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Managing Send Money Recipients

  • Updated

Send Money uses recipients to store who you're paying and their banking details, so you don't have to re-enter them every time.

 

Guide Overview

How to Add a Recipient

How do Send Money Recipients Relate to Bill Pay Vendors?

How to Edit a Recipient's Details

Recipient Currencies

 

How to Add a Recipient

You can add a recipient while sending a payment, or ahead of time from the Send Money settings.

 

Adding a Recipient while sending a payment:

  1. Go to the Payments page > Select "Send Money"
  2. The first step will ask you to either select an existing recipient or create a new one > Select "Pay a new recipient" to create a new one
  3. Add the recipient's details:
    • Recipient Type (Business or Individual)
    • Recipient Name
    • Currency (CAD or USD)
  4. Add the recipient's payment credentials:
    • Payment destination country (country where the receiving bank is located)
    • Payment method (available methods depend on currency and destination country)
    • Payment details for the selected payment method
  5. Add the recipient's address:
    • This would be the individual or business's registered physical address
    • Not the receiving bank's address
  6. Select "Payment details" to finish creating the recipient
  7. Once created, you can submit the payment

 

Adding a Recipient from the Send Money Settings:

  1. Go to the Payments page > Select the ellipses beside "Send Money" > Select "Manage Vendors"
  2. Select "Add Vendor +" > Fill out the vendors details:
    • Name
    • Currency (CAD or USD)
    • [optional] Accounting ID
  3. Select "Create" > Add the payment credentials:
    • Recipient name (legal name of individual or entity that owns the bank account)
    • Payment destination country (country where the receiving bank is located)
    • Payment method (available methods depend on currency and destination country)
    • Payment details for the selected payment method
  4. Add the address:
    • This would be the individual or business's registered physical address
    • Not the receiving bank's address
  5. [optional] Enable automatic payment confirmations
    • Automatically send remittance and proof of payment to the recipient when the payment is approved for release
  6. Select "Save Recipient" at the top of the page

From here you can also search your existing recipients, or check "Hide incomplete" to filter out any recipients missing payment information.

 

Important:

  • The available payment method (EFT, ACH, Wire) is dependent on the selected payment destination country and recipient currency:

    Recipient Currency Payment Destination Country Available Payment Method
    CAD Canada EFT
    CAD United States Wire
    USD Canada Wire
    USD United States ACH, Wire
  • If you have connected accounting software to Float or have created Float-only vendors, they will already be available in your list of existing recipients as business recipients. See: How do Send Money Recipients Relate to Bill Pay Vendors?

 

How do Send Money Recipients Relate to Bill Pay Vendors?

Send Money has two types of recipients:

  • Individual Recipients:
    • Only available in Send Money
    • Use for personal or business payments that don't need to go through your Bill Pay workflow
  • Business Recipients:
    • Shared and the same as Bill Pay vendors
    • Adding a business recipient in Send Money will add them to the Bill Pay vendor list and vice versa
    • The same applies to their payment details. If a Bill Pay vendor has existing payment details, they will be available in Send Money right away

 

How to Edit a Recipient's Details

  1. Go to the Payments page > Select the ellipses beside "Send Money" > Select "Manage Vendors"
  2. Search and select the recipient
  3. Update the payment details
  4. Select "Save Recipient" at the top of the page

Important:

  • Admins will be notified whenever a recipient's details have been changed
  • If a recipient's details are changed and that recipient has an existing payment (pending authorization or scheduled payment date), that payment will move back to the Needs Authorization tab on the Payments page and will need to be re-authorized before it is processed with the updated recipient details
  • It is not possible to remove a recipient's details once they've been added - they can only be updated
  • If a business recipient's details are changed, the updated details will also apply to the matching Bill Pay vendor, and vice versa

 

Recipient Currencies

The recipient's currency, when created (in Float or synced from your accounting system), will dictate the currency of payments that can be made to that recipient. USD payments can't be made to a CAD recipient and vice versa. 

Note: You can’t change a recipient's currency once it has been set. If you need to send a payment in a different currency, create a new recipient in the same currency as the payment you'd like to make.

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