There may be occasions where a refund fails to process due to insufficient funds in the Settlement account. To overcome this, you can either wait until additional sales have been made and more payments fall into the Settlement account, otherwise if the refund is urgent you can manually send funds to the Settlement account in the form of a 'Top up'.
To top up the Settlement account, you'll simply need to add the Settlement account details as a new payee within your business bank account. Please note, when adding these details as a new payee, the account name is to be the registered company name as we have it on the merchant account. It may also be the case that your bank is not able to verify the account however as long as the sort code and account number is correct, the top up should go through successfully.
Important
Our Settlement accounts will only accept payments sent as a Faster Payments, from an approved bank account that is linked to your merchant account. Payments made from any other bank account will be rejected and sent back to the sending account.
Payments sent, not using Faster Payments (I.e. BACS or CHAPS), whilst can be accepted, cannot be properly accounted for on the Vyne platform and could lead to a reconciliation discrepancy.
You can retrieve the Settlement account sort code and account number from within the Vyne portal using the following steps:
- Navigate to the Reconciliation page, then select "Manage settlement accounts".
- On the Settlement account you wish to pay into, select the 3 dots on the right side to bring up a modal.
- Here you will be presented with the account details for that particular Settlement account.
If you have any questions regarding topping up a Settlement account or require assistance, please don't hesitate to contact us.