaction was fraudulent or unauthorized. Whichever the case maybe, provided the reason you have is good, your money will be returned to you. However, it doesn’t happen magically. Neither is it a process that occurs at lightning speed. After contacting the merchant regarding the dispute, you may have to wait for days to get your money back.
In some situations, you may have to stand by for the transaction to post before disputing it. So it could take up to a week before your money is returned. However, be rest assured that you’ll get your money back regardless of how long it takes unless the merchants say otherwise.
Before you request a reversal, you must ensure that you have a good reason to back up your request. You cannot request a reversal simply because you want to. Or because of other flimsy reasons. In fact, you should note that merchants aren’t happy when customers request reversals. Sometimes, these merchants lose money via chargeback fees. So, you must have a concrete reason before requesting a reversal.
What are credit card transaction steps?
Transactions that you can dispute and obtain a reversal:
Unauthorized transaction:
If you didn’t authorize a transaction, maybe someone else used your card to purchase a product, you can dispute the transaction and get the payment rescinded.
Refunds:
Refunds of credits that are yet to be processed or that were mistakenly processed as debits.
Faulty or defective goods:
Like in Mr Albert’s case, you can request a reversal when you receive a faulty or defective product. This is no doubt, one of the main reasons why people request a reversal.
Fraudulent transaction:
If you suspect that the transaction is fraudulent, you can ask your credit issuer to rescind the payment.
Mistakes:
You can ask for a reversal on transactions that were wrongly charged to your account more than once.
Cancelled auto-payment:
If you ended an auto-payment but discover that the merchant keeps charging you, you can request a rescindment
Unfulfilled service:
If you paid for a maid service and the maid company fails to leave up to the agreement by sending someone over to your home, you can decide to request your money back.
When you see yourself in a situation that requires a reversal, do not hesitate to contact your bank or the credit card company. If, peradventure, you decide to wait too long before contacting the necessary party, you may not receive the help you need on the basis that your request is late. Always remember, the earlier, the better.
Should you be worried if a credit card transaction is not showing up?
How to Reverse a Credit Card Payment?
When you discover that your credit card has been used to make a fraudulent transaction or discover that an unauthorized transaction has been made using your credit card, the next thought that would likely cross your mind would be regarding how to get your money back. Of course, with the help of your bank, you can get a reversal. But how do you go about it?
You can reverse a credit card payment by either filing a customer dispute, requesting an authorization reversal, or asking for a refund. Authorization reversal is the best option because the money is returned before the transaction post.
Requesting a reverse on a credit card payment is not easy, especially if the transaction has already gone through. In such a case, your money will be returned after a few days as the transaction will have to post before your request is considered. The hack to requesting a reversal is to table your complaint in time. Don’t hesitate. When you noticed that the product you paid for is defective, call the merchant and request a refund. If the merchant refuses to cooperate, you can call your bank.
In addition, always make a habit of reading the terms and conditions of a merchant before a transaction. This will help you understand their policy so in case any problem arises, you’ll know what to do.
