If your account has been set up to collect loan payments from your borrowers via ACH, you'll see various statuses associated with the payments that are automatically updated after you collect the payment. These statuses are as follows:
After you hit collect payment, the payment status will immediately change to Pending. The payment will remain in this status in Baseline for a few days, allowing the payment enough time to clear.
By the end of the same day, our payment processing partner Usio will have processed the payment.
The payment will clear as per ACH processes in 2 to 3 business days. This is when you'll receive the deposit in your bank account. Once this occurs, Usio will inform us, and your payment will change to a Cleared status.
The Borrower's bank may reject the transaction. When this happens it is usually because they don't recognize the account, it has been closed or does not have enough funds. We will mark the payment as Reversed, and USIO will do a Chargeback on your bank account. Usually these chargebacks happen within the first 5 business days but they may occur after. In any event, we will reverse and mark the payment accordingly. You will receive email notification in the event of this occuring.