What happens if my payment has failed?
In the event that your payment fails and is returned to Currencycloud, you will receive “failed payment” email and have two options to correct it:
Resend the payment
Amend existing beneficiary details or add new beneficiary details, add a new payment to the original trade and resend.
If your payment was returned short, allocate this shortfall to a Currencycloud account (you will have to set this up as a new beneficiary prior to the resend).
E.g. original payment of $1,000 sent to ABC Ltd $950 was returned. Add a new payment of $950 to ABC Ltd (after you have amended the details). Add a new payment of $50 to Currencycloud USD Account.
Sell back the returned amount
You will need to allocate a new payment against the original trade to Currencycloud for the returned amount and then email [email protected] giving instructions that this payment is to cover trade reversal (and include the trade ID).
E.g. Original trade: sell GBP, buy $1000 USD. Returned amount = $1000. Add a new payment against the original trade of $1000 to Currencycloud USD account.
New trade: sell $1000, buy GBP and allocate to a GBP account of your choice.
If the funds have been returned short (e.g. $950 in the example above), you must remember to only sell back the returned amount.
Then allocate two payments against the original trade; $950 to Currencycloud USD account to settle the trade reversal and $50 to a Currencycloud USD SHORTFALL account and email [email protected] with the details.