Split Payments offer the ability to perform ‘Available Funds Pre-Checks’ prior to processing a scheduled or one-off payment. This delivers messaging that indicates whether there are sufficient funds in the target account to process a payment without a dishonour/failure taking place.
When a payment is processed, our API delivers one of several status messages. You can see them all in our API documentation using the following link: https://docs.split.cash/#lifecycle-6
If the Available Funds Pre-Check indicates dishonour/failure, the transaction status message will be ‘pre-failed’. This means the transaction was never submitted to the bank because we detected that there were insufficient funds.
How do I turn on pre-fail for my account?
If you've decided to use pre-fail as part of your funds collection strategy, you will need to get in touch with us here at Split Payments as we enable this feature on a case by case basis. The best way to contact us is to use the speech bubble that is present in the bottom right of your screen whenever you are on our documentation page, https://docs.split.cash/, or logged in and viewing your Split accounts dashboard.
When we enable this feature for you, you will have a couple of configuration options. We offer the following types of pre-fail strategies:
This is the straight forward implementation of our pre-fail feature. If we check a customers bank account and there is insufficient funds at that point in time, we will fail this transaction and notify your application and let you handle this event.
You also have the option to use what we call a "dynamic" pre-fail strategy. Using this option, Split Payments will still check a customers account balance but will not "fail" any transactions for the first 2 - 3 transactions for each customer. Once this information gathering phase is complete, our algorithm will use a collection of this customers history alongside the account balance check and will make an informed decision that will result in the best outcome for you, drastically reducing the amount of dishonours.
What options do you have when a transaction is pre-failed?
We deliver a flexible solution that allows you to configure the next steps when you experience a pre-fail. Programatically, you are able to simply retry the payment at an alternative time. But here are some ways in which our customers have configured the customer journey:
- Try the payment request again over time until the transaction status is cleared
- Notify your customer of a rescheduled transaction so they can make funds available
- Leave the transaction as failure and schedule an alternative or bundled future payment
- Use alternative payment methods
Obviously alternative methods may be more expensive, and you must adhere to any regulatory and consumer protection rights in your particular industry. But Split provides you with powerful options to collect funds successfully and provide a better customer experience.
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