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Reversal of Credit Card Payments

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Updated: 07-12-2023 07:12:27 AM

Use of plastic money for transaction and payments has become common in day to day life. The security and reliability of the transactions have fuelled their involvement even more. Rather than carrying cash, people now prefer to carry credit and debit cards and use them for transactions. But once in a while we make payments by mistake or need to cancel the payment.

If you have made the payments through credit card, how does the reversal of the payments come through.

1. Online transactions

E-commerce websites offer buyers the option to pay through credit cards. When a buyer cancels the purchase of the product, the entire amount is refunded to the buyer. Every E-commerce website has their rules for the repayment. Some offer a full refund; some deduct some amount as cancellation charges while some do not return the paid amount but give the buyer points equal to the transaction amount. Buyer should read and understand all the terms and conditions associated with the online payment before making one.

2. Double swiping of cards

One of the common issues the buyers face regarding the credit cards is the amount being charged twice. This happens when the card is swiped through the machine and the machine fails to generate a receipt, but the charge is already deducted from your account. The buyer has to swipe his card again to generate the slip and complete the transaction. This happens if the swiping machine is faulty. In this case, the buyer can contact their bank. The bank will forward your request to the merchant and the deducted amount will be reversed.

3. Cancellation of the transaction

The buyer has the right to cancel the transaction and demand the refund. When you cancel the order, the payment is returned to your account within 30 minutes. The customers can also ask for a refund if they are not satisfied with the product or service. When the customer raises the request for the chargeback, the bank returns their money to the customer instead of paying it to the merchant. Chargeback can be claimed within 180 days of making the payment.

What if the bank or the merchant is not returning the amount?

What if the bank or the merchant is not returning the amount?

If you have been charged wrong or the money from the cancellation has not returned to your account, it could be because of a technical mistake. You can approach the bank and ask them to rectify it. However, if the bank does not do the same or if the merchant is not willing to return your amount, then you can move to the consumer court. The Consumer Protection Act safeguards the interest of the buyers and makes sure that they are provided with a solution. The companies generally refund the amount, fearing the negative publicity that will take place if the customer is unsatisfied.

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