ePayments can fail, just like checks can bounce, and if that happens you are charged a return fee and need to replace the payment.
So, you received a notice that your ePayment failed. Not good, now what?
First, make sure it was YOUR ePayment that failed. Everyone on the lease gets a copy of the notification because you are all responsible for all charges and payments. So identify whose payment went haywire. ePayments are credited immediately, but they take 3-5 days to fully process.
Typically epayments fail for two reasons: NSF and Bad Account
- NSF/Insufficient Funds. Just like a bounced check, the epayment will bounce if you do not have enough money in the account. Calling your bank to see what happened on their end is the first step.
- Bad Account. This is a setup issue. Usually it means there is a typo in your routing number or bank account number, or you switched the two. Double checking the numbers is the first step here. Sending us a voided check will allow us to do this for you.
In both cases, if you happen to have more than one epayment account, making sure you actually selected the right one is a good step. This is documented in the transaction, and we can access it in the audit trail–even if you change the numbers or the whole account on your account after you initiated the failed transaction.
If you can’t find the reason for the failure, do NOT just reprocess it as it could fail again and lead to more and more returned payments.
In any event, we are happy to help you try to sort it out.
What Happens Next
So, that happened…. now what?
Returned Payment Charge
You will be charged a Returned Payment, just as if you bounced a check. This charge is specifically listed in your lease. When your payment fails, we get charged by our bank, and by our third party processor, AND we have the expense of following up with you. This Returned Payment charge recoups those expenses.
Retroactive Delinquent Charges.
Once failed, if the failed payment causes the account to be in arrears, then the system automatically applies late fees back to the date the payment should have been made, and your account continues to accrue these until paid.