What does the status of a payment mean?

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What does the status of a payment mean?

Status shown on the Root Dashboard What this means
  Submitted

 Root has submitted the request for the premium   collection to the bank. Depending on the   configuration of the product, this can be 1 or 2   days before the policy billing day.

  Pending  The premium collection has been created on the   Root platform and pending review by Root it will   be submitted to the bank for processing. 
  Processing  The bank is processing the premium collection.   Note that once a payment has this status, Root   can no longer cancel it.
  Failed  The debit was unsuccessful or has been reversed, and the premium is unpaid.
  Successful
 The premium has been debited from the bank   account.
 

 

What do the payment failure reasons next to a payment mean?

Reason shown on Root Dashboard What this means
 Authorisation cancelled  The bank account holder has instructed the   bank to reverse a debit order and block us   from debiting their account.
 Not provided for (equivalent to r or d on a   cheque)  There were insufficient funds in the bank   account for the debit.
 Payment method failed verification or is   blocked  This is created when the payment method is   blocked, and the bank account can’t be   debited. The platform creates a failed   payment  to keep a record of premiums that   would have been collected, if the payment   method was not blocked.
 (Invalid dest. acct.(cdv)  The bank account details provided for the        payment method  are invalid and the debit        order was rejected by the bank without   processing it.

 

Debit: A  premium collection via debit order.

Bank account holder: The person from whose bank account premiums are paid.

Payment method: In this context it is a debit order.

 

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