Auto-Topups and Auto-Paydowns

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. 

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:

1. Navigate to Banking > Accounts 
2. Click your Cash account
3. Next to Auto-topup, click "Manage" 
   
4.  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' of typical spending.
5. Check "Enabled"
   
6. 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.