Nowadays. People don’t visit the grocery store, boutique, or retail store with physical cash. Instead, they visit these places with their debit or credit cards and make payment with them. The process is straightforward and convenient. All it takes is one swipe, and you are good to go. Debit cardholders face many challenges while using their cards, and one of these difficulties occurs when a debit cardholder wants to terminate a payment made with his or her card. And the challenge gets bigger when the individual doesn’t know the process.
The best way to end a debit card payment is by contacting the merchant. If the merchant approves your request, they will terminate the transaction and issue a refund, reversal, or chargeback. Another way to do this is by contacting your bank.
Have you ever been in a situation where you wish you could turn the hands of the clock backwards so you could undo a remittance made by your debit card? If you have, you are surely not alone. I bet there are a lot of people who share the same thoughts as you. However, you don’t need to have magical powers to terminate a transaction made with your card. All you need is access to the right information and answers. In this article, I’ll be explaining the two ways to terminate a transaction made using your debit card.
How Long Does It Takes To Reverse a Debit Card Transaction?
How To Cancel a Payment Made by Debit Card?
Debit cards have provided shoppers around the world with an easy means to make a transaction. Unlike the use of physical cash, initiating transactions with debit cards is very convenient, easy, and secure. And one of the reasons for this is because your bank usually processes the transactions. So, in the event that a transaction failed to live up to expectation, you can always table a despite to your bank and recover your money. However, doing this is not easy. In fact, a lot of people aren’t aware of how to pull this off.
You can’t walk into a mall and demand that the merchant terminate a debit card transaction you made a few hours ago and expect your request to be granted just like that. It doesn’t happen that way. If things were done that way, I bet all merchants will run into heavy loss due to the high rate of cancelled payments.
Cancelling a transaction made by your debit card can be as easy as a hot knife through butter. However, it can also be as difficult as finding a needle in a haystack. You see, to stop a transaction made by your card, you need to contact your merchant first. Of course, most merchants aren’t always happy when customers dispute a transaction or request that a transaction is cancelled. So, expect the merchant to hold their ground unless the fault is a glaring one, like in the case of a faulty product.
In addition, these days, most merchants have stringent return and refund policy that may frustrate your effort to cancel a transaction made via your debit card.
Let us take a look at the two ways to end a transaction made by debit card:
Contact the Seller:
The merchant, and not your bank, should be the first party to contact when you want to cancel a purchase made by your debit card. Some people often make the mistake of contacting their banks, which should be your last resort if the merchant is uncooperative.
Contact the seller via a phone call and table your complaint. Tell the merchant or the seller why you wish to terminate the payment. If the merchant approves your request, it will be cancelled, and you will be issued a refund, reversal, or chargeback depending on quick you were to reach out to the merchant.
Before you contact the merchant or visit their store, ensure you have a good reason to support your request to end the transaction. If your reason holds no water. Or, if your reason doesn’t conform to the merchant’s return and cancellation policy, your request will be denied. That is why it is important that you read the merchant’s refund and cancellation policy before you transact with them.
Also, to be successful in your attempt to end a transaction made with your debit card, you must ensure that you are time conscious. Don’t wait for so long before reporting the issue to either your bank or the merchant. Time is a very crucial factor in a situation like this. If you report the issue late, you may not get the help you need.
Contact Your Bank:
In the event that the merchant is not cooperative, don’t give up or lose hope. You can still end the transaction. However, this time, you’ll have to contact your bank. And remember, the earlier you do this, the better.
After contacting your bank, explain the situation to them. Your bank will first try to determine if the issue between you and the merchant can be resolved amicably. If the merchant refuses to cooperate, your bank may take drastic steps by issuing a chargeback on your behalf. Chargebacks are bad for merchants, so a wise merchant will want to avoid this at all cost.
How Much Does It Cost To Close a Bank Account?
Can You Cancel a Payment That Is Pending?
A pending payment is a payment that is yet to post. When you buy a product with your card, the transaction doesn’t go through immediately. Instead, it pends until all necessary checks and approval has been done by the parties involved in processing a debit or credit card transaction. With that said, you may want to know if it is possible to end a pending remittance.
Ending a pending payment is possible. However, to do this, you’ll need to contact the merchant. If the merchant cannot help you for one reason or the other, contact your bank. But ensure that contacting your bank is your last resort.
It is almost impossible to end a pending transaction yourself. This can only be done by the parties involved in the transaction. The merchant is your best bet in pulling this off. However, sometimes, the merchant may not want to help. In this situation, you should contact your bank.
