Payment Processing - Troubleshooting & FAQ's

Payment Processing - Troubleshooting & FAQ's

There are a few common issues that may occur when using a payment processor that require troubleshooting. 

  1. Locked payment status - this may occur if there is a delay between clicking the Payout creation in Loft47, and the time it takes to send / generate that payout information over to the provider. If the clicks occur in quick succession, there are rare occasions when a Locked status may be applied to prevent the payout from being paid out twice. Contact support@loft47.com to resolve the Locked status. 
  2. Pending payment status - payments that have been approved for payout will show as pending while the payment is in transit. Once the agent has received the their payment, the status will update.
  3. My agent wants to know when they will be paid - see this article for turn around times for Payload: ttps://support.loft47.com/portal/en/kb/articles/payingpayload#Payload_Turn_around_times and this link for Zum https://docs.zumrails.com/payments/payment-rails
  4. I have to select my Brokerage bank account when clicking the Make Payment button in Payload>Pending Transactions.
    Ensure you have mapped your brokerage bank accounts  -     https://support.loft47.com/portal/en/kb/articles/payload#MAPPING_YOUR_BANK_ACCOUNT
  5. My agent has multiple bank accounts set up, so I have to select the correct bank account when clicking Make Payment.
    Have your agent set their default bank account for receiving money - https://support.loft47.com/portal/en/kb/articles/agent-how-to-set-up-payload-account#Select_Default
  6. I sent a Direct Pay link to payout a Payable, excess funds, or to another party, and the recipient claims they did not receive the link to accept the payment. Have the user search their email for the notification coming from alerts@payload.com if using Payload or search zumrails if using Zum, as the automated notifications may occasionally land in a user's spam or trash folder.
  7. I sent a Deposit Request to a buyer, a title / escrow / lawyer or outside brokerage, how will I know if the deposit has been sent to us? Loft47 will send the Deal creator an email from no-reply@loft47.com confirming the funds have been sent by the requested party to the bank account the funds were requested from.
  8. Agent setting up a bank account shows an error message "Account is either closed or invalid, please try another account or check the number". This warning message can mean a) the account information entered is not valid (account / routing / address for that bank account) has been entered incorrectly or b) the agent bank account is too new to be used. 
  9. Rejected status - if an Agent bank account shows a Rejected status, that usually indicates the agent has not entered a valid account number / routing number or the address associated to that bank account is not recognized as valid by the banking institution.
  10. Declined status - typically, this occurs if a single agent payout is over the upper limit. This upper limit is $75,000 for Payload and is set individually for Zum as part of your onboarding. If using Zum, you can reach out to increase your limits as the business requires otherwise, please payout in 2 payments instead of one, using this help article: https://support.loft47.com/portal/en/kb/articles/partial-payout 
  11. Reversing transactions - Payload requires a 5 day period (business days) before allowing transactions to be reversed. 
    The reasoning for this is because a  payout process requires funds to be fully settled from the brokerage's bank account or to be rejected from the receiving account, which may involve it being closed. Essentially, when direct depositing to an agent within one business day, there is a risk that the money is not yet fully available, as the funds are pending for a few days.
  12. My local Real Estate Board and Council does not allow bank fees (including payload processing fees) to be paid from the Trust (Escrow) or Commission account.  An additional processing account must be set up in your Integrations/Payload page in Loft47's app. During the setup, you will have the option to set that account as your default account for Payload to recover its fees. When using Zum you will specify which account should be primairy in your onboarding flow. 

  13. Why do agent payouts show as “Bills to Pay” in QuickBooks Online or Xero?

    All agent payouts are sent as unpaid Bills to Pay, regardless of whether they are paid via Payload, EFT, or cheque. They are only marked as Paid once they are reconciled or manually matched in the accounting system. 
    Exception: If an agent is paid at the table (no actual payout via Payload), the bill is sent as $0 and automatically marked as Paid.  
    For more details, see:- https://support.loft47.com/portal/en/kb/articles/setting-a-payout-as-not-payable

  14. Payload payment activation link not sending for co-op brokerage/agent?  We currently only support sending payment activations to either a profile or an organization.  If a co-op agent has no email and the payment is sent to their organization, the activation link may not be delivered.
              Workaround: 
            Remove the existing contact (e.g., Kevin / Re/Max Real Estate Inc.)
              Recreate the entry as organization only (e.g., RE/MAX Real Estate Centre Inc.
              Send the activation link directly to the brokerage email - This ensures the activation link is sent correctly at the organization level.