There are 2 scenarios of rejects which determine when the funds can be returned.
Same Day Reject
If the payment was created and rejected on the same day (prior to End Of Day settlement), the funds will be returned by the bank as the funds have not yet been settled with Corpay. The payment will show on the RETURNED report to indicate the funds need to be moved back to the customer's account from the settlement account.
Next Day Reject
If the payment is rejected the following day OR after End of Day settlement, the funds will be returned within up to 1 business day. Our team will be notified of the rejection and will request Corpay to wire the funds back to the bank's settlement account so the bank can then return the funds to the customer's originating account.
i.e. A payment is created at 12pm on Tuesday and rejected at 4:01pm (if EOD is 4pm), then the funds will be returned on Wednesday. If the wire is instead rejected on Wednesday morning, then it is possible the wire can be returned Wednesday afternoon or Thursday morning at the latest.
Unsure of how to reject a payment in PayRecs? Select the "Reject a Payment" option below to learn more.