A bank may return a payment for a many reasons. Most commonly, returns are a result of an issue with the account holder’s name, routing number, or account number.
When a payment is returned, the following actions are triggered:
- Velo receives a notice from our bank partner
- Funds are returned to the Payor Balance
- Payee's Payment Method is put into a non-payable state
- Payment status is updated to Returned
What Payees need to do...
Once the Payment Method has been updated, Payees should contact their Payor to request the payment is re-submitted. Velo cannot send a payment without instruction from Payors.