Auto-Topup allows you to preset a top-up amount and a minimum balance to ensure that your Cash account has a healthy balance at all times. Auto-Paydowns allow Charge Card customers to free up spend for their Float Cards.
Guide Overview
Auto-Paydowns for Charge Card Customers
What happens if an Auto-topups fails?
How do Auto-Topups Work?
Any admin can navigate to the funding page within their Float accounts and select a minimum balance threshold, and set a top-up amount, which would automatically request a top up, every time your balance falls below the threshold.
When auto-topups are enabled on one of your accounts, Float checks every 30 minutes to see if the balance (plus any already initiated topup transfers) is below the threshold and initiates a transfer if it is.
We recommend using your average expected spend over a 5-day period for your minimum balance threshold and your average expected spend over a 10-day period for your set top up amount, to account for transfer times and to minimize the number of top-ups (and withdrawals from your bank account).
How to Enable Auto Topups:
- Navigate to Accounts > Overview
- Click your Cash account
- Next to Auto-topup, click "Enable" or "Edit"
- Set the "Automatically transfer" and "When my spending power falls below" amounts. We recommend setting each of these values to match at least three business days' worth of typical spending.
- The "From" account drop-down will automatically populate with your connected bank account (funding source) of the matching currency. Only one connected bank account (per currency) can be set as a funding source at a time. To change the funding source, see: How to Change or Disconnect a Bank Account Connection
- Check "Enabled"
Click "Save"
And that's it! Our system will take care of your automatic top-ups and follow the rules you've set!
IMPORTANT:
Transfers follow standard EFT rails and can take 3 or more business days from the day of the transfer to complete
If you are setting up auto-funding for the first time, the system will initiate top-ups every hour until the minimum balance threshold has been met.
Eg: If your minimum balance threshold is $500 and your top-up amount is $200, the system will initiate three separate top-ups of $200 over three hours until your balance is at or above $500
Auto-Paydowns for Charge Card Customers
Charge Card customers can easily pay down Charge balances throughout the month to free up spend for their Float Cards! With Float’s automated paydowns, you can set a rule to pay down a specific amount of your balance when your Spending Power falls below a certain threshold. You can select either your cash account or connected bank account for auto-paydown.
From the Accounts page, go to your CAD Charge Card and click “Auto-Paydown”. From there, you can customize the paydown rules for your business and ensure your account never runs out of credit.
To Enable Auto-Paydowns:
Navigate to Accounts > Overview
Click your Charge account
Next to Auto-paydown, click "Enable" or "Edit"
Set the "Automatically transfer" and "When my available balance falls below" amounts. We recommend setting each of these values to match at least three business days' of typical spending.
Select the account you'd like the transfer to come from (your Float Cash account of the same currency or connected bank)
Check "Enabled"
Click Save
What happens if an auto-topup fails?
If an auto-topup (or auto-paydown) transfer to Float fails due to insufficient funds in the connected bank account or any other reason:
Auto-topup (or auto paydown) will be deactivated to prevent subsequent automated transfer attempts
The Primary Administrator will receive an automated notification advising that "Your recent funds transfer could not be completed"
Our risk team may reach out directly to request more details regarding the nature of the failure
You can re-enable auto-topup following the instructions above