A transaction is conducted to fix an error after a sale. This is known as?

The term that accurately describes a transaction conducted to fix an error after a sale is a correction transaction. In the context of processing payments and transactions, a correction transaction specifically refers to a subsequent action taken to amend or rectify a previously completed transaction that contained inaccuracies or mistakes. This might involve correcting amounts charged, adjusting quantities, or rectifying data entry errors.

Understanding the terminology in the payment processing landscape is vital, as it helps differentiate between various types of transactions. While adjustment transactions might also involve changing aspects of a transaction, they typically pertain to more standard modifications such as discounts or price changes rather than correcting a mistake. Approval transactions generally relate to the process of ensuring that a transaction can proceed, while reversal transactions focus on canceling a transaction entirely, rather than fixing an error associated with it. Hence, the most precise term for fixing an error post-sale is a correction transaction.