How are Payee payment banking details collected for ACH payments?
Payee banking details for ACH payments are collected when adding a new Payee the onboarding process. Payees can securely input their bank account and routing numbers directly into the CashCloud platform. If additional verification is required, payees may be prompted to authenticate their bank details through a secure link provided during onboarding. Alternatively, payees can update their banking information at any time through the Payee Portal.
What regions are different payment methods available in?
CashCloud supports various payment methods depending on the region:
ACH (Automated Clearing House): Available within the United States for domestic payments.
eChecks: Primarily available within the United States and certain regions in Canada.
International Wire Transfers: Available for global payments in multiple currencies. Specific regions may have restrictions based on the local banking regulations.
Checks: Physical checks can be mailed within the United States and Canada. Check disbursements may not be available in certain international regions due to postal limitations.
eCheck FAQs
eChecks are electronic versions of traditional paper checks. Here are some common questions about eChecks:
What is an eCheck? An eCheck is a digital payment that is processed using the ACH network, similar to a paper check but with faster processing times and no physical paperwork.
How are eChecks delivered? eChecks are sent electronically to the recipient’s email, where they can be printed and deposited like a physical check or deposited directly using their bank's mobile app.
What are the benefits of using eChecks? eChecks offer a secure, fast, and cost-effective way to send payments without the need for paper checks. They also reduce the risk of check fraud.
If PayShift is disabled, will Payees receive any notifications of payment?
If PayShift is disabled, payees will still receive notifications when payments are processed. However, they will not have the option to convert the payment to another method (e.g., from check to ACH). The notification will confirm the payment method that has been used and provide details about when and how the payment will be received.
Can Payees update their payment preferences after onboarding?
Yes, payees can update their payment preferences at any time through the Payee Portal. This includes changing their deposit method (e.g., from check to ACH) and updating their banking information. Any changes made will apply to future payments, not to payments that are already in process.
What should I do if a payment is rejected?
If a payment is rejected, you can view the rejection reason in the Payment History section of your CashCloud dashboard. Common reasons for rejection include incorrect banking information, insufficient funds, or issues with the recipient’s account. After identifying the issue, you can correct the payment details and reprocess the payment. If the issue persists, contact CashCloud support for further assistance.
How do I check the status of a payment?
You can check the status of any payment by navigating to the Payments tab and selecting the relevant batch. The payment status will be displayed next to each transaction, showing whether it is pending, approved, signed, disbursed, or completed. For more detailed tracking, use the Payment History section, which provides a comprehensive view of all payments, including rejected and reprocessed transactions.
Are there fees associated with different payment methods?
Yes, different payment methods may have associated fees. For example:
ACH Payments: Typically incur lower fees compared to wire transfers and are often preferred for domestic transactions.
eChecks: Usually involve minimal fees and are cost-effective for sending digital payments.
International Wire Transfers: May have higher fees due to currency conversion and processing charges. It’s recommended to check the fee structure for your specific plan and payment method in the Billing section of CashCloud.
How do I set up recurring payments?
For your security, recurring payments can not be set up automatically. We recommend creating a dedicated batch for a recurring payment, where you can set each payment and even future-date the release dates of each one.
Can I cancel a payment after it has been approved?
Yes, you can cancel a payment if it has not yet been disbursed. To cancel, go to the Payments tab, locate the payment within its batch, and select the option to void or delete the payment. If the payment has already been disbursed, it cannot be canceled, but you may have the option to void the payment.
How do I contact support for payment issues?
If you encounter any issues with payments, you can contact CashCloud support directly through the in-app chat feature, available by clicking the purple chat icon in the bottom left corner of your screen. Alternatively, you can email our support team or access our comprehensive Knowledge Base for further assistance.