Any time a payment is returned through the ACH network, the reason for the return should be explained in the email received, in addition to the notice within your RentPost account. There are various reasons why a payment might get returned and what you should do will be somewhat dependent.
Firstly, if it was due to insufficient funds, you’ll want to make sure that your account has enough money in it to cover the payment, and submit a new payment. Keep in mind that any subsequent returned payment attempts could flag your bank account and/or cause disruptions with your rental.
Most other cases of returned payments are the result of incorrect routing and account number combinations, or bank accounts that aren’t setup to allow enough ACH payments. At any rate, you should contact your bank and confirm that you have the correct routing and account number, exactly. And, while you’re at it, you should confirm that your bank account is setup and okay to receive enough ACH payments. Keep in mind that some bank accounts have a limit on the number of ACH transactions that can be processed in a given month. If you exceed this limit, the payment will get returned, or you could be charged an additional fee. Your mileage may vary, check with your bank for details.
After you’ve confirmed all of this information, you may now go ahead and add a new payment profile within your account and submit a new payment.
Please sign in to leave a comment.