This article will walk you through the necessary steps to troubleshoot, avoid and fix common payment problems. By following these steps, you can ensure a smooth and successful payment experience with Veem.
I. Confirming Bank Account Details: Before diving into troubleshooting, it's crucial to double-check your bank account details. Verifying the accuracy of your bank account information ensures that payments are directed to the intended recipient's account. Here are some essential aspects to verify:
- Beneficiary name
- Bank Account Number
- Bank account type: Checking or Savings
- Name of the Bank
- Bank Account Currency
II. Using Plaid (For US and CA): Veem offers the use of Plaid, a secure financial technology platform, to verify and link your bank account seamlessly. Plaid simplifies the process of validating your account details, reducing the likelihood of errors or payment failures. Click here to learn more about this.
III. Compliance and Regulatory Requirements: Be aware of any specific compliance or regulatory requirements which may include providing supporting documents associated with the bank account and the payment to aid with the delivery process. Different countries and financial institutions have different rules and regulations that need to be followed. To confirm this, please reach out to the bank.
IV. Purpose of payment (POP): Some countries require a specific purpose of payment and its description included in the payment details and in some cases, supporting documents such as invoices to process payments to the receiver. We recommend reaching out to Veem support for personalized assistance.
V. Waiting for One More Business Day: Sometimes, payment processing delays can be temporary due to the receiving bank review and delivery process. It is advisable to wait for one more business day to see if the payment is successfully processed before taking further action.
VI. Additional Steps for Specific Countries: In some cases, specific countries require additional steps to resolve payment issues. Here are some country-specific troubleshooting steps:
A. Armenia: When recipients add their bank account details on Veem (located in Armenia), it is essential to note that the bank code (the first 3 digits of the bank account number) is already added by the system on our end. Thus, please only add them again when providing your banking details, to avoid providing the wrong bank account number. You can also contact our support team to confirm this.
B. Colombia: Most receiving banks in Colombia, require the receiver to reach out to claim the payment. This may involve a series of processes to claim payments to ensure that the funds are appropriately allocated to the intended recipient. Please contact your respective bank for more details about this.
C. Pakistan and Bangladesh: To process payments to Pakistan and Bangladesh, the receiver may need to fill out additional information or submit forms. Please contact your respective bank for more details.
D. Brazil (BR): It is crucial to check and confirm that the bank details, including the Agencia and bank code, are correct. Other things to review include the invoice and account details. These helpful articles, How to Update CNPJ/CPF in Brazil and Brazil Payments Best Practices, provide detailed instructions on avoiding these errors.
E. Philippines (PH): These are some of the payment issues scenarios encountered for payments processed to the Philippines:
- BPI/BP Family Bank: Confirm the bank name as seen on your bank statement.
- G-Cash Phone Number: Check to make sure that the phone number has been added correctly.
- Security Bank/Payroll Account: We have had multiple customers using Security Bank and were advised that their account was blocked because it was a payroll account. This means they are required to have a minimum daily balance on the account and will block payments if this is not there. To confirm this, please contact your bank.
- Wrong/Incorrect Beneficiary Name: Using an Account Not Under Your Name. As the payment is being processed using the details listed on your account, avoid using someone else's bank account. Always use your bank account, or debit/credit card on Veem to avoid errors and delays in your payment.
F. Mexico (MX): Some bank accounts in Mexico have weekly/bi-weekly/monthly limits on the amount they can receive. To ensure successful transactions, it's essential to contact your bank to check and manage your account limits.
Need more help? You can chat or call our Customer Success team here.