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How Do Batch Payments Work?

  • Updated

Float simplifies your bill payment workflow by completing payments in batches. This guide explains how batch payments work, how to process them, and how to reference them in your records.

 

Understanding Batch Payments

Batch payments consolidate multiple bill payments scheduled for the same day into a single transaction, minimizing the number of withdrawals from your bank account. This process not only streamlines your payment management but also helps maintain clear financial records.

For example, if you schedule payments for 5 bills on May 1st, Float will initiate a single withdrawal from your bank account for the total amount of all 5 bills. This will appear on your bank statement as one transaction, labelled as a top-up to Float.

The diagram below illustrates how batch payments consolidate multiple bills into one seamless transaction:

 

Benefits of Batch Payments

  • Efficiency: Reduces the number of transactions and simplifies the reconciliation process.
  • Clarity: Makes it easier to track payments and manage cash flow.
  • Convenience: Streamlines payment processing by handling multiple bills at once

 

How Do I Pay Multiple Bills At Once?

Paying multiple bills at once with Float is simple and efficient. Follow these steps to batch pay your bills:

  1. Open the Float web app and go to the 'Bill Pay' section on your screen.
  2. Click on the 'Unpaid' tab to view bills that are ready for payment.
  3. Select the bills you wish to pay by checking the boxes next to each bill.
  4. A pop-up will appear at the bottom of your screen. Use it to select a payment date for the batch of bills.

Where Can I View My Batch Payments? 

You can easily track all of your payments in the Payments tab on your Float Bill Pay page. This tab provides a comprehensive overview of your bills, organized by payment date (batch payments). In the Payments tab, you can view:

  • Bill Status: Check whether each bill has been paid or is still pending.
  • Sync Status: Verify if the payment has been synced with your accounting software.
  • Vendor Details: See the vendor name associated with each payment.
  • Invoice Information: View invoice numbers and dates for easy reference.
  • Approval Details: Review the approval policy and approver information.
  • Share Payment Information: Use the three dots on the right-hand side to share payment details or access additional options.

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