If a payment is declined, both landlords and tenants are immediately notified by email.
It can take up to 3 business days for a bank to send notification that a payment was not honored. Payments in progress cannot be guaranteed until the day funds arrive in a landlord's account.
Banks deny payments most often due to insufficient funds (NSF). Other reasons may include a stopped payment or closed bank account.
Credit Card payments may also be declined out of fraud concern by the card provider or because of a mismatch of CVV or billing zip code.
Failed payments are almost always due to some issue between the tenant and their bank. The best first step to confirm the reason for a failed payment is for the tenant to contact their bank to find out why.
After a failed payment, the tenant is able to re-schedule the payment from within their Baselane account. Baselane will not automatically attempt to retry the payment.
There is no fee or penalty assessed to the landlord in the event of a failed payment. We also don't charge tenants for Failed Payment fee. Other platforms charge your tenants $15-25.
Payment failures can also result in late rent fees. Landlords should review charges to ensure any such fees have applied as expected. Tenants should try to avoid this issue by making sure they have sufficient funds in their bank account.
If your tenants are experiencing any further issues, please have them reach out to our customer support at [email protected].