This request reverses an existing swipe on a line of credit account.
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A swipe is a type of transaction made on a line of credit account. Logging a swipe on an account draws funds, which decreases the available credit and increases the total balance. However, some swipes can be reversed, voiding the transaction and its potential affects on the account. Note the following when reversing a swipe:
Reversing a swipe is permanent. Swipe reversals cannot be undone. Please proceed with caution when reversing swipes.
Only pending swipes that have occurred during the current billing cycle can be reversed. A swipe must fit the following criteria to be reversed:
- The swipe must be in a pending status.
- The swipe must have occurred within the current billing cycle.
Once the billing cycle has closed, all swipes that occurred within that cycle are no longer candidates for reversals. If a swipe error has occurred and the billing cycle has closed, a dispute can be opened. Additionally, any swipe can be reversed if the line of credit account is deactivated—regardless of in which billing cycle it occurred.
Keep in mind: Pending swipe transactions affect the account's available credit but do not affect the total balance. Thus, reversing a pending transaction only has implications on how many funds the borrower can continue to draw upon.
A reversed swipe will still be included in the account transaction history and applicable billing statement. The status of the swipe will be set as "lineOfCredit.transactionStatus.reversed".
Reversing a swipe using via this method does not reverse the transaction within Secure Payments. LoanPro does not communicate to Secure Payments in this scenario. This request is instead intended only to log that a reversal has occurred. To reverse or void a swipe within Secure Payments, view Create a swipe event ↗
For an example of how swipes work within the UI, take a look at our Line of Credit – Log a Swipe article.
Database
For information regarding line of credit database tables, see the following articles: