How does the VendorPay microdeposit verification process work?

Felicia -

When manually entering your routing and account numbers for VendorPay, typos and other mistakes may happen. We've found that if there's inaccurate bank details, any payment transfers we attempt to make into the bank account will fail. 

In order to provide a better experience and to try and mitigate actual payments failing, we recommend setting up your payment details in advance of actually having a direct deposit payment. This way, we can catch any invalid bank info ahead of time through a two cent microdeposit.

Note: We will only verify your bank details if you manually enter in your routing and account numbers. If you choose to link a checking account by signing into your bank, this automatically verifies your bank details, so you will not have to go through the microdeposit verification process.

 

After you manually put in your routing and account numbers, here's how the microdeposit verification process works:

1. You will receive an email (like the one below) from Snapdocs to let you know that we're transferring two cents into the bank account you've linked. 

There's nothing for you to do, except to wait until the two cents appear in your bank account or until you receive an email from us letting you know that the two cent deposit failed.

Note: It can take up to 7 business days for the transfer to complete. We highly recommend not changing your bank information in the middle of the microdeposit verification process. 

 

2. If you check your bank account and see a two cent deposit, this means that the microdeposit has succeeded and we have successfully verified that the inputted bank details link to a valid checking account. Having a verified bank account means that future payments should smoothly transfer into the account. However, if you change your bank account information at any time, this will initiate a new microdeposit verification process all over again. 

 

3. If you receive the following email from us, this means that the two cent deposit failed. 

To resolve this, update your bank details with the routing and account numbers for a valid checking account. Once you've updated your bank information, this will start the microdeposit verification process again and you should receive another email from Snapdocs to let you know that we've transferring another two cents into the linked bank account.

 

What are the most common reasons why the microdeposit verification fails?

We've found that the microdeposit verification fails for two main reasons:

1. The inputted routing and account numbers are incorrect. - If the bank information is incorrect, we're unable to locate a valid bank account based on that information. 

2. The account that is linked is a savings account. - If you've linked a savings account, please update your payment information to reflect a valid checking account. We have found that most savings accounts will either not allow us to make deposits into them or will limit the number of deposits we can make into them. For this reason, please link a checking account to receive direct deposit payments. 

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