Rejecting a Transaction
At times, it becomes necessary to reject a transaction due to its business consequences, customer expectations or other reasons. Rejecting a transaction can be tricky, since it must be done in a professional way. To ensure that the right message is sent out and to maintain a good relationship with the customer, it is important to assess the situation thoroughly, take time to respond to customer’s concerns and remain true to the values of the entity.
When you have to reject a transaction, the message sent has to be communicated firmly, but with courtesy. A simple “No,” without any explanation, can appear callous and unprofessional. Therefore, it is important to explain clearly why the transaction is being rejected. The explanation can be related to a changing economic climate, a need to reassess the risk factors or regulatory restraints.
The tone of your message should be polite and firm. It is often a good idea to end with a suggestion for a way forward, even though it is not the solution to their original proposal. This shows willingness to negotiate and take care of the customer’s needs. It also helps establish a harmonious relationship with the customer.
In some cases, it may be possible to offer an alternate solution to the customer. It is important to discuss these alternatives with the customer, indicating their possibilities and state the benefits that both parties may draw from them. For example, if a customer asks for a loan and the organization is unable to offer it, it may be possible to suggest a lower amount or to offer a deferred payment option.
However, not all transactions can be rejected. Those that can be accepted should be accepted without too much delay, since a delay can be seen as an unfavourable response. Therefore, it is important to keep a close track on any accepted transactions and have timely communication with the customer. This will also help build a good relationship with the customer.
Overall, it is important to be patient and prudent when rejecting a transaction. The customer should be treated with respect and a suitable explanation and alternate solutions should be offered. Not only will this help maintain a good relationship with the customers, but it will also ensure that the organization does not adversely impact its reputation.
