Cloudfloat Payment system made simple - Buy now, pay suppliers on your terms - Frequently asked questions

Frequently asked questions

LAST UPDATED: 17th July 2019

What is Cloudfloat?

Cloudfloat is an innovative new solution that allows business to pay their invoices over time by instalments so they can smooth out their cashflow and get the payment terms their business needs.

How does it work?

Businesses create an account with Cloudfloat and link their bank account. Once the account is active, make payments on any outstanding invoice by uploading a copy of the invoice. We pay the supplier the whole amount and Businesses re-pay us via direct debit by spreading the payments over 14 day instalments.

How do I sign up for Cloudfloat?

Currently Cloudfloat is in "Private Beta". In order to create an account, you will need to Request access. It takes a few easy steps. A registration email from us will advise when you are good to go and you can get started.

What is required to have a Cloudfloat account?

To sign up for Cloudfloat, you must:

Are there any interest or fees associated with Cloudfloat paying invoices?

Cloudfloat charges no interest on outstanding amounts, no application fee or any account keeping fee. Cloudfloat charges a one-time payment processing fee for the invoice payment. This can be split and payable each time the instalment payment is made to us. There are no other ongoing fees, as long as the installment payments are made on time every time. We strive always to be more transparent and fair than any other form of pay later arrangements are available.

Can the fees be reduced or waived?

Yes. With Cloudfloat there are several ways to reduce the payment processing fees on your payables. Cloudfloat takes in to account many factors, including furter identity verification checks for both the user and the business, integration into appropriate accounting and banking systems and importantly, repayment history with Cloudfloat. If your supplier has a merchant relationship with Cloudfloat the opportunity exists for processing fees to be reduced to as low as 3% or even 'No Fees' dependant on the supplier. We will continually advertise our Average Processing Fee rate and provide you with guidance on how to achieve it.

Are there any late payment fees?

Cloudfloat charges a late payment fees as determined by the payment amount due and the delay in payment. Generally speaking, we will attempt to recover payment without charging late payment fees, but will do so only as a last resort. The fee will be specified at the time prior to acceptance of processing the transaction as factors such as invoice amount, number of instalments and payment history with Cloudfloat will all be deciding factor on the potential late fee. But we encourage you to pay on time. As late payments may mean you will have reduced or no access to the service over the longer term.

What are my payment instalment options?

There is no minimum amount required for the transaction to be approved with Cloudfloat. When you pay an invoice using Cloudfloat you can re-pay us over 5 fortnightly instalments covering 60 days or 7 fortnightly instalments covering 90 days.

Why was I prompted to link my business account?

Cloudfloat links directly to your bank account and uses the Direct Debit facility to debit instalments from your bank account. When you first provide your bank details you will be requested to verify it. This will include signing in to your account.

Do I have a credit limit with Cloudfloat?

Cloudfloat is not a credit provider and our solutions are not revolving lines of credit. Cloudfloat is purely a transactional based service and as such you can have as many invoices and as much outstanding as we feel comfortable. If your relationship is new to us we impose starting limits on invoice amounts and the number of invoices we will approve at the one time.

Does Cloudfloat perform a credit check?

No. When you first create a Cloudfloat account, we perform a ‘soft’ credit review to help verify your identity and determine your eligibility for financing for your business. This ‘soft’ credit review will not register on your file or affect your credit score. Cloudfloat has a proprietary rating system that is adjusted based on many factors as your relationship progresses.

Does Cloudfloat report to credit bureaus?

In the event of default or non-payment, we will report the business to an appropriate credit bureau for the purposes of collection. In this case, access to the service can be terminated. Our goal is to give you the opportunity to build your rating history as you repay your instalments with Cloudfloat.

Is Cloudfloat a factoring company?

No. Cloudfloat is not a factoring company, a lending provider or a bank as such we do not take ownership of your invoices.

Is Cloudfloat related to any other financial institution or factoring company?

No. Cloudfloat is not related to any factoring company, a lending provider or a any bank.