Funding your business' Float balance enables spending on pre-funded Float cards, Bill Payments to vendors and Reimbursement payouts to your employees, as well as earning 4% Yield. This guide will outline the key concepts to understand and steps to fund your business' Float balance.
Funding from a Connected Bank Account
Understanding Spending Power
Your business' cash balance (or credit limit for charge accounts) less the total of any pending transactions determines your business' spending power (per currency). Administrators can view their business' per-currency spending power from Banking > Funding.
- You must have sufficient business funds to successfully make transactions with Float cards.
- If a transaction is attempted for an amount that is in excess of the business' available spending power - even if the card has sufficient available limit - the transaction will be declined with the error "Insufficient Business Funds".
- If a card's limit is higher than the business' spending power, the Card page will display "Business Funds are lower than card's remaining limit" in place of the remaining limit amount.
Ensure your spenders are always able to use their cards (and earn 4% yield on your Float balance) by funding your Float account with Interac e-Transfer, a connected bank account and configuring auto-funding!
Interac e-Transfer funding
Interac e-Tranfser allows you to add funds to your business' Float balance instantly*, so you can get funds where you need them right away. Securely transfer up to $25,000 CAD in the time it takes to send an email!
- Simply register an email address to receive your e-Transfer payments from Banking > Funding > Transfer Now > Interac e-Transfer.
- Once verified, all future e-Transfers you send to that address will be auto-deposited instantly* to your business' Float balance.
- To enable Interac e-Transfers, your business must also have a connected and verified CAD bank account. Your e-Transfers do not need to originate from this account.
For detailed configuration instructions and more information, see: Funding Your Business' Float Balance with Interac e-Transfer
To load funding in amounts greater than $25,000 CAD, USD or to automate your funding, transfer from a connected bank account!
Funding from a Connected Bank Account
Top up your business' funding balance to increase your spending power and earn 4% Yield by connecting a bank account to Float. See these guides for detailed connection instructions:
Connecting CAD Bank Accounts to Float
Connecting USD Bank Accounts to Float
- Once you have connected a bank account, initiate a funding transfer from Banking > Funding > Transfer Funds > Bank Transfer. Enter an amount and a comment and click "Continue" to initiate the transfer.
- Reduce administration and increase peace of mind that your business will always have a sufficient balance in Float balance by configuring Auto-Funding. See: Auto-Funding your business' Float account balance
Funds will be added to your business' Float balance when they are received, according to the timelines outlined below.
Funding Top-Up Timelines
Interac e-Transfer
Interac e-Transfers to your business' Float balance arrive right away - in the time it takes to send an email.
*The funds will be recognized in your business' Float balance immediately upon receipt. Usually this is nearly instantaneously, but banks sometimes hold the first large transfer to a new email address for approval (typically for up to an hour).
From Connected Bank Account
Transfers from a connected bank account follow standard EFT rails in Canada and can take 3 or more business days to complete.
You may notice a debit authorization in your bank account within 1-2 business days. This indicates that the transfer has been approved and initiated (and likely batched) by your bank. Subsequently, the transfer will be received and routed by Float's receiving bank and deposited to Float. The funds will be added to your account as soon as they are received by Float.
Canada's banking system currently lacks Real-Time Rail payment systems and open banking. This prevents payment processing from operating 24/7, leading to longer transfer timelines.
The estimated transfer completion dates shown on Banking > Funding are an accurate representation of the completion date unless an unforeseen event occurs. In such an event, the Primary Administrator of your business' Float account will receive a notification advising of the failure.
Read more here: How long does a top-up take to complete?
Fast Funding
Fast Funding enables 1-business-day transfers from a connected bank account for customers who qualify after an approval process.
Fast Funding is a powerful solution for qualifying customers who wish to fund a USD Float account and/or load more than $25,000 CAD in a single transfer.
To find out if your business qualifies and start the enrolment process, contact support@floatfinancial.com.
For more information, see: Fast Funding FAQ ⚡️
Cancelling a Funding Transfer
Transfers from your connected bank account can be cancelled within a very brief window before several daily cut-off times. If you would like to attempt to cancel a recently initiated transfer please reach out to support@floatfinancial.com.
Interac e-Transfers are deposited instantly and cannot be reverted.