Reversal of credit card transactions

Reversal of credit card transactions:

There is an example to explain the reversal of credit card transaction- Shweta was very particular and on time with all her payments with credit card, there is never any delay on that. The only problem was she never used to check her credit card status and stuff associated with that. There is never any delay on her end. After a few , months , when she checked her bank statement hse realized that a huge amount was charged as TDS and it was there in her bill. She was shocked to see that. That TDS was charged on a gift of 1500/- although she has not received that gift either. He immediately contacted the bank and they informed that it was offered by the bank to the customers who have made a transaction of 15000/- at once. Of course she has made that transaction. and now she has to pay 10% TDS on the gift value.

Many people face such kind of problem. It happens every now and then without the knowledge of customers.  Still, people make use of credit card a lot.

Thus, today let us discuss the best ways to get payment reversals at any time you cancel your order.

• Online Payments:

Every shopping applications have their own set of terms and conditions which a customer has to agree before making any purchase. In case you cancel your order there is either the refund of the amount or you have to make any other purchase. These are all online payments where a credit card is used.

• Cancel purchase using a Credit card

The credit card transactions can be canceled for any kind of online purchase. The customer generally has two options i.e either he can cancel directly the order and that will be considered as null and void or demand for the return of money paid during purchase. In the first case, the amount gets refunded immediately max within 30 minutes and in the case of a chargeback, the amount gets refunded in 2-3 business days, entire billed amount. The only thing to keep in mind is to place the chargeback request within 180 days.

• Credit cards swiped twice

Let us take an instance to comprehend this. Neel went to a local store to purchase groceries using his credit card. The sales executive swiped his card, but the slip did not come off the machine. However, Neel got a text message on his phone. Confused about the payment, the sales executive swiped his card again although that Neel showed him the message. Clearly, due to malfunctioning of the device, he was charged twice.

Double swiping instances have become common these days. In case ones’ card gets swiped twice, one should check with their bank about the transaction details. Some merchants offer cash reversal on the spot evading wastage of time, efforts and unnecessary confusions.

Options available in case of non-reversal of funds

In case, where the company doesn’t make the refund on time to the consumer then consumer have the right to approach consumer court. Consumer protection act has given any right to the consumer-facing trouble. In the case of non-refunds, the customer can contact the district forum court. In the event of an online transaction, one can also get directly in touch with the merchant through the contact us the option or social media page. Many companies or online shopping site solve the problem immediately on site because they know that it will be detrimental to the status of the company if they get charged for any such delay.