Handling Reversed / Failed Bill Payments

A bill payment that was reversed or failed will show on Float as a reversed payment. When a bill payment is reversed, Float Administrators will receive a notification outlining why. Listed below are common reasons as to why a bill payment would be reversed:

Invalid Account Name/Number
Invalid bank/branch code
Account Inactive or Dormant
Account Closed
Insufficient Funds (NSF)
Beneficiary name mismatch
Invalid beneficiary details
Account currency mismatch
Beneficiary bank returned

What does a Reversed Payment look like in Float?

In Float, a reversed bill payment will show as "Reversed" in the Bill Status column, from both the "Payments" and "All Bills" sections of the Bill Pay page. 

Note: If you hover over the question mark icon beside the reversed bill status, the reason for the reversal will be shown.

When Will the Funds for Reversed Payments be Returned?

If your bill payment was reversed, the funds will be returned to your Cash balance in 1-3 business days.

How to Verify when Reversed Payments have been Returned?

If it has been longer than 3 business days, you can verify that the funds from a reversed bill payment have been returned by downloading your monthly account statement. In the statement, you'll be able to locate the line item showing the funds being returned and on which date they were returned. 

To download your account statement, follow the steps below:

• Navigate to the Transactions page > Select the "Statements" header
• Select the appropriate date period from the drop-down menu > Filter for the currency of the bill payment
• Select the "PDF Statement" or "CSV Statement" button to download the statement 

How to Re-Submit a Reversed Payment

Once you have resolved the issue that caused the payment to be reversed, you will be able to follow the steps below to re-submit your invoice.

• Create a new Bill to reattempt the failed payment.
• To avoid a duplication error in your accounting software, add a suffix 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 reversed payments is coming soon.
  

Common Payment Reversal Reasons: 

Invalid Account Name/Number or 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 your changes

Account Inactive, 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 your changes

Insufficient Funds (NSF)

When paying from Float Cash Balance: 

• • Top up your Float business' Float balance from Banking> Funding > Transfer Funds. See: Funding Overview
  • 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:

1. 1. 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 or 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's Float balance following normal transfer timelines. 
3. See Account Inactive or Dormant / Account Closed above for steps to resolve.