A bill payment that was reversed, cancelled or failed will show on Float as a reversed payment. When a bill payment is reversed, the funds will be returned to your Float balance, and Administrators will receive a notification outlining why.
You may also see the bill status "cancelled". This indicates that the bill payment was cancelled by Float.
Guide Overview
What does a Reversed Payment look like in Float?
What does a Cancelled Payment look like in Float?
When will the Funds for Reversed Payments be Returned?
Will Reversed or Cancelled Payments Sync to QuickBooks Online (QBO), Xero or Microsoft Dynamics?
How to Re-Submit a Reversed or Cancelled Payment
Common Payment Reversal and Cancellation Reasons
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" tabs 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.
What does a Cancelled Payment look like in Float?
In Float, a cancelled bill payment will show as "Cancelled" in the Bill Status column, from both the "Payments" and "All Bills" tabs of the Bill Pay page.
Note: If you hover over the question mark icon beside the cancelled 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 do I Verify that the Funds have been Returned?
- Log in to your account at app.floatfinancial.com
- Go to Accounts > Statements
- Click on CSV Statements > Use the date picker to select a date range > Locate the account and currency you want (Cash CAD or Cash USD)
Click Download CSV
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In the downloaded CSV:
Scroll to find the line item of the reversed payment and funds being returned to your Float Cash balance
Will Reversed or Cancelled Payments Sync to QuickBooks Online (QBO), Xero or Microsoft Dynamics?
No, reversed and cancelled payments do not sync to QuickBooks Online (QBO), Xero or Dynamics. The bill will remain marked as "Unpaid". However, depending on when the payment failed, a payment record may or may not appear in your accounting system.
Make sure to manually reconcile failed payments in your accounting system. You may need to remove or void partial payment records created before the failure occurred.
How to Re-Submit a Reversed or Cancelled Payment
Once you have resolved the issue that caused the payment to be reversed or cancelled, you will be able to follow the steps below to re-submit your invoice:
- Create a new Bill to reattempt the payment
- To avoid a duplication error in your accounting software, add a suffix like "-1" to the invoice number, ie "INV-1234-1"
- The original failed payment will remain in the payments tab
Note, it is not possible to reschedule payment for a reversed or cancelled bill. A new bill will need to be created and scheduled for payment.
Common Payment Reversal and Cancellation Reasons:
Invalid Account Name/Number or Invalid bank/branch code
Account Inactive or Dormant or Account Closed
Insufficient Funds (NSF)
Beneficiary name mismatch or Invalid beneficiary details
Account currency mismatch
Beneficiary bank returned
Beneficiary requested
Validation Failed
Channel Policy
Invalid Account Name/Number or 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 your changes
Account Inactive, Dormant or Account Closed
If payment was issued, the receiving bank will return the funds. See: Beneficiary bank returned below
Contact the vendor and request alternative payment details 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 your changes
Insufficient Funds (NSF)
When paying from your Float Cash Balance:
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- Top up your Float business's 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's Float Balance with Interac e-Transfer
When paying from your connected bank:
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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 or Invalid beneficiary details
Verify that the receiving account details you have 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's Float balance following normal transfer timelines
- See Account Inactive or Dormant / Account Closed above for steps to resolve
Beneficiary requested
- The recipient or the recipient's financial institution returned the funds, and the payment was not completed
- The funds will be returned to your business's Float balance following normal transfer timelines
- Contact the vendor to verify the reason they or their financial institution returned the payment
- See Account Inactive or Dormant / Account Closed above for steps to resolve
Validation Failed
This reversal reason can occur if your Float business has a P.O. Box listed as the office address instead of a street address.
To resolve, you'd have to update the business's address in Float. To do so, see: How to Change your Business's Physical and Billing Address.
Channel Policy
This decline reason comes from Float’s third-party payment processor. It means the bill payment cannot be processed through their system.
What to do:
- We recommend paying this vendor directly through another method (such as your business bank). If you retry the payment in Float, it will likely be declined again for the same reason
- If you’d like us to look into it further, reach out to support@floatfinancial.com and our team can investigate