Outstanding Checks and Uncollected Funds Reporting

Dan HoutReilly

How are payers notified of outstanding checks? What is the process for following up on and replacing those outstanding checks? And how are those evaluated for and remitted to states that require unclaimed funds reporting?

Stephen Churchill

Hey @Dan HoutReilly!

Our team monitors payments, and waits 7 business days to see if virtual card payments are outstanding, and 21 days for checks to confirm receipt of the check. After that time, one of our payment specialists will work with the vendor to see why they aren't accepting the funds, see if we need to move forward with reissuing the check, or even offer the vendor another payment method.

If for any reason there's issues with the payment being completed, we return the funds to your organization at which point the payment can be voided and reprocessed using another payment method (ie placed in another payment run or paid using the legacy payment method).