Bill Pay - Payments FAQ

Float supports EFT/Wire payments in CAD and ACH/Wire payments in USD. All bills are paid directly from your connected bank account. The CAD bills are paid from your connected CAD funding source and USD bills are paid from your USD funding source.

Payments are completed in batches – meaning that if you scheduled 5 bills on May 1st, we will initiate a single withdrawal from your bank account for the total of the 5 bills on that day. It will appear in your bank statement as a top-up to Float for the amount of the entire batch.

Q: What are the different methods of payment?

A: You can pay bills using EFT (CAD Only), Wire payments, ACH (USD only). All bills are paid directly from your connected bank account. 

Q: Do Bill Pay payments draw from my Float account balance?

A: At this time, your Bill payments are funded directly from your connected bank accounts, rather than your main Float Account balance. This reduces disruptions to your overall spending power.

Q: Is there a maximum payment volume that can be processed?

A: Float Bill Pay has no payment limits. You can pay bills (small or large) using Float and this does not affect your company's current limits with Float’s card products. 

Q: How long will a payment take to reach my vendor?

A: EFT/ACH payments take on average 2 to 5 business days to process. Wire payments take on average 1 to 3 business days to process.

Q: What happens if a payment is not approved by the payment date set on the bill?  

A: The payment status will change to "Past scheduled". This payment needs to be rescheduled, which can be done in the Payments page. There is a notification that will go out on a recurring basis for all payments that are past the scheduled date and need to be rescheduled. 

Q: How do I send a payment confirmation to my vendor?

A: Yes, after heading over to Bill Pay you can share payment confirmations under the Payments tab. There are 2 options:
1) Share Bill -- which opens the tracking link in another tab that you can send to anyone you want.

2) Download PDF -- Navigate to "Share Payment Confirmation" and click "Print" to obtain a PDF.

Q: What information will the vendor receiving a payment from Float see in their bank account?

A: When a payment is sent to a vendor through Float’s Bill Pay vendors will see:

• Your legal business name
• Invoice number