You scheduled an ACH payment with installments but received a notice that the delivery failed.
There are 2 ways you are notified:
1. By email:
2. In your Pay Inbox:
In the payment details of the failed payment, you’ll see the error message: “Your vendor’s bank details appear to be incorrect. Edit the details and resend by [date] —otherwise, the payment and the repayments for your installments will be canceled.”
Why did the payment fail?
Most likely, the vendor’s bank details were changed. It could be that your vendor moved to a different bank or closed the account.
TIP: Contact your vendor to confirm their bank details before recovering this payment.
Important notes:
1. You have 14 days from the date the vendor should have received the payment to recover the payment and keep the installment terms.
2. On day 15, the payment will be canceled altogether including the installment terms. You will get an email notification letting you know that the payment was canceled. To resend it, you’ll need to add the bill again and schedule a payment.
Here’s how to recover this payment:
1. In the email click View payment details OR sign in to Melio and click Pay in the left sidebar.
2. Your failed ACH payment will be at the top of your Inbox. It will have an error message in red: “Your vendor’s bank details appear to be incorrect. Edit the details and resend by [date]—otherwise, the payment and the repayments for your installments will be canceled.”
3. Click Edit bank details.
4. Update the vendor’s bank details. Click Save and continue.
5. In the Review and confirm page, make sure the details are correct. The updated details will be marked with a green label “Updated”.
NOTE: Details to check.
Pay special attention to the following details:
- First installment deducts on- Installment terms stay the same.
- VENDOR RECEIVES- Vendor’s bank details updated.
- Delivery ETA- The delivery date stays the same.
6. If you agree to the terms and conditions of this installments payment, check the box I’ve read and agree to the Credit Key Business Loan Agreement at the bottom of the summary.
7. Click Confirm and schedule payment to finish.
That’s it. Your payment will move to the Scheduled tab.