A returned payment costs time and money. The most common causes, and the checks that prevent them.
A payment that comes back is frustrating: your supplier is still waiting, your funds are tied up, and a return of funds has a cost. Most rejections have simple causes that can be avoided before you pay.
Wrong or incomplete beneficiary details
A wrong account number, an invalid IBAN, a missing SWIFT code or a beneficiary name that does not match the account holder are the most frequent causes. Copy details from the invoice, and confirm any new account by phone.
Missing or inconsistent documents
The amount, currency or beneficiary on the invoice must match the payment. An invoice issued to another company, or a vague description of goods, can lead the bank to ask questions or refuse the transfer.
Compliance and sanctions checks
Every bank in the chain screens payments. Transfers involving sanctioned persons, prohibited activities or restricted countries are stopped. Check our prohibited industries and countries before you commit to a supplier.
Funds from the wrong account
Funds must come from an account in your company’s own name. Funds sent by a third party are not accepted and are returned to the sender.
What a return costs
Under our price list, any return of funds, whatever the cause, costs 0.7% of the amount returned, all bank fees included. If the funds had already been converted, they are reconverted at the day’s rate before being returned. Careful checks before confirming are the best way to avoid it.