In almost all cases, payments returned to Velo by the bank are due to issues with the account number provided in the Payment Method.
When a payment is returned, the following things happen behind the scenes:
- Velo receives a notice from our bank partner
- Funds are returned to your Payor’s balance
- Your Payment Method is put into a non-payable state
- Payment status is updated to Returned
- An email is triggered notifying you of the return and prompts you to edit your Payment Method
After your Payment Method has been updated, your Payor will be able to instruct a new payment to you. It is recommended you contact your Payor directly when this occurs to ensure your payment is restricted.