Handling Bounced Bill 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 there are not sufficient funds to process a payment.
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 vendors banking details in BillPay (in BillPay select Manage Vendors, locate the vendor and update the required banking details).
4. Create a new Bill for the failed payment. To ensure you do not get a duplication error in your accounting software, add -1 or -Retry to the invoice number on the new invoice in Float.
    
5. Monitor the payment status to ensure that the retry was successful and the payment has been processed.

Note: The original failed payment will remain in the payments tab. Functionality to delete or reschedule failed payments is coming soon.