Author Topic: Notes Incorrectly being disaplyed as "Processing payment"  (Read 1463 times)

hdsouza

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Notes Incorrectly being disaplyed as "Processing payment"
« on: August 13, 2018, 07:22:02 PM »
I have noticed this several times, So I though I would get details.
On August 10. I wanted to sell a note which was CURRENT, but I could not as it was "Processing payment"


Today (3 days later) I noticed that the same note is in the grace period.


I am concerned now. What kind of payment was the system processing on 8/10 as no payment was ever received?
Am I reading this incorrectly or is there a problem with LC?



Fred93

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Re: Notes Incorrectly being disaplyed as "Processing payment"
« Reply #1 on: August 14, 2018, 02:45:42 AM »
I am concerned now. What kind of payment was the system processing on 8/10 as no payment was ever received?
Am I reading this incorrectly or is there a problem with LC?

This is normal.  Words like "processing" and "received" are throwing you.  I suspect that you imagine that a payment is first "received" and only then "processed".  Actually, it usually works the other way around.  Most payments are an ACH pull transaction initiated by LC.

On the day before a payment is "due", LC sends a request to the bank to pull money out of the account.  This is the start of processing.

The next day the bank may pull the money, or it may not, depending on whether money was in the account, etc.

On the fourth day after that, if the money is in LC's hands, and the account holder hasn't raised an objection asking the bank to pull the money back, LC declares this the payment received.

The fact that this payment went into IGP means that the initial pull failed. 


hdsouza

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Re: Notes Incorrectly being disaplyed as "Processing payment"
« Reply #2 on: August 14, 2018, 05:35:42 PM »
Thanks Fred. Your suggestions are always helpfull

Treerachat

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Re: Notes Incorrectly being disaplyed as "Processing payment"
« Reply #3 on: August 21, 2018, 04:48:39 AM »
This is a very simple table.