Vantaca Pay - Automatic Bank Returns

Vantaca Pay automatically processes bank returns when homeowner payments fail or are disputed. This article explains the automatic bank return process and the fees associated with returned payments.

When a homeowner makes a payment through Vantaca Pay, the system processes the transaction over 2 days. If the payment fails or is disputed, Vantaca Pay automatically handles the bank return at both the bank level and the homeowner ledger level, eliminating the need for manual intervention.

Note: For bank returns processed outside of Vantaca Pay, see the "Processing Bank Returns - Bank Return/Chargeback Notifications" article.

Contents

• How Vantaca Pay Bank Returns Work
• Bank Return Fees
• Viewing Bank Return Details

How Vantaca Pay Bank Returns Work

Vantaca Pay processes bank returns automatically through the following steps:

1. Payment Posts: The homeowner makes a payment through Vantaca Pay. The payment posts to the homeowner ledger and the book side of the bank reconciliation screen within one minute.
2. Return Detected: As the payment processes over the next 2 days, if the payment fails for any reason or is disputed by the homeowner to their card provider or bank, Vantaca detects the return automatically.
3. Automatic Processing: When a return is detected, Vantaca Pay automatically:
   • Creates a Bank Return action item on the homeowner account with details about why the payment was returned.
   • Adjusts the payment off the homeowner ledger at both the book level and on the homeowner account.
   • Adds the credit item needed on the book side of the bank reconciliation screen to balance out the original payment.

Important: Vantaca Pay handles all necessary adjustments automatically. Do not manually adjust returned Vantaca Pay payments, as this will create duplicate entries and affect your account balances.

Bank Return Fees

Vantaca Pay applies the following fees for returned payments, which are charged to the association:

• Standard Return Fee: $5 for payments returned for any reason other than a dispute (such as insufficient funds or invalid account information).
• Disputed Payment Fee: $20 for payments disputed by the homeowner to their card provider or bank.

These fees are automatically included in the Bank Return action item created on the homeowner account.

Viewing Bank Return Details

After Vantaca Pay processes a bank return, you can view detailed information about the returned payment:

1. Navigate to Homeowners > Homeowner Profile > Action Items.
2. Locate the Bank Return action item for the affected homeowner account.
3. Click the Hamburger menu, and then Select to view the Bank Return XN details including:
   • Original payment amount
   • Return reason
   • Applied return fee (if applicable)
   • Date of return
   • How the payment was originally applied
     
     
      

Note: The Bank Return action item provides an audit trail of the returned payment. The system has already processed all necessary adjustments automatically.