In rare occasions a Bill Payment bay bounce or fail due to incorrect payment details or another issue. When a bill payment fails, Float Administrators will receive a notification outlining why the payment bounced.
Invalid Account Name/Number
Invalid bank/branch code
Account Inactive or Dormant
Account Closed
Insufficient Funds
Beneficiary name mismatch
Invalid beneficiary details
Account currency mismatch
Beneficiary bank returned
After resolving the issue causing the failure
- Create a new Bill to reattempt the failed payment.
- To avoid a duplication error in your accounting software, add a sufflix like "-1" or to the invoice number, ie "INV-1234-1"
- The original failed payment will remain in the payments tab. The ability to delete or reschedule failed payments is coming soon.
Common Payment Failure reasons:
Invalid Account Name/Number
Invalid bank/branch code
- Log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor
- Ensure the name matches the name the bank has on file (not case sensitive)
- Ensure the routing, transit, and account numbers are correct
- Save
Account Inactive or Dormant
Account Closed
- If payment was issued, the receiving bank will return the funds. See "Beneficiary bank returned" below.
- Contact the vendor and request alternative account information to send the payment
- Once received, log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor
- Update the name, routing, transit and account numbers as applicable.
- Save
Insufficient Funds
-
When paying from Float Balance
- Top up your Float business' Float balance from Banking> Funding > Transfer Funds.
- To add funds in the time it takes to send an email, use Interac e-Transfer. See: Funding Your Business' Float Balance with Interac e-Transfer
-
When paying from your connected bank
- See which account is connected to Float at Banking > Funding > "Funding Source:"
- Log-in to the online banking portal where you manage that account and add funds to the account
Beneficiary name mismatch
Invalid beneficiary details
- Verify that the receiving account details you have on-hand are correct and contact the vendor if necessary to receive accurate details.
- Log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor.
- Update the name and/or other details to accurately match the receiving account information.
- Save
Account currency mismatch
- Contact the vendor and receive account details for the account where they will receive payment in the correct currency
- Log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor.
- Update the Payment Credentials to match the new account
- Save
Beneficiary bank returned
- The receiving bank is returning the funds received, usually due to a closed or frozen account.
- The funds will be returned to your business' Float balance following normal transfer timelines.
- See Account Inactive or Dormant / Account Closed above for steps to resolve.