Paying with debit and credit cards is easy and hassle-free, isn’t it? You just swipe the card and authorize the payment. Bingo!
The amount will be transferred from your account to the merchant’s. However, what happens in the background is a little more complex than what we see and know.
That’s why some payments are marked as pending transactions. Of course, it’s not a big deal. But sometimes, you’ll notice that the pending transaction is no longer visible. This might cause alarm in some of you. Be at ease, there’s no need to worry if the pending transaction disappeared. It is a common occurrence and happens due to various reasons.
Let’s read on to know why pending transactions disappear and what you should do in such instances.
Why Do Pending Transactions Disappear?
Pending transactions disappear due to different reasons. The most likely reason is that the transaction might have been approved and is no longer pending. Another possible cause is that the merchant canceled the transaction.
This could be by mistake or intentional. Talk to the merchant after checking your account balance or statement. It should clear things up.
Is There a Cause of Worry if Pending Transaction Disappears?
In most instances, there is absolutely no reason to panic if the pending transaction disappears. While it is true that most online transactions seem to be processed in real time, the actual backend work takes longer.
A series of steps should be performed to complete the transaction.
The money debited from your account is not credited instantly to the merchant’s account.
It involves a few parties, like your bank, the network provider, the payment gateway, your merchant’s bank, and other associates. The entire process takes about 2 to 7 days to complete.
If a pending transaction disappears, it is not a sign of trouble with the card or the merchant, though you have to confirm that the transaction has been declined, approved, or canceled. It is more common than you think.
What is a Pending Transaction?
The term pending transaction refers to a transaction that has not yet been completed. It can be successful or fail, but the transaction is midway through right now.
A transaction is considered complete when the amount is debited from your account and credited to the merchant’s account. It can be instant or take a day.
The transaction is marked pending when the bank is still processing it. Your account will be debited and the funds held with the bank while the transaction is pending.
Your available balance will show the debit, but the account balance will remain the same until the transaction is successfully completed.
A transaction is not counted against your balance until it is successfully completed. However, the amount can be debited from your account but not credited to the merchant’s account.
The pending transaction might fail yet show a debit entry in your account.
The bank will automatically reverse the transaction in the next few business days if it’s a technical error. Otherwise, you will have to check for a fraudulent transaction and take appropriate action.
The Main Reasons for Disappeared Pending Transactions
Knowing why a pending transaction disappeared can give a lot of relief. The following are some possible reasons:
Nothing to worry about here, is there? The transaction is no longer pending because it is complete. The money debited from your account is credited to the merchant’s account.
Error from Merchant’s Side
Maybe the merchant mistakenly deleted the pending transaction. In order to request repayment, the merchant will contact you. Confirm with the bank/ credit card company before making another payment.
Merchant Didn’t Claim the Money
Though the merchant doesn’t have to manually claim the money, there could be an issue with the network or server.
The transactions occur online, and lack of proper connectivity can lead to a failed transaction. The bank will refund the amount to your account.
Transaction Unsuccessful or Declined
The bank might keep your transaction pending to verify if there are sufficient funds in your account. The pending transaction will disappear if it has been declined/ rejected. This can happen due to
– Lack of funds
– Network error
– Canceled/ deleted by the merchant
What to Do When a Pending Transaction Disappears?
Generally, you don’t have to do anything when a pending transaction disappears. If you used your debit card, check the balance amount.
You need to take action only when the transaction amount has been debited but the transaction shows it is successful.
However, if you are too worried about what happened to the pending transaction, here’s what you can do:
Contact the Merchant
Getting in touch with the merchant should be the first step. Call, email, or message them about the transaction and ask for the latest update. Ask the merchant to resubmit the transaction in case of a failed transaction. If they cannot do it from their side, contact the bank/ credit card company.
Let the Merchant Respond
The merchant might take a working day or two to respond. Many businesses are usually quick because they want to cross-check that their system is secure.
If there is no response after a couple of days, let the merchant know what you plan to do next.
Contact the Bank
Even when you contact the bank, ask for information first instead of disputing the charge. It could be a technical issue, in which case, the bank will sort it out as soon as possible.
Dispute the charge only when you are sure that there has been a fraudulent transaction.
Investigate for Fraud
Go through your bank/ credit card statement (you can find it online by logging into your account) and check for suspicious activity. Did you see any unfamiliar transactions? Is there a double charge? If yes, contact the bank immediately and flag it as a fraudulent transaction.
How Long will it Take for a Pending Transaction to be Completed?
A pending transaction takes 3 to 7 business days to complete. Usually, a transaction is completed in a day or two. Some take longer, and that’s okay too. You don’t have to panic if a transaction has been pending for three to four days.
Do Pending Transactions Disappear?
Absolutely, yes. Pending transactions disappear when they are resolved one way or another. It is not different or strange in any way.
You should worry only when the transaction fails, even when the amount is debited from your account. Contact the bank for more information and initiate the refund process.
A pending transaction can also disappear if the merchant entered incorrect information, like a wrong account number/ credit card number. Always talk to the merchant first in case of credit card transactions.
The merchant might duplicate a charge at times, even though the amount will be debited only once.
Such transactions can appear twice in the pending list but show up as only one approved/ successful transaction. There’s nothing amiss because that’s how it should be.
Pending transactions disappear, and that’s not a cause of concern in most cases.
You don’t have to do anything except check your account statement to determine if the transaction was successful and if the amount has been debited. Contact the merchant or the bank only if you find any discrepancies.
You cannot cancel a pending transaction as it is being processed by your bank and the merchant’s bank. If you wish to take action, you must wait until the transaction has been completed.
We hope now you know why Pending Transaction Disappeared and what to do. We’ll be back with another topic soon.