When processing a bill payment through Float, you might be wondering: how long will it take for payment to reach your vendor? What are your processing times? We’ve got you covered with a quick guide to help you understand payment processing times with Float a little better.
How Long Does It Take for Payments to Reach Vendors?
From Float Balance: Payments typically take only 1-2 business days to reach your vendor when you pay from your Float balance. Same Day Payments must be scheduled before 12PM EST.
From Connected Bank Account: Payments generally take 3-5 business days when made directly from a connected bank account. Same Day Payments must be scheduled before 5PM EST.
Why Do Processing Times Differ?
Paying from your Float balance allows for quicker transactions because the funds are pre-loaded and ready for immediate use from Float. In contrast, payments from a connected bank account must go through the standard bank transfer system, which can take longer and is outside of Float's control.
Is There a Maximum Payment Volume That Can Be Processed?
Float Bill Pay has no payment limits, meaning you can process bills of any size without restriction. This flexibility allows you to manage your finances efficiently regardless of the volume of transactions. Using Float to pay your bills will not affect your company's current spending limits associated with Float’s card products.
How Are Payments Processed with Float?
Payments in Float are completed in batches, simplifying your payment workflow by consolidating multiple transactions into a single withdrawal. For example, if you schedule payments for five bills on May 1st, Float will make one withdrawal from your bank account for the total amount of all five bills. This batch processing method reduces the number of individual transactions on your bank statement, which will appear as a single top-up to Float for the entire batch amount. This approach streamlines your financial records and simplifies the reconciliation process, making it easier to track and manage your outgoing payments.
For more information on Batch Payments, see: How Do Batch Payments Work?
Payment Reversals
- Payment reversals take 1-3 business days to complete.