My payment is taking ages to land
Payments
It’s understandable that, especially for time-sensitive deals, you are keen to know the status of your payment and whether Odin has received it.
We have a near-100% acceptance rate for payments, and generally-speaking the only times we have issues are when transfers are sent from ‘high-risk countries’ or when an investor’s bank has blocked the transfer.
Odin runs 2 automatic payment reconciliations per day, and we also conduct a manual reconciliation in the morning (UK time) for any payments that weren’t automatically reconciled during the previous day. Odin also keeps a log of all irreconcilable payments that come through without a reference or a payer name and actively resolves them, so please be assured we will never ‘miss’ a payment.
If you wire without a payment reference, please contact our Customer Support team and flag this. That way, when the payment lands, our Deal Operations team will have a shortlist of investors to cross-check non-reconciled payments against.
If it’s been over 5 business days since a transfer was made and Odin hasn’t received it, we can raise the issue with Wise (our banking partner for investor transfers). To do so, we require at the very least a transfer receipt from your bank, and ideally an MT103.
The transfer receipt must contain all of the following information, with no text obscured:
- Sender full name;
- Sender account number;
- Recipient account number (and SWIFT code if applicable);
- Date of transaction;
- Amount in sent currency, and;
- Payment reference used.
If your bank refuses to approve the transfer for whatever reason, you can share your transfer instruction PDF from the platform, which is designed to function as a capital call. Failing that, Odin can arrange for a director’s resolution letter to be drafted which confirms the transaction and the relationship between Odin and the investor. This can be requested from our Customer Support team if other avenues have been exhausted.
If you didn’t transfer enough, or want to increase your commitment, you can simply execute a second wire using the same transfer instructions and payment reference. Once reconciled, the total received will update in Odin.
If you don’t hold a bank account in the currency that the deal is denominated in, or have previously encountered issues with transferring to Odin, our advice is for you to create a bank account with Wise or Revolut, which will enable you to wire quickly and easily in any of the three currencies Odin currently supports deals in.