PaymentWorks provides status information for each payment request to help assess the payment’s risk and indemnification status. This data is particularly important for customers using Payment Indemnification, as it informs payment decisions and next steps.
The following statuses are visible for each payment request:
- Bank Account Status
- Warranty Status
- Payment Status
Statuses
Bank Account Status
-
Valid:
The bank account has been successfully validated by PaymentWorks. -
Pending:
The bank account is pending validation. PaymentWorks is currently working to confirm its authenticity. -
Low Risk:
The bank account has not been validated but has been assessed as low risk using PaymentWorks’ proprietary algorithm. -
Elevated Risk:
The bank account has not been validated and has been assessed as high risk. This may warrant further review or action before processing payment. -
Unknown:
The bank account is not recognized in the PaymentWorks platform. This status is often assigned to bank accounts associated with payee relationships that existed prior to the customer’s use of PaymentWorks.
Warranty Status
-
Indemnified:
The payment is covered under PaymentWorks’ indemnification, up to the limits defined in your agreement. -
Not Indemnified:
The payment is not covered by PaymentWorks’ indemnification.
Payment Status
-
Approved:
The payment has been approved for release. -
Rejected:
The payment has not been approved for release.Details on Rejected Status:
- The bank account has not yet been verified and the payment has been deemed risky by our proprietary algorithm. PaymentWorks will attempt additional outreach to the vendor to attempt to verify their bank information. You have the option to override this risk assessment and manually approve the payment; however, please note that the payment will not be indemnified by PaymentWorks.
Important Notes
- Batch Processing: Payments that are not approved will need to be resubmitted as part of a future payment batch if no action is taken.
For further questions about these statuses, please refer to the Knowledge Base or contact PaymentWorks Support.