In the event that you encounter a delay with your Veem payment, rest assured that we are here to assist you in troubleshooting the issue and ensuring that your funds are delivered to you as quickly as possible.
Simply follow these steps to identify and resolve the problem.
Step 1: Check the Delivery Date and Common Reasons for Payment Delays
Always refer to the delivery date on the Veem tracker, not the estimated time. Keep in mind that estimated times are not guaranteed. If the payment is marked as completed or deposited to your bank but hasn't arrived, it may take up to 1 business day for some banks to credit the funds to your account. Wait for this period to pass before taking further action.
Common Reasons for Payment Delays:
- Additional Information is required from the payer/payee: If the status shown on the payment tracker indicates that additional information is required, please contact our support team. We will provide you with more details on what is needed and guide you on how to resolve the issue at hand.
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Delayed Payments: if you received a payment completed email and the funds are not deposited within 24 hours of the email received time. Then check your bank information. Incorrect beneficiary details can lead to payment not being deposited. Be vigilant when providing beneficiary information. Ensure that the following details are accurate:
- Bank Name
- Beneficiary Name (Name on the bank account, exactly as seen on the bank statement)
- Swift Code (of the beneficiary bank, not the intermediary bank)
- Currency (must match the bank account currency, unless it is a multi-currency account, but those are rare)
- Local Banking Requirements (this varies from country to country)
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Regulatory Requirement Payment Delay: Certain payments may be delayed due to necessary documents like form R, form C, or an invoice. Ensure you've fulfilled any regulatory requirements for your specific transaction.
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Intermediary Delay: Delays can also occur when an intermediary bank is involved in the payment process. Although Veem strives to facilitate fast transfers, it's important to note that certain intermediary banks may have their own review and processing timelines, which could potentially affect the deposit date of the payment.
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Requests for additional information: from our banking partner or intermediary may cause delays. Respond promptly to any requests for information to ensure that this process is not delayed.
Step 2: Verify Banking Information
Ensure that your banking information is accurate to avoid payment delays. To update or check your banking details, follow these steps:
- Go to "Settings" on your Veem dashboard.
- Select "Get Paid" from the menu options.
- Choose "Way to Get Paid."
- Click on the edit/pencil icon next to your current banking information.
- Check all the bank details including the beneficiary's name and make sure it matches your details at the bank.
- Update your details as necessary and save the changes.
For more detailed instructions, you can also visit this link: How to Update Banking Information.
If the bank details provided by or for the payee are incorrect after the process of transferring funds to the receiving account has been initiated, please do not hesitate to reach out to our dedicated support team. They will be more than happy to provide you with further assistance and guidance.
Specific Requirements for Some Countries:
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Malaysia: Ensure you provide the correct sort code for setting up the bank; this information might not always be known to the client.
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Brazil: For individual beneficiaries, we require CPF, and for businesses, CNPJ and CPF are needed. Click here to learn how to update the CPF or CNPJ.
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Pakistan: Beneficiaries may be contacted by the correspondent bank to complete a document (e.g., Form R) for the funds' release.
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Bangladesh: Use Form C to declare inward remittance from abroad. For remittances exceeding US$10,000 or equivalent, reporting on Form C is mandatory.
Step 3: Confirmations of Deposits/Swift Message
If your banking details are in fact correct, and the payment is still not delivered to you; we can also provide you with confirmation of deposits or swift messages to present to your bank in order for them to reconcile/find their payment and clear it into your bank account. You can request this by contacting our support team.
Following these steps and considering the specific requirements for certain countries should help resolve any payment delays you may encounter. If you need further assistance, don't hesitate to contact our support team. At Veem, we're committed to ensuring your payments are secure, reliable, and delivered on time.
Need more help? You can chat or call our Customer Success team here.