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...
An email is triggered notifying you of the return processing and prompts you to make the necessary updates. If you haven't done so already, login to the Payee Portal to update your Payment Method.
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.