Return pin, we don’t know it that well in the Netherlands yet, but we encounter it much more often internationally. Does a consumer bring something back to the store? Then it is possible via a reverse pin transaction to return digital money, instead of using cash for it.
Reverse pin transaction
The moment that you as a consumer pay for a certain purchase with your debit card, no cash is involved. Would you return the product? Then the payment often takes place in cash. Thanks to return pins this is no longer necessary, this makes it possible to transfer the money electronically again via the use of the bank card. It is sufficient to have a negative amount debited, as it were, to the value of the amount that you wish to return to the consumer. The customer can then sign a pin slip to indicate that the money has been returned.
Advantage of return pins
The big advantage of return pins is that consumers do not have to take large amounts of cash on the street and that you, as a retailer, do not have to keep this in mind. The return pin offers a solution for both the processing of returns and the repayment of a deposit after the rental of, for example, a trailer. Shops do not have to keep the high amounts in the cash register and the consumer can have the money deposited directly into a bank account, in order to have it immediately available.
Contact the bank
As a retailer, do you want to use return pins? Then you must contact the bank where you are a customer, as the banks determine individually whether it is possible to use this. Banks can determine for themselves whether there is sufficient interest in return pins, which means that you cannot take it everywhere. There is a good chance that return pins in the Netherlands will continue to grow in the coming period, now that it also appears to be internationally clear that this appears to be a successful method for paying out returns to customers.