If the renter's issuing bank encounters an issue while processing their payment, the corresponding amount will be deducted from your bank account.
Should another rent payment be received before the deduction occurs, the outcome depends on the relationship between the initial failure and the subsequent payment:
- If the latter rent payment exceeds the amount of the initial failure, the excess will be paid out to you.
- If the latter rent payment is less than the initial failure amount, the difference will be debited from your account.
Both you and your renter will be promptly notified of the payment failure, and the invoice status will change from 'Paid' to 'Due.' The payment history on the invoice will display all payment attempts, including both failed and successful ones.
Common reasons for payment failures may include:
- Insufficient funds in the renter's account.
- Incorrect account information provided.
- Incorrect billing address details.
- Account restrictions based on the account type or transfer limitations.