Product Documentation
Product Documentation
Bank payments are processed by Kodaris’s payment partners ACH.com (in the U.S.) and EFT Canada (for Canadian payments). When banks process electronic payments, it can take a few days to complete, and obtaining payments from a customer may fail from time to time due to various reasons, such as insufficient funds or a customer having a debit block on their account.
Depending on the results of underwriting and risk assessment, the Kodaris payment processing partners may pre-fund customer payments into the company’s bank account before the funds are obtained from the customer. If a payment from the customer fails and the payment processor is unable to obtain funds from the customer’s bank account, then any pre-funded payments made to the company’s bank account will be returned to the payment processor.
Returned payments will be debited from the company’s bank account in a separate transaction. When failed payments occur and are debited from the company’s bank account, customers normally follow the company’s procedures for customer check payments that are returned for insufficient funds.
When customer payments fail, company procedures will typically include having the customer make payment using another payment method.
Employees in the company’s accounting or accounts receivable department should opt-in to receive notifications from Kodaris when customer payments fail. Employees can opt-in to receive notifications of returned ACH/EFT Payment by selecting the notification setting shown below:
Failed customer payments are presented in the Accounts Receivable section for easy identification. In cases of failed payment, the Transaction Type is reported as “Return” and the Status is reported as “ACH Return”:
