Payouts typically fail when there is an invalid bank account number.
There are several reasons why your payout might have failed. The most common reason is an invalid bank account number. Other reasons include missing information to verify your bank information, or your bank rejecting the payment. Once you enter your banking information, the payout will roll over to your next scheduled payout.
Also, it is possible that the identity verification made by Stripe has failed or is in the process of validation.
If you have a failed payout notification, please:
- Log into your Zeffy dashboard on a computer.
- Click on your name in the top left and then on settings.
- Click on "Bank account."
- Update your bank account information
⚠️ If you are a Canadian organization, please make sure that the bank account you entered contains 7 or 12 digits. We commonly see bank accounts with only 6 digits. It is necessary to include the check digit in your account number as well.
Once your account number has been updated, the payout will be reattempted according to your current payout schedule. For example, if your payout schedule is set to monthly, the next payout attempt following a failed payout will be the following month. You can set your payout schedule to weekly for the next payout to be attempted the following week, by going to your "Settings" > "Bank" > "Payout schedule".