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Payments Overview

  • Updated

Float’s Bill Pay system provides an efficient solution for managing and processing your business payments. This overview covers funding sources, scheduling payments, payment processing times, paying in different currencies, authorizing the release of funds, cancelling payments and how to handle various payment-related issues.



Funding Sources for Bill Pay

Paying from your Float balance offers faster transactions and interest earnings, while paying from a connected bank account provides flexibility for using existing bank accounts. Float balance payments are available to all plans, whereas bank payments are limited to Professional and Enterprise plans.

Pay Directly from Float Balance:

  • Complete payments 4x faster by using your pre-funded Float balance.
  • Earn 4% interest on funds held in your Float balance (excluding Charge Card customers).
  • Available to customers on all Float pricing plans (excluding Charge)
  • You can configure Auto-Funding to ensure a sufficient balance is always present.

Pay from Bank Connection:

  • Pay bills from the connected bank account used to top-up your Float balance.
  • Available only to customers on Float Professional or Enterprise plans.
  • To connect a new bank account, you can follow the relevant steps for Changing a banking connection.
  • Note: Paying from a Bank connection is only available on Float Professional or Enterprise plans. Float’s Essentials plan allows payments only from Float balance.



Scheduling Payments

Pre-scheduling a payment with Float’s Bill Pay is simple and efficient. Here’s how to schedule your payments:

  1. Open your Float account and go to the 'Bill Pay' tab.
  2. Click on the 'Drafts' tab to add a new bill or select an existing draft bill.
  3. Under 'Bill Details,' choose your desired Payment Date.

What Happens Next?

  • Approval Process: If there are no errors on your bill, it will proceed to the approval process. Once approved, the bill will be automatically scheduled for payment.
  • Skipping the Unpaid Tab: Your bill will bypass the Unpaid tab and be scheduled for payment on the selected date. If no payment date is selected, you bill will be in the “Unpaid” tab.



Payment Processing Times

From Float Balance:

  • Payments typically take 1-2 business days to reach your vendor when you pay from your Float balance.

From Connected Bank Account:

  • Payments generally take 3-5 business days when made directly from a connected bank account.

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.

Payment Reversals

  • Payment reversals take 1-3 business days to complete. 



Maximum Payment Volume

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 Payments Are Processed

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.



Paying CAD and USD Bills

Paying CAD Bills:

  • CAD bills can be paid directly from your CAD Float balance or your connected CAD funding sources (Exclusive to Professional plan and Enterprise plan).

Paying USD Bills:

  • USD bills can be paid from your USD Float balance or your connected USD funding sources (Exclusive to Professional plan and Enterprise plan).



Authorizing Funds Release

After bills are approved, funds need to be authorized for release. This step ensures that only authorized personnel can release payments, maintaining control over your company’s expenditures.

Steps to Authorize Funds Release:

  1. Access your Float account and navigate to the 'Bill Pay' section.
  2. Click on the 'Payments' tab to view approved bills that are ready for payment.
  3. Find the bill that needs funds to be authorized for release.
  4. Click the 'Authorize' button next to the bill to release the funds.
  5. A confirmation prompt will appear. Confirm to authorize the release of funds.

Note:

  • Only administrators can authorize the release of funds. This ensures that payment authorization is controlled and secure.



Payment Details in Bank Accounts 

When payments are processed through Float’s Bill Pay, specific details are included in the transaction to ensure clarity for both your company and the vendor. Here are the key details you can expect to see:

Transaction Details:

  • Legal Business Name: The name of your business will be included in the transaction details. This helps the vendor easily identify the source of the payment.
  • Invoice Number: The invoice number will also be included in the transaction details, allowing for straightforward reconciliation by the vendor.

These details ensure that payments are easily identifiable and can be matched to the correct invoices, helping both parties maintain clear and accurate financial records.

Reference Number:

  • The reference number is included in the payment details and will be shown in supported banks. This provides an additional layer of information that can be used to track and verify transactions.

Note: The way these details are displayed can vary from bank to bank.

 


Handling Bounced Payments

In case a payment bounces, it’s important to take immediate action to resolve the issue and ensure your vendor gets paid. Here are the steps to handle bounced payments in Float:

  1. Administrators will receive a notification from Float indicating that a payment has bounced.
  2. Check the details in the notification to understand why the payment bounced. Ex. Incorrect banking details.
  3. If the issue was due to incorrect bank details, update the bank information for the vendor or the funding source.
  4. Locate the bounced payment in the 'Payments' tab click on the payment and reschedule for a new payment date.
  5. Monitor the payment status to ensure that the retry was successful and the payment has been processed.

 


Handling NSF (Not Sufficient Funds) Issues

If there are insufficient funds in your account to process a payment, it’s crucial to address the issue promptly to avoid delays in paying your vendors. Here are the steps to handle NSF issues in Float:

  1. Administrators will receive a notification from Float indicating that there are not sufficient funds to process a payment.
  2. Verify the balance in your Float account or connected bank account to confirm the insufficient funds issue.
  3. Top-up your Float balance or ensure that your connected bank account has adequate funds to cover the payment.
  4. Locate the payment that failed due to insufficient funds. Click on the payment and reschedule for a new payment date.
  5. Monitor the payment status to ensure that the retry was successful and the payment has been processed.



How to Cancel a Payment

If you need to cancel a scheduled payment in Float’s Bill Pay, you can reschedule it or delete it altogether. This will automatically unapprove the payment if it was previously approved. Here’s how to do it:

  1. Open your Float account and go to the 'Bill Pay' section.
  2. Click on the 'Payments' section and locate the bill you want to cancel.
  3. Click on the bill and then click the "Unschedule" button, this will move the bill back to the 'Unpaid' tab.
  4. Move the bill to 'Drafts' and delete it, or reschedule the payment.

Note: If the payment process has already started (e.g., funds are being withdrawn), you may not be able to cancel it through the interface. In such cases, contact Float support for assistance. Payment reversals take 1-3 business days to complete. 



Marking Bills as Paid/Unpaid

Sometimes, you may need to update the status of a bill to reflect recent changes or corrections. Marking bills as paid or unpaid in Float ensures accurate financial records and simplifies the reconciliation process. Follow these steps to update the status of your bills effectively.

  1. Open the bill you want to update in the 'Bill Pay' section.
  2. Click the 'Mark as Paid' or 'Mark as Unpaid' button, depending on the current status of the bill.

 

Float's Bill Pay system streamlines your payment processes, reduces transaction times, and provides clear financial records. By using Float, you can ensure timely payments, maintain control over expenditures, and efficiently manage your business finances.

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