If you sent a payment through Settle using incorrect recipient payment details or if there's an issue with the payment sent to your vendor, your ability to modify or cancel the payment will vary based on payment method and status of payment.
Settle provides tools and processes to manage payment reversals and scheduled payments effectively. Below is an overview of how Settle handles these scenarios, including its capabilities and limitations.
If the payment is still scheduled or eligible for cancellation, you can cancel it directly within Settle. Open the payment details and click the Cancel Payment (or Revoke external payment) button. Settle can also pause payments before they are sent to vendors, preventing funds from being debited from your account.
👉 If you do not see the option to cancel, or for processed payments requiring reversal, please contact support@settle.co as soon as possible.
Here's what you can expect depending on your method of payment:
Domestic Checks
We can issue a stop payment on a check upon request as long as it has not been deposited. We can then issue a new check, ACH, or wire payment to your vendor, or cancel the payment altogether upon request.
Domestic ACH or wires
You can request a reversal of funds within 24 hours of initiating an ACH or wire payment. While we cannot guarantee an exact timeframe for fund reversals, they're typically processed within 2 business days. However, Settle cannot directly contact the receiving bank to stop or reverse an ACH payment. Instead, Settle can only request its own bank to submit a recall request to the intermediary or receiving banks. Once the payment is successfully reversed, we can reissue the payment to the correct account details or cancel the payment altogether upon request.
International wires
While it's possible to request a recall of funds sent to an international vendor, please be advised that recalls are only performed as a "best effort," as they require the cooperation of corresponding and receiving banks together with approval from the beneficiary. Additionally, Settle cannot directly contact the receiving bank and relies on intermediary banks to process recall requests.
If the recall request is accepted, note that there is no guaranteed timeframe for when the funds will be returned. This timeframe can vary greatly due to the various banks and institutions involved in the transaction, but recalls or international payments typically require 5-7 business days.
Once the recall request is successfully completed, we can reissue payment to the correct account details or cancel the payment altogether upon request.