Common terms associated with online payments.
Rejected EFT is an EFT that cannot be processed because the RDFI denies the transaction immediately.
Reversed EFT is an EFT that cannot be processed because the RDFI denies the transaction after the EFT has funded and before the legal time limit has expired.
Automated Clearing House (ACH) Network Automated Clearing House - Nationwide batch-oriented electronic funds transfer system
ODFI is an acronym for Originating Depository Financial Institution.
RDFI is an acronym for Receiving Depository Financial Institution.
NACHA manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data. You can learn more about them at www.nacha.org.
Originator – Organization or person that authorizes the initiation of an ACH transaction
Receiver – Organization or person that authorized the Originator to debit or credit their account via ACH
Proof of Authorizations
From time to time, banks will audit their electronic transactions and ask for proof that an EFT was authorized. This process can be started by a routine internal audit or at the request of a bank customer. If an EFT transaction from your merchant account is audited in a proof of authorization process you will be notified which specific transactions are involved, and how to proceed. Proof of authorizations are most common with EFTs/eChecks and may occur on credit card transactions from time to time.
Funding Hold
A funding hold is a temporary suspension of the ability to process online payments. Funding holds are usually caused when we are unable collect outgoing funds to cover an EFT to a vendor, rental owner, or as a fraud prevention measure if there is unusual activity.
(Example)
You will be notified as soon as your account is placed on funding hold. To resolve a funding hold, follow the instructions in the email or contact Forte's customer service department at 866-290-5400 x1.
While your merchant account is on funding hold, your ability to process EFTs and credit cards will be temporarily suspended in Buildium.
Chargeback Notice
A chargeback notice is a letter that is mailed to a credit card merchant that informs of a formal dispute on a recent credit card transaction. A chargeback notice indicates that the money is being collected immediately. The notice will contain instructions on how to resolve the dispute.
Here's a sample of a chargeback notice.
To record a chargeback notice transaction in Buildium:
- Type the name of the resident in the search bar, then click Lease ledger or ownership account ledger next to their name.
- Issue a refund on the lease ledger or ownership account ledger.
- In the refund, enter a memo to indicate that it was a result of a chargeback notice.
Retrieval Request
A retrieval request is a letter that is mailed to a credit card merchant that informs of a formal dispute on a recent credit card transaction. A retrieval request indicates that the money may be taken soon. Specific details will be included in the notice. The notice will contain instructions on how to resolve the dispute.
Here's a sample of a retrieval request.
If you need to record withdrawn funds from a retrieval request:
- Type the name of the resident in the search bar, then click Lease ledger or Ownership account ledger next to their name.
- Issue a refund on the lease ledger or ownership account ledger.
- In the refund, enter a memo to indicate that it was a result of a retrieval request.