In the process of using POS machines on a daily basis, many people will use the POS machines "reverse" and "return every other day" two functions, sometimes it is inevitable that some concepts will be vague, so let Xiaoteng explain for everyone:
Consumer revocation
Refers to canceling completed purchases for human reasons. The withdrawal of consumption must be a cancellation of the consumer transaction on the day of the POS. The operator should check the cardholder’s original transaction credentials. The consumer withdrawal amount approved by the issuing bank will be immediately reflected in the cardholder’s account. The amount of consumer withdrawal must be equal to the amount of original consumption. The consumer cancellation transaction requires the supervisor operator to enter the password. The consumer cancellation transaction must be performed on the original transaction POS.
Return every other day
The return transaction refers to the process of returning the consumer transaction money that has been deducted to the cardholder's original debited bank card account at the request of the authorized merchant, and is also a notice that the merchant agrees to debit the bank account within its own account balance. The return amount can be less than or equal to the original consumption amount. The return transaction requires the supervisor operator to enter the password. Return transactions can be performed on different POS terminals under the same merchant number.
the difference
Both of them refund the card-swapping funds to the cardholders. The cancellation must be on the same POS terminal, and the batch must be refunded before the batch (before the batch is settled) (full refund in a lump sum).
The returns can be at different terminals under the same merchant number (where one merchant has multiple POS terminals), a refund can be made every other day, and all or part of the consumer funds can be refunded (eg, the cardholder purchases two boxes of milk and consumes 100 Yuan, to get rid of a box of milk the next day, you can directly return 50 yuan to the cardholder through the POS machine "return every day" function.
Cancellations are usually made on time, and returning to the account every other day is usually 7-15 working days (depending on the bank, the arrival time is different).