A bank will return a payment if there is 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 you'll need to do...
Once your payment method has been updated, you must contact your Payor to request the payment to be re-submitted. Velo cannot send a payment without instruction from your Payor.