Managing Expired Gift Cards - Policy and Procedure Guide
๐ Expired Gift Cards โ Overview
Definition:
Expired gift cards are those that have surpassed their designated validity period and can no longer be used as a form of payment. In a POS system, such cards are automatically flagged as invalid when presented at checkout.
Note:
Gift Cards in iVendNext can be issued through the Retail section.
๐ Key Considerations for Expired Gift Cards
Expiration Policies:
These are determined by individual businesses. While some retailers may opt for non-expiring cards, others may enforce validity limitsโcommonly one year from the date of issuance.
Legal Regulations:
Laws governing gift card expiry vary by jurisdiction. For instance, the U.S. Credit Card Act of 2009 mandates that gift cards must remain valid for at least five years post-issuance unless clearly stated otherwise.
Managing Expired Cards in POS:
Some POS systems support alternate handling strategies, including the setup of custom payment types to honor expired gift cards under specific conditions.
๐ Generating the Expired Gift Cards Report
To access the Expired Gift Cards Report in iVendNext, follow these steps:
Navigate to Home > Retail.
Within the Gift Cards section, select the Expired Gift Card shortcut.
On the newly opened screen, click Show Report to generate the report.
๐ Core Components of an Expired Gift Cards Report
The report typically includes the following fields:
๐ Business Significance
This report plays an essential role in financial reconciliation by highlighting unused balances across expired cards. Such insights are instrumental in revenue recognition, forecasting, and operational planning.
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