Your funds may not have arrived in your Aspire virtual account due to a Paynow network timeout.
At times, your funds might not be received due to network timeouts which affect all participating banks and non-bank financial institutions on the same Paynow network.
This can happen:
- Before the transaction is successfully sent - resulting in a failure message on the sender's end
- After the transaction is successfully sent - resulting in a successful confirmation screenshot on the sender's end (See image 1), but funds reverse back just a few seconds later into the sender's account. Sender will be able to see this reversal in their transaction history (See image 2)
As advised by the Association of Banks Singapore: "Merchants are NOT to rely on a sender's payment screenshot as confirmation that funds were successfully credited to the merchant's account".
Because of timeouts, a sender may have a screenshot proof of successful transfer, but this does not rule out the possibility of a network timeout causing funds to be reversed back to the sender.
Retailers/Merchants are advised to ONLY release goods & services once the funds have been sighted in their virtual account, and NOT rely on a payment screenshot by sender as proof.
If you are unable to sight a Paynow transfer in your virtual account, please refer to the steps below:
- Ask your sender to check their transaction history to see if the funds were reversed back into their account. The sender may insist that a payment screenshot was sent, but please explain the funds may have also been reversed due to a network timeout, and that a Payment screenshot is not proof that funds were successfully credited to the account.
- If your sender confirms that funds were not reversed back into his account under transaction history, and provides proof of payment screenshot - please provide Aspire with the missing Amount, Date, Time, and whether the Sender transferred to your QR Code, VPA, or your UEN.
- Note: If your sender transferred to your company's UEN, the payment would have landed in another non-Aspire bank account linked to the UEN.
- Always ensure that the Paynow transfer has been deducted from your client's bank before you release any goods/services.
- Aspire may deactivate your Paynow account if there is no activity for some time. You can request for Paynow again in-app.
Questions? Please let us know here or chat with us during business hours (Mon - Fri, 9AM - 5.30PM SGT) by clicking on the green chat bubble on the lower right-hand side.