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...
An email is triggered notifying a Payee of the return processing and prompts them to make the necessary updates. Payees should login to the Payee Portal and update their Payment Method.
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.