How do you deal with reversed bank transactions?

[Heatman]

Have you ever been in the situation where after carrying out a business transaction with a customer who made payment through a bank transfer which you confirmed the payment. Fast forward in few hours time, you get a reverse transaction of the same money and the customer is already gone with your products.

How will you handle this kind of problem?

 

[Good-Person]

Have you ever been in the situation where after carrying out a business transaction with a customer who made payment through a bank transfer which you confirmed the payment. Fast forward in few hours time, you get a reverse transaction of the same money and the customer is already gone with your products.

How will you handle this kind of problem?

This has never happened to me. However, in case if the payment was reversed, then I may ask the reason for that. Many people utilise escrow services and this happens when they usually never receive the products in the first place. They may try to reverse the transactions.

 

[Grant]

Report it to your local bank as fraud, that would be my guess. Which is why I always tell people not to use stuff like PayPal, as if you did, that money would likely be gone for good and PayPal will then request that money be paid to them.

But it's a risk we take working online. You have to be certain you're working with respectful people. And that's also why you have to also create a record of the work you do for people as well, because if someone tries to say you didn't do the work, you can send proof of work to potentially fight the claim.

 

[Heatman]

This has never happened to me. However, in case if the payment was reversed, then I may ask the reason for that. Many people utilise escrow services and this happens when they usually never receive the products in the first place. They may try to reverse the transactions.

Any kind of business that makes use of escrow services as their payments system structure it is always going to be very difficult for any kind of payment be reversed because before any transaction is going to be initiated in the first place, the money have already been paid into the escrow account and it will be released when the job has been completed.

 

[Shortie]

I can't say that I have ever had this issue happen to me, any payments I have received to my bank have always gone through without being reversed.

I can imagine when it happens to someone though it must not only be stressful but also a huge issue as they will have just given products away essentially for free which they will then have to try and fund.

I myself when selling anything physical tend to keep any messages I receive that agree to the sale safe as screenshots in case messages get deleted so that if this does happen, I have a way to prove that it was agreed to.

 

[Heatman]

I can't say that I have ever had this issue happen to me, any payments I have received to my bank have always gone through without being reversed.

I can imagine when it happens to someone though it must not only be stressful but also a huge issue as they will have just given products away essentially for free which they will then have to try and fund.

I myself when selling anything physical tend to keep any messages I receive that agree to the sale safe as screenshots in case messages get deleted so that if this does happen, I have a way to prove that it was agreed to.

I do this very well when it comes to some of my online clients I work for. I know some people can't ever be trusted especially when it comes to working upfront for them before getting your payment. I'm talking about working as a staff and getting your pay at month's end. I've had some tried to lie and back out from paying up but my screenshot saved me.

 

[Shortie]

I do this very well when it comes to some of my online clients I work for. I know some people can't ever be trusted especially when it comes to working upfront for them before getting your payment. I'm talking about working as a staff and getting your pay at month's end. I've had some tried to lie and back out from paying up but my screenshot saved me.

This is always the best way to be I feel as then you cover yourself. A lot of people tend to order the work and do not expect you to take any kind of proof before completing the work and will instead once the work is complete, refuse to pay thinking that they will get away with it.

It soon ends up hitting them hard when you have the proof to back up your side and they haven't got anything to prove otherwise.

 

[Good-Person]

I do this very well when it comes to some of my online clients I work for. I know some people can't ever be trusted especially when it comes to working upfront for them before getting your payment. I'm talking about working as a staff and getting your pay at month's end. I've had some tried to lie and back out from paying up but my screenshot saved me.

Under such kind of circumstances it is always a really great idea to use Escrow services. You must never release the payment until or unless you receive the product. On the other side, you may also protect yourself as a seller as well. In case if the recipient has received the product, then you must contact the Escrow service so that you may receive the payments.

 

[Kane]

As far as I know, bank transactions cannot be reversed, at least in my home country. Once the payment is sent through the bank, the sender cannot reverse the transaction. The sender can dispute the transaction only when the receiver claims that the payment is not received.

 

[Heatman]

As far as I know, bank transactions cannot be reversed, at least in my home country. Once the payment is sent through the bank, the sender cannot reverse the transaction. The sender can dispute the transaction only when the receiver claims that the payment is not received.

It is basically the same thing in my country as well and the only way you can be able to have this payment reversed is by reporting to your bank that it is probably a wrong transaction. They will have to contact the bank where the money was sent to, so that everything is going to be finalized and the money returned to your account.

 

[Kane]

Unless you have a solid case, banks might not even entertain your transaction reversal application. You need to provide proof that the transaction was wrong or something associated with a fraud case. You might even have to bring some police report before you can submit your reversal case.

 

[Heatman]

Exactly! It is going to be a very stupid behaviour for someone to go to bank and start requesting for a payment to be reversed without having a very good case to back it up especially when it is something that is related to fraud. Also, it depends on if on how the fraud was carried out that the bank will be interested in listening to that kind of stories.

 

[Frank]

Exactly! It is going to be a very stupid behaviour for someone to go to bank and start requesting for a payment to be reversed without having a very good case to back it up especially when it is something that is related to fraud. Also, it depends on if on how the fraud was carried out that the bank will be interested in listening to that kind of stories.

If your request is backed by the law, then I do not see any big deal with such a request. If you have a court backing and you tell me the bank is not going to obey? They will definitely give you a listening ear on how you want the matter sorted out.

 

[Heatman]

If your request is backed by the law, then I do not see any big deal with such a request. If you have a court backing and you tell me the bank is not going to obey? They will definitely give you a listening ear on how you want the matter sorted out.

Everything depends on the nature of the transaction that you're talking about. There are some transaction that you are not going to have a very good reason to request a court injunction for the transaction to be reversed. When whatever reason you present have been evaluated and it's not something that can be approved, there is nothing you can be able to do about it.