She said...
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On the receipt it will say how it was paid for. I assume it was a gift, so it was probably done with a credit card. If that is the case the only way to get the money back would be to have the money put back on the same card that was used to purchase it. If trade in credit was used the ammount will need to stay as store credit due to trade in promotions.
Check the receipt and see if it says how it was paid for. It should say somewhere along the bottom near the total.
Edit: As we talked, she said more...
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The only possibe way he could get cash back would be a bit tricky, and this method takes a bit of effort. This is also assuming they never fixed the system.
1. Cancel reservation and get money put as store credit. 2. Buy a used game with the store credit. 3. Exchange used game within 7 days to get anther used game worth the same amount. 4. Go to a different gamestop and return the game within 7 days and ask for cash back.
When I worked there if there was an exchange done like that the receipt would not say how the game was originally purchased so the only way for me to find out the type of payment would be to call the other store. I never did.
OR.... just go into the store and be a complete dick freaking out about how he lost the credit card and just wants his money back. Most store managers will bend on this.
I personally only gave cash back once, and that was because my DM was there and said to do it. Good luck to your friend, his money rests with the Devil.
HTH