Why Was My Gift Card Purchase Declined and What Happens to the Reserved Funds?
When a gift card purchase is declined, it can be concerning and confusing. This article explains the common reasons behind declined transactions and provides clarity on what happens to the reserved funds.
Common Reasons for Declined Transactions
A gift card purchase might be declined due to the following reasons:
Bank Security Measures: Your bank may block the transaction as part of their security protocols.
Insufficient Funds: Ensure that your account has sufficient balance to complete the purchase.
Card Verification Issues: Errors during the card verification process can result in the transaction being declined.
Temporary Technical Issues: These may occur with either the payment platform or your bank's system.
Incorrect Card Details: Entering incorrect expiry dates, CVV codes, or card numbers can cause a transaction to fail.
Security Checks: Your bank or payment gateway might flag the transaction for fraud prevention or other security protocols.- Maintenance or Service Interruptions: Credit and debit card payments may be temporarily disabled due to maintenance on the payment platform.
Payment Method-Specific Limitations: For prepaid gift cards, certain card networks like Visa or Mastercard may occasionally restrict transactions, either due to ongoing maintenance or changes in supported payment methods.
What Happens to Reserved Funds?
If your transaction is declined, the payment is not captured by CoinGate Gift Cards. Instead, the funds are reserved by your bank. Here's what happens next: The release of these reserved funds is managed entirely by your bank, not CoinGate Gift Cards.
The reserved funds are automatically released back into your account.
You might not see a separate entry for "refund" in your transaction history. Instead, the reserved amount simply becomes available again.
The timeframe for the funds to become available may vary. Typically, it can take up to 7 business days.
Tips for Resolving Declined Transactions
To successfully complete your gift card purchase, especially if the transaction is reverted or fails, follow these steps:
Double-check Card Details: Ensure that all entered card details (number, CVV, expiration date) are correct.
Verify Online Transaction Permissions: Make sure your card is authorized for online payments.
Contact Your Bank: If the issue persists, check with your bank to see if they are blocking the transaction.
Use a Different Payment Method: If all else fails, consider another payment method.5. Wait Before Retrying: Allow a few minutes before retrying the transaction to account for possible system or network delays.6. Wait for Automatic Release: Before taking further actions, wait up to 7 business days for your bank to release the reserved funds.7. Explore Alternative Payment Methods: If your transaction fails due to payment restrictions, consider using options like cryptocurrency, digital wallets (e.g., Apple Pay or Google Pay), or direct bank transfers.
Check for Platform Notifications: Look for any updates or alerts regarding maintenance or service interruptions that may affect payment options.
Following these steps should help you resolve the issue and complete your purchase.
Feel free to reach out to our support team for further assistance if needed.For persistent issues, CoinGate support can help you identify specific causes and offer tailored assistance to resolve your purchase problems. If the reserved funds are not released within 7 business days, contact your bank or payment provider for further assistance.