Expired Gift Cards
Introduction
Expired Gift Cards refer to gift cards that have reached their expiration date and are no longer valid for use as a form of payment. When a gift card expires, it means that the cardholder can no longer redeem its value for purchases. In a POS expired gift cards would typically be flagged as invalid when a customer attempts to use them for payment.
2. Key points about expired gift cards
Some of the key points about expired gift cards are listed below:
Expiration Policies:
These are set by the business and can vary. Some businesses may choose not to have expiration dates, while others might set them for a certain period, such as one year from the date of issuance.
Legal Regulations:
In many regions, there are laws governing gift card expiration dates. For example, the Credit Card Act of 2009 in the United States prohibits gift cards from expiring within five years of purchase unless the terms are clearly stated.
Handling Expired Cards:
Some POS allow businesses to honor expired gift cards under certain conditions, such as creating a special payment type for expired cards.
3. Expired Gift Cards Report
The steps to generate the Expired Gift Card Report are listed below:
Navigate to: Home > Retail. Then under the Gift Cards section click on the Expired Gift Card shortcut. This will open the Expired Gift Cards screen.
Click on the Show Report button to generate the Expired Gift Card Report.
4. Key elements of an Expired Gift Cards Report
Some of the key elements typically included in an Expired Gift Cards Report are listed below:
Gift Card Numbers:
Unique identifiers for each expired gift card.
Expiration Dates:
The dates on which the gift cards expired.
Original Values:
The initial amounts loaded onto the gift cards.
Remaining Balances:
Any unused balances left on the expired gift cards.
Issuance Dates:
The dates when the gift cards were originally issued.
Customer Information:
Details about the customers who purchased or received the gift cards, if applicable.
This report is crucial for financial reconciliation and helps businesses understand the extent of unused gift card balances, which can impact revenue recognition and financial planning.