Auto-funding allows users to preset a top-up amount and a minimum balance to ensure your account has a healthy balance at all times!

How does auto-funding work?

Any admin can navigate to the funding page within their Float accounts and select a minimum balance threshold - we recommend using your average expected spend over a 5-day period.

You can then set a top-up amount for the system to trigger when the balance falls below the minimum threshold - we recommend using your average expected spend over a 10-day period to account for transfer times and to minimize the number of top-ups (and withdrawals from your bank account). 

To enable auto-funding:

1. Navigate to the Funding page of your Float account
2. Click "Auto-Funding"     
   
3. Enable "Auto-Funding"
4. Set the "Amount to Transfer" and "When balance falls below" amounts
5. Click Save

And that's it! You can now forget about funding your Float account unless there's an urgent unexpected need for funds. We'll take care of your top-ups and follow the rules you've set!

Auto-Paydowns  for Charge Card Customers

You can now easily pay down your balance throughout the month to free up spend for your 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. 

From the “Funding” page, go to your CAD Charge Card and click “Early Repayments”. From there you can customize the paydown rules for your business and ensure your account never runs out of credit.

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.