Sometimes, your bank may decline certain payments to Mimo.
What do you do when a payment has not worked as expected? Depending on your chosen payment method:
Manual Bank Transfer
What is a Bank Transfer?
This involves manually transferring funds from one bank account to another. This process typically requires you to input the recipient's bank details, including their account number and sort code, either online or in-person at a branch. Bank transfers can be initiated by the account holder and are processed by the banks.
Open Banking
What is “Open Banking”?
This system allows Mimo to work with third parties, such as Plaid, to access your financial information with your consent. This access is facilitated through APIs (Application Programming Interfaces) provided by your bank(s), enabling secure sharing of your banking data between different financial institutions and services. With open banking, users like you can authorise apps or services to securely access their transaction data, initiate payments, or perform other financial tasks without sharing login credentials.
Manual Bank Transfer:
When a manual transfer is declined, it's essential to ascertain the reason from your bank.
Manual transfers can be declined due to several reasons, with some of the most common reasons being:
A fraud or risk control
Incorrect information being input by the payer
A limit being breached due to the size of the payment
Here are some recommendations to solve an error:
The first thing you need to do is contact your bank’s customer support. This is important as Mimo has no visibility over your bank details or the reason why your bank declined a payment.
Consider any limitations on your bank account—if you expect to send large payments to Mimo, you might need to adjust a threshold with your business banking account manager or customer support team.
Mimo monitors all payment traffic and can provide assistance and input on anything under our systems. If a payment has failed and it is not an issue with your bank, we will gather all the information and work with our third parties to solve the problem as quickly as possible.
Suppose there are repeat errors associated with transfers to your Mimo account. In that case, it might be worth contacting your bank’s customer support team or your account manager to explain the payments. The more context and information a bank has, the better adjusted it is to monitor its payment flow.
Issues with Open Banking:
When using the open banking method for payments, an error might occur for many reasons. It is a new system that, though incredibly beneficial for users, still has a lot of teething issues. Unfortunately, Mimo lacks visibility over the entire flow. Still, we do our utmost to work with our third parties, such as Plaid, our open banking provider, to troubleshoot any interruptions to our payment traffic. We are repetitive here, but it is always advisable to consult with your bank first to determine why the payment is declined.
Open banking is not error-free, and there are a few common reasons, including exceeding the bank's limit for open banking payments or your bank not recognising the recipient, Mimo.
To address these issues:
If the rejection is due to your account's open banking payment limit, inquire about raising the limit with your bank.
If increasing the limit isn't feasible, switch to a Manual Bank transfer.
The error could be linked to another part of the payment flow. Mimo is always on hand to support you and troubleshoot the issue, so please get in touch. However, we will generally contact you first as we closely monitor all payments.