How does True Finance process debit card payments, and what can I do if a payment fails?
True Finance employs a multi-step process to ensure repayment success for advances. If you encounter issues with debit card repayments, this guide provides detailed steps for troubleshooting and managing your payment methods effectively.
Payment Collection Process
When collecting payment for an advance, True Finance follows a sequential approach:
Primary Payment Attempt: - The system tries the bank account on file first. If this payment is successful, the repayment is completed instantly. - If the bank account attempt fails, it moves to the debit card linked to your account.
Debit Card as Secondary Method: - If the debit card payment proceeds successfully, repayment happens instantly. - If both attempts fail, True Finance may retry collecting repayment or require manual intervention.
Manual Payment Option: - To pay manually, navigate to the Advance tab in the app, select the unpaid advance, and click 'Pay Now.' - Note: You can only repay the most recent advance manually. Previous advances are collected automatically.
Adding or Updating a Debit Card
If you need to add, update, or switch your payment card, follow these steps:
Open the True Finance app.
Navigate to the main page and click the gear icon in the top-right corner.
Select Manage Subscription under account settings.
Under Payment Methods, add a new card or update the existing one.
Ensure the new card is set as your Primary payment method to avoid transaction issues.
Troubleshooting Failed Debit Card Payments
Here are steps to resolve common payment issues:
Verify Funds Availability: Ensure that the linked bank account or card has sufficient funds for the repayment amount. Insufficient or unavailable funds are the most common reasons for failed transactions.
Re-check Debit Card Details: - Confirm the card information entered in the app is correct. - Some cards may not support certain transaction types. Verify with your bank if restrictions apply to your card.
Retrying Payment: - After a failed attempt, the system may reattempt to collect payment automatically within a set period. - Alternatively, you can attempt a manual repayment through the app.
Switching Payment Methods: If your card consistently fails, consider using an alternative method such as a Plaid-linked bank account or adding another debit card to your account.
Contact your bank. It is possible your bank or the card issuer is blocking the charge.
Preventing Payment Failures
Proactively manage your payment methods to prevent errors:
Regularly review and update your payment details to ensure they are accurate.
Keep your primary payment method updated, especially when replacing expired or canceled cards.
Make sure alternative payment methods (e.g., linked bank accounts) are active to provide a backup option.
FAQs
Q: What should I do if my payment fails after updating my debit card?
A: Check that your new card information is correctly entered and that your bank allows the transaction. If the issue persists, try manually initiating a payment or consult True Finance support.
Q: Can I manually repay all my previous advances?
A: No, you can only manually repay the most recent advance. Payments for prior advances will be collected automatically.
Q: How do I add a new payment method?
A: Go to the app’s main page, click the gear icon, select Manage Subscription, and add a new card under Payment Methods. Make sure to designate it as the Primary payment method.