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Handling Bounced or Failed Bill Payments

  • Updated

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

  1. Log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor
  2. Ensure the name matches the name the bank has on file (not case sensitive)
  3. Ensure the routing, transit, and account numbers are correct
  4. Save

 

Account Inactive or Dormant
Account Closed

  1. If payment was issued, the receiving bank will return the funds. See "Beneficiary bank returned" below. 
  2. Contact the vendor and request alternative account information to send the payment
  3. Once received, log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor
  4. Update the name, routing, transit and account numbers as applicable.
  5. Save

 

Insufficient Funds

  • When paying from Float Balance 
  • When paying from your connected bank
    1. See which account is connected to Float at Banking > Funding > "Funding Source:"
    2. Log-in to the online banking portal where you manage that account and add funds to the account

 

Beneficiary name mismatch
Invalid beneficiary details

  1. Verify that the receiving account details you have on-hand are correct and contact the vendor if necessary to receive accurate details.
  2. Log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor.
  3. Update the name and/or other details to accurately match the receiving account information. 
  4. Save

 

Account currency mismatch

  1. Contact the vendor and receive account details for the account where they will receive payment in the correct currency
  2. Log-in to Float and go to Bill Pay > Manage Vendors > locate and click the applicable vendor.
  3. Update the Payment Credentials to match the new account
  4. Save

 

Beneficiary bank returned

  1. The receiving bank is returning the funds received, usually due to a closed or frozen account. 
  2. The funds will be returned to your business' Float balance following normal transfer timelines. 
  3. See Account Inactive or Dormant / Account Closed above for steps to resolve.

 

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