🔥 HERO raises €11.3 million from US investment fund Valar - Find out more! 🔥
Understanding what a pending payment is
Temps de lecture : 4 minutes
Payment on hold, frequently encountered in commercial transactions, gives rise to various considerations. When a payment is held up, it can impact the fluidity of operations and confidence in financial systems. Often, this delay raises questions about the fluidity of online monetary exchanges. We explain how to manage this process effectively.
Sommaire
Why is a payment pending?
A payment is pending when the recipient or financial intermediary has not yet received or accepted it. This is also the case if the recipient has chosen not to automatically accept certain payments. may be payments not made in its preferred currency, or from buyers whose address is not confirmed.
What exactly is a pending payment?
Pending payment refers to a phase where a financial transaction has not yet been fully finalized. This may be due to security checks, bank authorizations or other procedures. During this period, the amount has not yet been received or validated by the recipient, thus creating a "delay". a temporary pause in the transactional process.
In other words, a pending payment indicates that it has not yet been validated, and that it has not yet been processed. may require 1 to 3 working days for validation or cancellation. When a consumer makes a payment via an electronic terminal, the merchant checks with the bank to ensure that funds are available.
The transaction is therefore put on hold while this verification is carried out. Once this verification has been completed, the payment can be validated or cancelled.
Some bank statements include pending payments to give customers complete visibility of their transactions. Traditional banks, on the other hand, generally only list finalized transactions.
How does it work?
There are several steps involved in the pending payment process.
Authorization
Payment will be authorized when the account is sufficiently funded. The merchant will ask the payer's bank if there are sufficient funds in the bank account.
Confirmation
The confirmation stage is validated by the merchant. He has 7 to 30 days to confirm the pending payment. As a result, a pending payment means that it has been authorized but needs to be confirmed or cancelled by the merchant.
Check
In order for the merchant to collect the pending payment, he must contact Visa or Mastercard to check with the bank that the transaction has been authorized.
Finalization
Once the recipient has validated the transaction and all the required conditions have been met, the pending payment is successfully finalized, marking the conclusion of the financial exchange.
How can I reduce the waiting time for a pending payment?
There are several ways to reduce the waiting time for a pending payment:
Check customers' reliability before closing the sale
To do so, avoid doing business with customers who are at risk of default or late payment To do this, we recommend checking the consistency of the SIRET number, the absence of bankruptcy proceedings, the financial situation and the company's rating.
Prevent disputes by precisely formalizing the terms of sale
This involves reduce the grounds for dispute or cancellation of payment by issuing invoices that comply with regulations and the general terms and conditions of sale. vente .Il In particular, payment deadlines, discount terms, late payment penalties and fixed compensation for collection costs must be clearly stated.
Supporting customers in the process of dematerializing invoices
These are facilitate and accelerate invoice processing by sending invoices electronically. This reduces invoice routing, receipt and validation times, and therefore payment times.
Regularly follow up on overdue customers
This involves maintain a relationship of trust with customers while encouraging them to meet deadlines. You need to adopt a reminder strategy tailored to the customer's profile and situation. Remember to use different communication channels (telephone, e-mail, etc.) and to take legal deadlines into account.
Use of audited accounts
This is a service offered by certain online payment platforms that allows you to verify the identity and solvency of customers before completing a transaction. This reduces the risk of fraud, disputes and non-payment, and speeds up the payment process.
Use payment solutions such as direct debits or SEPA direct debits
These are collect payments directly from customers' bank accounts, without needing their authorization each time. This simplifies and secures the payment process, reduces management costs and guarantees collection times.
Exceptional situations such as hotels or car reservations
Exceptional situations, such as hotel or car reservations, introduce specificities into the payment process. In these cases, pre-authorizations may be common, where an amount is temporarily deducted from the customer's card to guarantee the reservation .
These practices are designed to ensure the availability of the necessary funds and guarantee a smooth experience when you check in or pick up your vehicle.
In addition, this approach, called bank imprint is to ensure that the customer's account has the necessary funds to cover the entire service. Even if the final payment is lower.
A "pending" transaction is then created on the customer's account with the amount of the imprint, and will be updated once validated, usually within 3 working days. Please note that it can sometimes take more than 3 days for the imprint to disappear.
In case of insufficient balance to cover the footprint, the operation may be refused, even if the customer has the necessary funds to pay the final amount.
Hero: the solution for recovering money on hold immediately
Hero offers a solution for instantly recover money on hold . As the leading payment solution for professionals, Hero allows you to collect money while you wait. Hero products also include payment terms appreciated by professionals, with payment options in instalments (3x, 4x) and deferred payment (30d, 60d).
Hero's operating model can be adapted to a variety of contexts, including online, in-store or B2B with real-time management of payment activity. Hero's remuneration model is transparent, with no hidden costs or commitments.
In conclusion, the payment pending plays a crucial role in financial transactions, ensuring security and compliance. Although sometimes a source of expectation for the parties involved, it guarantees the validation of transactions and the protection of data. users. So it's important to understand how it works, and what you can do in the event of a problem. Finally, the payment pending is a necessary step in the financial process.
Request a customized quoteOther articles on the same subject:
