Sending payments with Veem is fast, easy, and transparent. Thanks to our accurate payment tracking capability, users can watch their money travel from bank account to recipient in over 96 countries.
Tracking accounts payable is invaluable to small business owners. This capability not only eases their mind, but the stress of the receiver waiting to be paid. This resource will give payment senders all the information they need to know where their money is at all times (and to get everyone else off their backs).
- Pending Acceptance
- In Progress (Debit)
- In Progress (Credit)
- On Hold
- Payment Failed
Payment Requests (aka Invoicing)
“Submitted” is the first status you’ll see whether you’re sending or receiving a payment through Veem. However, there’s a difference between sending and receiving payments with this status.
If you’ve sent a payment, the status will say “Submitted,” as pictured above. If you’re receiving a payment, it will say “Sent” instead. These statuses mean the same thing: that a payment has been sent from, or to, your Veem account.
The yellow text in the top left has to do with the counterparty you’re sending the payment to, or receiving it from. For first time payments (whether they’re sent or received), Veem sends an email to the recipient asking them to accept the payment, or the request to be paid.
The “Pending XX1 Review” text above simply means that the recipient of the email hasn’t opened it yet. Once they do, the status will update to the next entry on our list.
2. Pending Acceptance
The “Pending Acceptance” status means that the counterparty has opened the notification email, but has not clicked the “Accept” button that takes them to the Veem website.
If you see this status, you may want to call or email your recipient to let them know they have to accept the payment to speed up the process. Alternatively, connect them with our client services team (firstname.lastname@example.org) and we’ll walk them through the steps.
Once your recipient has opened the email and clicked “Accept,” the sender’s payment status will change to what you see above. From there, the recipient will be prompted enter their banking information.
By adding your receiver’s bank information, Veem can deposit funds into the exact account you choose, as quickly as possible. However, payment senders can choose to have the receiver enter their own account information as well.
If you’re receiving a payment as a result of a Payment Request, however, things look a little different.
The above image is an example of someone who has received a payment request through Veem, meaning that someone is requesting you to pay them. Of course, the status will say the payment has been “Accepted,” as the requester is asking to be paid. From here, the payment sender can view the payment request via the clickable link.
To the payment requester, in this case Hanna, the status looks similar to the first example. The only difference is that they can view their own payment request, as shown above.
4. In Progress (Debit)
Once the banking information is added, our payments team can begin transferring funds. For both senders and receivers, these statuses are the same, as they tell you exactly where your money is within Veem’s transfer process.
In Progress (Debit) is the status with 3 dots, and a blue circle. This is the “Debit” indicator, as the status itself doesn’t explicitly say “Debit” or “Credit.”
The “In Progress (Debit)” status simply means that Veem has debited the funds from the payment sender’s account.
In other words, the person sending the money will see it has left their account, but it will not have arrived in the receiver’s account yet. The funds first have to be processed by Veem’s payments team and multi-rail algorithm.
5. In Progress (Credit)
The “In Progress (Credit)” status replaces the 3 dots with a green checkmark. This indicates that Veem has finished processing the funds, and they are on their way to the intended receiver’s bank account.
Here’s the fun part. If you’re seeing this in your payment tracker, all is right in the world. The “Deposited” status means the payment you’ve sent or received has been deposited into the payment receiver’s bank account.
7. On Hold
Overall, the “On Hold” status indicator means that the funds are being manually reviewed by either our Payments Processing team or our Risk and Compliance team. In cases where payments are not held, our system will automatically verify and process payments. But, there are instances where our system cannot do so.
There are 5 different situations that may cause this status to appear. Here’s what they all mean.
The above status is related to our Payments Processing team. This status may appear if a sender attempts to process a high volume payment. Generally, payments over USD$10,000 require a proof of balance from the sender to confirm that the funds are available. This is standard procedure, and does not correspond to specific geographies or industries.
Payments sent through Veem may also be reviewed by our Risk and Compliance team. This is to ensure that we, and our users, are complying with the legal standards and licensing requirements that are relevant to international and domestic payments processing.
The above status is a “hold” placed by our risk and compliance team. Depending on the amount of money being sent, our team is required to manually review the account and payment to confirm that both comply with our licensing requirements. As it says above, if our team needs any further information, they will contact you.
This status relates to required documentation. Depending on the payment, we may ask a sender to upload certain documents to prove identity, purpose of payment, or other information related to our licensing requirements. If one or more of these documents are not available, our compliance team is required to hold the payment. Once they are uploaded, the documents take one business day to review. The payment will be processed as normal following the review.
This hold is directly related to the amount sent on any given transaction. If the payment is more than USD$750,000, our compliance team is required to manually review and process the payment to ensure security, and to meet our licensing requirements.
Due to the amount being processed, our compliance team will generally reach out to the payment sender directly to confirm this information. This is not an indication of the risk level of any particular account, industry, or geography. It is simply a requirement that payment processors like Veem must legally comply with.
This status is a very common reason for holding a particular payment. If you’re seeing this status and have recently sent a payment through Veem, the wrong banking information has been input. This could occur on either the sender or receiver’s side of the payment, or both.
Generally, we will reach out to the party with the incorrect information as soon as we are made aware of the issue. However, the payment receiver will not see the text shown in the above example. So, it’s best if the payment sender reach out to their receiver to explain the situation.
8. Payment Failed
The “Payment Failed” status only applies to the payment sender . To ensure payments are sent in a timely manner, Veem credits receiving accounts before we receive the funds from the sender. This way, your recipient gets paid faster than if you had sent the funds through your bank.
So, if this status appears, Veem’s processing team couldn’t debit the funds from the sender’s account. The team will reach out to discuss options and potential reasons for the failure. But, once again, this does not affect the payment recipient.
The “Closed” payment status could appear for a few reasons. If a payment sender has chosen to cancel a payment, or has spoken to their account manager about canceling, this status will show up once the process has stopped. The sender should see their funds replaced within a determined time frame.
However, payments may also be closed as the result of a compliance investigation into said payment or account. If our teams determine that the payment does not comply with our licensing or legislative requirements, the “Closed” status will appear at the conclusion of the investigation.
This status only appears for payment initiators. This simply means that some payment information has been added, but nothing has been sent. The “In Draft” status is for senders to be able to leave the Veem website if they need to find more banking or payment information, and come back to their partly-completed draft without needing to start from scratch.
Payment Requests (aka Invoicing)
This text will appear beside the payment request in your Veem dashboard. This means that the payment sender has not yet accepted the request.
For the payment sender, this same status will look like this:
If you see this status on your invoice, it means that the payment sender has agreed to pay you through Veem. From here, you can track the payment. These statuses will appear as shown in the “Accepted” section above.
For the payment sender, this status confirms what you already know: you’ve accepted your vendor’s request to be paid.
3. Request Paid
There’s no visual marker for this status, just text. But, it’s pretty straight forward. “Request Paid” means that the request has been fulfilled.
Once the request has been paid, our team closes the request to avoid any confusion for either party.