Some Reasons For Failed Cash Transactions

[Cryptomultiplier]

Failed electronic transactions are a norm across most channels, including internet banking, automated teller machines (ATMs) and point of sale (POS) terminals. It gets worse during holidays, which usually come with transaction spikes. A recent BusinessDay report narrates Nigerians’ disappointing experiences with electronic payment channels (e-channels) during the last Christmas holiday.
Failed transactions happen when there’s a break or delay in communication anywhere along the flow.

The communication failure can come from:

• A failure from the issuing bank’s infrastructure hindering its ability to return a message to the switch network within the allotted time.

• The switch experiencing a downtime stopping it from relaying messages.

• A network failure at the acquiring bank such that it couldn’t receive a status message.

• Not having enough cash minimum during withdrawal by the customer or by the pay point machines.

What other reasons do you know is responsible for failed cash transactions?
How did you tackle a worst case scenario of having a failed transaction?

https://www.mariblock.com/exclusive-how-blockchain-is-processing-1-million-worth-of-atm-transactions-daily-in-nigeria/

[slapper]

Internet transactions gone wrong are frustrating. Payments and transactions might be tough to diagnose. Payments may fail for reasons other than communication. Incorrect card numbers, expiration dates, bank information, payment or shipping addresses. Call the bank or company if a transaction fails. Update information to complete the purchase. If the transaction fails, contact the bank or business's technical support. They can help you investigate. Keep calm and try again when transactions fail.

[coupable]

Since support can be contacted at the time of any failure in transfers, it is not possible to talk about failed transfers without there being an obvious reason. Technical errors are inevitable, and it is not easy to supervise many transfers in a short time, which is also difficult to supervise customer questions in the support department.

[Adbitco]

This is mostly common on the Nigerian trying to change their Naira Notes, since from the pressure of changing notes we have been
Witnessing a numerous network failure across the country whereby finding it difficult for Internet banking, POS and ATM transactions. I think this was a deliberate issues to slow down the rate at which people transact per day. Today was a h**l for me trying to get funds via an ATM point.

[jossiel]

I hate these banks when we're approaching holidays, it's known that people will flock to the ATMs to get some cash. It's a problem that keeps on repeating that they'll never try to do some backups to help depositors avoid those times that the ATMs are empty.

Lines in the branches are too crowded and with the covid-19 still around, they don't resolve it but stays with the traditional setup that used to do. It just keeps on happening again and again and I have to deal with all of it.

I know that if someone wants to fall in line and avoid it, be early and the same goes with the ATMs but as a huge corporation, this is where the business reprocessing must be done.

[Oluwa-btc]

This is mostly common on the Nigerian trying to change their Naira Notes, since from the pressure of changing notes we have been
Witnessing a numerous network failure across the country whereby finding it difficult for Internet banking, POS and ATM transactions. I think this was a deliberate issues to slow down the rate at which people transact per day. Today was a h**l for me trying to get funds via an ATM point.

It's been a tough last week and a new week likewise, shit ain't getting funny anymore. The CBN Governor is incompetent in that but the president has failed to remove him from that position since they're all in these shits together, hoarding money just for the rotation of the funds for a particular set of people. ( This has got to be the worst government till date ) They've failed to provide solutions for eight good year's. I don't think they can fix the currency issues within tue next seven days promised.

On of them bank's if you didn't has finally fone behind bars and shutdown due to naira scarcity and poor network. I feel so sad because this seem like the recent FTX shit, people can't really have access to them funds no more.

They also get things wrong by chasing banker's, the fight is against bad leaders and the current government who are just after them own selfish needs. Y'all need to pray for Nigeria likewise. ( Crazier shit will go down and more banks will shutdown ) I hope people don't get frustrated too much and come out to vote in good government.

[_act_]

Technical errors are inevitable, and it is not easy to supervise many transfers in a short time, which is also difficult to supervise customer questions in the support department.

You are not new to bitcoin and cryptocurrencies which prove that technical error can be eliminated, but no elimination as a result of how online fiat payment is and causing problem of errors and failed transactions, although I have noticed some years ago that you do not have to contact customer care for most error like deduction of money after a failed transaction because the thing will automatically later correct itself and you will be refunded. But blockchain proves better as it eliminate errors of failed transactions.

[Strongkored]

The banking system uses software to run the electronic transaction system, so maybe it's possible that this could have happened because their software had a problem, resulting in a failure in the transaction, but it's impossible for the bank to notify about that because it will raise concerns for their customers that the bank doesn't have enough ability to handle the system to running smoothly.

[maydna]

What usually happens is that there is disruption between the bank and the server or bank to bank, and this often happens when the weather conditions don't support it. But nowadays, there are fewer interruptions due to the weather and, more often, a delay or lack of the signal or something like that between the bank and the server temporarily.

What disappointed me the most was when I wanted to withdraw cash from the machine, but it turned out that the ATM was short of money and refused our transaction. This also often happens to some ATM machines. And if that happens to me, I will try to find another ATM machine and check my balance. If the balance decreases but I don't receive the money or the balance remains deducted during the interruption, I will complain to the bank.

[Rruchi man]

What other reasons do you know is responsible for failed cash transactions?

Majorly failed transaction are a result of Network issues from service providers, or problems from the bank servers that maybe slow due to traffic on it, or other associated issues.

How did you tackle a worst case scenario of having a failed transaction?

Worst place to have a failed transaction is at a POS terminal or ATM machine at the point of emergency or need when one is stranded or very much in need of cash. I have been in such a situation and it was not a funny one. I had to solicit for assistance from some good Samaritans who understood my situation and offered me help in form of cash to assist me in getting home. Not everyone is as lucky as I was.

For a failed transaction I had in a store a while ago, I had to return the items and leave empty handed, how embarrassing!

[Adbitco]

This is mostly common on the Nigerian trying to change their Naira Notes, since from the pressure of changing notes we have been
Witnessing a numerous network failure across the country whereby finding it difficult for Internet banking, POS and ATM transactions. I think this was a deliberate issues to slow down the rate at which people transact per day. Today was a h**l for me trying to get funds via an ATM point.

It's been a tough last week and a new week likewise, shit ain't getting funny anymore. The CBN Governor is incompetent in that but the president has failed to remove him from that position since they're all in these shits together, hoarding money just for the rotation of the funds for a particular set of people. ( This has got to be the worst government till date ) They've failed to provide solutions for eight good year's. I don't think they can fix the currency issues within tue next seven days promised.

On of them bank's if you didn't has finally fone behind bars and shutdown due to naira scarcity and poor network. I feel so sad because this seem like the recent FTX shit, people can't really have access to them funds no more.

They also get things wrong by chasing banker's, the fight is against bad leaders and the current government who are just after them own selfish needs. Y'all need to pray for Nigeria likewise. ( Crazier shit will go down and more banks will shutdown ) I hope people don't get frustrated too much and come out to vote in good government.

At this point i don't really encourage anyone to leave their funds in banks anymore, it's so unbearable and too hard for us to cope with the situation at hand, just imagine tonight i tried gat some NGN to pay some bills around and i was forced to pay 10 percent of what i am withdrawing from Point Of Sales machine (POS). It's better we converts our funds to Bitcoin till the country settles the whole shit of Naira cashless policies issues.

[BitDane]

This is mostly common on the Nigerian trying to change their Naira Notes, since from the pressure of changing notes we have been
Witnessing a numerous network failure across the country whereby finding it difficult for Internet banking, POS and ATM transactions. I think this was a deliberate issues to slow down the rate at which people transact per day. Today was a h**l for me trying to get funds via an ATM point.

It's been a tough last week and a new week likewise, shit ain't getting funny anymore. The CBN Governor is incompetent in that but the president has failed to remove him from that position since they're all in these shits together, hoarding money just for the rotation of the funds for a particular set of people. ( This has got to be the worst government till date ) They've failed to provide solutions for eight good year's. I don't think they can fix the currency issues within tue next seven days promised.

On of them bank's if you didn't has finally fone behind bars and shutdown due to naira scarcity and poor network. I feel so sad because this seem like the recent FTX shit, people can't really have access to them funds no more.

They also get things wrong by chasing banker's, the fight is against bad leaders and the current government who are just after them own selfish needs. Y'all need to pray for Nigeria likewise. ( Crazier shit will go down and more banks will shutdown ) I hope people don't get frustrated too much and come out to vote in good government.

At this point i don't really encourage anyone to leave their funds in banks anymore, it's so unbearable and too hard for us to cope with the situation at hand, just imagine tonight i tried gat some NGN to pay some bills around and i was forced to pay 10 percent of what i am withdrawing from Point Of Sales machine (POS). It's better we converts our funds to Bitcoin till the country settles the whole shit of Naira cashless policies issues.

Until Bitcoin can be use to buy our daily needs, I thnk we need to at least put a minimal savings in banks.  Keeping our money in Bitcoin is good but the moment we needed money, we cannot use our Bitcoin directly and still need to convert it to cash.

Banking system in my country is at least good, in my experience so there is no need for me to take extra precaution and just do things I normaly do, save some of my income in Bitcoin and other in cash through bank for the reason that not all merchant accept Bitcoin and need cash to pay for bills and other payments. 

[Velemir Sava]

I think the main reasons causing failed cash transaction are that the interbank system is unreliable or inefficient and the ATM's currency detection is not sensitive enough to detect the right currency in there. To solve these problems, I think using a mobile wallet is an effective solution, which allows you to top up when you want, solves the problem of not having enough cash, and helps to prevent failed transactions.