Velocity limits are limits on how much your bank account can accept via online payment processing. There are three limits:
A limit on a single transaction amount.
A limit on the total period amount (the "total period" is typically a month).
A limit on the total period count (the number of transactions).
The limits apply for each bank account set up in Yardi, and they are based on the expected activity in the bank account.
If a payment exceeds one of the limits, it is temporarily suspended for internal review by the SPOC. Once the review is finished, the SPOC will receive an email notification. The SPOC can then go to the payment portal, where you can view the transaction and "push" it through.
Note: Only the SPOC user can push through suspended transactions.
How to know if there are suspended transactions
If a transaction surpasses the bank account's velocity limits, the SPOC user will receive an email notification letting them know that the transaction has been suspended. An example is shown below.
You can also see suspended transactions on the Payment Failures Dashboard (menu path: Reporting > Electronic Payments > Payment Failures).
In the Reason field, the following velocity exception messages can appear:
Single_Amount_Exception – Exceeded maximum amount for a single item.
Period_Amount_Exception – Exceeded maximum amount for the period.
Period_Count_Exception – Exceeded maximum number of transactions per period.
To push through suspended transactions
Note: Only the SPOC user can take the following steps. These instructions are written for the SPOC user to follow.
Click your initials in the upper right-hand corner of the screen.
Select Company Settings, then click KYC/Payments Portal.
The Payment Processing dashboard appears.
ACH transactions that exceed velocity limits appear on the dashboard for six days. CHECKscan transactions appear for 45 days.
Click the Reprocess ACH Velocity Failures tile. The screen shows the failed transactions.
Select the payments to reprocess and enter a reason. (If there are multiple failed payments, you can apply the same reason to them all.)
Click Submit. The payments are sent for reprocessing. They will appear in your bank account within a few business days.
Notes
ACH transactions that exceed velocity limits appear on the dashboard for six days. CHECKscan transactions that exceed velocity limits are available on the dashboard for 45 days.
After six days for ACH payments (and 45 for CHECKscan), the transactions are removed from the dashboard, and you have to NSF the payment and request another payment from the tenant.
Reports and Notifications
Failed Payments Report: To generate the Failed Payments report, go to Reporting > Electronic Payments > Payment Failures.
Email Notification: The single point of contact (SPOC) receives an email for any failed payments.
Bell Notification: To check for notifications, look at the bell icon in the upper right-hand corner of the Breeze screen. If there is a number next to the bell, you have received one or more notifications. Click the bell and the notifications appear below it.
Viewing Velocity Limits
You can view the velocity limits per transaction and period for each bank that is set up for online payments.
Navigate to the Payments Portal (shown above).
Click the View/Edit Bank Accounts tab. A list of bank accounts appears.
Click the Add Services button for any bank account. A report appears that displays the velocity limits.