Quick Reads
- Payment reference numbers help businesses match transactions to invoices and ensure accurate records.
- Depending on how you’re making payments and your banking platform, you will have different options for tracking.
- Monitoring the status of your transaction will keep you informed on whether your payment is pending, unsuccessful, or has been completed.
- If you have any payment issues or unresolved issues with your bank, you can contact NPCI and RBI.
Have you ever sent a payment and then become frustrated that you couldn’t find out where it had gone? Having an understanding of how payments are tracked can help you quickly track down your payments and understand what has gone wrong with any unexpected payments.
What is a Payment Reference Number?
The payment reference number is a unique number that allows banks and payment platforms to know what transactions have occurred. It ensures payment can be matched to the transaction details.
When making a payment to a supplier of ₹10,000 rupees, your bank can identify it by looking at the transaction reference and ensure you haven’t paid them. They help companies organise their payments, ensuring they are correctly allocated to an invoice, order, or account.
How Does a Payment Reference Number Work?
A payment reference number is used to reference a specific transaction and will allow banks and payment services to find that transaction. The reference number will vary depending on the payment method and service being used.
UPI payments will have a UPI transaction ID. Bank transfers may have a unique reference number called a Unique Transaction Reference (UTR). Both will help locate a specific transaction.
What are the Different Types of Payment Reference Numbers?
Depending on the mode of payment, you can have different payment reference numbers. Some of them are:
- Bank transfer reference number: This helps identify the transaction done via NEFT, RTGS, or IMPS.
- UPI reference number: This helps track your payments done through UPI apps and banking platforms.
- Card reference number: This helps you find your credit/debit card transactions.
- Payment gateway reference number: This helps you identify your online payments and will help businesses match the transactions with their records.
How Can You Track a Payment Using a Reference Number?
You can track payments made using the banking app or payment platform.
Step 1: Find the Payment Reference Number
You’ll find the reference number on your payment receipt, SMS/email, or banking app.
Step 2: Check the Status of Payment
Log in to your banking app/internet banking and look at your transaction history.
Step 3. Contact Your Bank
If there is still an issue, then you can contact customer support. Use the reference number, date of payment, and the amount paid.
Step 4. Raise a Complaint, if the Issue Persists
If you are using UPI to make payments, you can raise a complaint through the payment app or your bank. You can also raise a complaint via the NPCI complaints portal. If you still have issues, follow the guide provided by RBI for grievance redressal.
Conclusion
Payment reference numbers are a great tool to have for both personal and business use so that you can easily find any invoices and ensure you are paying on time. However, sometimes businesses can experience late payments or unexpected costs.
At Lendingkart, we offer business loans to eligible businesses that may need some extra funds to help them with their running costs, purchasing stock, or temporary cash flow problems. With your payment details on hand and a clear idea of what you need funding for, you can make more informed decisions and run your business more efficiently.
Frequently Asked Questions (FAQs)
1. Where can I find my payment reference number?
You will generally be able to find your payment reference number on your bank statement, payment confirmation (either SMS/email), mobile banking app, or payment platform.
2. Is a payment reference number the same as a UTR number?
Not necessarily. Payment reference numbers are a general term used to refer to an identifier for a transaction. The UTR number refers to identifying transactions within specific payment systems. For example, the RBI identifies the UTR number for RTGS payments as being a 22-character code.
3. Is my UPI transaction ID the same as my payment reference number?
Your UPI transaction ID will act as an identifier for your UPI payment. Depending on your app or bank, there may be additional reference numbers included.
4. Can I use my reference number to track my payment?
You may be able to use your reference number to track your payment. However, your bank or payment provider may also require you to include the date of the payment or amount of payment.
5. What should I do if my payment has been debited but hasn’t gone through?
Check the status of your payment in your payment app or bank. If you’re still having issues, then contact your bank or payment provider and provide them with your reference number so they can investigate.
