Failed payouts
When a payout fails, a message giving the reason for the failure (if it can be detected) will be shown to you on the payout page.
Some common reasons for payout failures are shown below.
Incorrect bank account information
The bank has rejected the payout stating that the bank account doesn't exist or has been closed. You'll need to update your bank account details from the account settings page and try again.
Account currency mismatch
Your bank account's currency and your payout currency must be the same. You'll need to update your bank account details from the account settings page and try again.
Invalid account type
You can only receive payouts into a current account. This error indicates you are attempting to receive payouts into another type of account such as a savings account or virtual bank account. You'll need to update your bank account details from the account settings page and try again.
Incorrect payee name
If the name on the bank account doesn't match the name on your ShopWired Payments account, your bank might reject the transfer. You'll need to update your bank account details from the account settings page and try again.
Insufficient funds
This error will be displayed in the case of a negative payout (where ShopWired Payments attempts to debit your bank account to cover a negative balance on your ShopWired Payments account). This error indicates that there were insufficient funds in your bank account at the time the debit request was made.
After you've changed your bank account settings, ShopWired Payments will automatically retry initiating the payout again.
If you continue to experience difficulties please contact us.