Due to industry regulations and the complexities of working with so many different financial institutions, bank account and balance information cannot be verified at the time of payment. Even though you may have received a payment confirmation email for your tenant’s eCheck payment, it can take up to five business days for your tenant’s bank to validate the information and provide a response. If your tenant’s bank verifies that the account is valid and there are funds to cover the payment, they will inform us that the payment has cleared.
However, there are a few reasons why the bank may reject a payment request. This may be because
- the bank cannot find an account based on the information provided at the time of payment,
- the funds are not available in the account, or
- the account is closed, frozen, or restricted from accepting automatic clearing house (ACH) withdrawals.
If that is the case, your tenant’s bank will inform RentPayment and the payment will be processed. At that time, you will receive a notification email regarding an eCheck reversal, which means the payment has not been processed. The tenant will need to submit a new payment. Please note: the eCheck payment will not be automatically reprocessed.