When a payment is returned to Velo by the bank, generally it is due to a name, routing number, or account number mismatch.
When a payment is returned, the following things happen behind the scenes:
- Velo receives a notice from our bank partner
- An email is triggered notifying you of the return and prompts you to edit your Payment Method
- Your Payment Method is put into a non-payable state
- Funds are returned to your Payor
- Payment status is updated to Returned
What you need to do...
An email is triggered notifying you of the return processing and prompts you to make the necessary updates. Payees should login to the Payee Portal and update their Payment Method.
Once the Payment Method has been updated, you should contact your Payor to request the payment is re-submitted. Velo cannot send a payment without instruction from Payors.
If you have any questions, please contact Velo Support.