Cloudfloat | Frequently asked questions

Frequently asked questions

What is Cloudfloat?

Cloudfloat is an innovative new solution that allows business to pay invoices over a period of time via instalments.

How does it work?

Businesses can use their business debit or credit card to make payments on an outstanding invoice even if the supplier doesn't take credit cards. We pay the supplier the whole amount and Businesses can elect to re-pay us the whole amount immediately or spread the payments out over 14 day instalments.

How do I sign up for Cloudfloat?

Currently Cloudfloat is in "restricted private access". In order to create an account, you will need to register at get started in a few easy steps. A confirmation email from us will advise when you are good to go.

What is required to have a Cloudfloat account?

To sign up for Cloudfloat, you must:

Are there any interest or fees associated with paying invoices?

Cloudfloat charges no interest, application fee or account keeping fee. However, we do charge a payment processing fee payable each time the instalment payment is made to us. This will only apply if the supplier is not a registered merchant partner with Cloudfloat. There are no other ongoing fees, as long as the installment payments are made on time everytime. We strive always to be more transparent and fair than any other form of pay later arrangements are available. The fees are listed below:

Note: Where the supplier is a registered merchant partner with us, the supplier can specify no payment processing fees for you.

Are there any late payment fees?

Cloudfloat charges 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 encourgae you to pay on time. As late payments may mean to you will have reduced access to the service over the longer term.

What are my invoice payment options?

When you pay an invoice over $300 or more with Cloudfloat, you can re-pay over 2 to 4 fortnightly instalments. For paying invoices over $3,000, you can re-pay up to 6 instalments.

Why was I prompted to link my business debit card?

The quickest and easiest way to link your bank account to make repayments to Cloudfloat is linking your Visa, Master or American Express (debit or credit card) to your Cloudfloat account. If you don't have a debit or credit card for your business accunt, we offer Direct Debit from your bank account. But this can be slower.

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 may elect to impose starting limits on invoice amounts and/or number of invoices.

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.

Does Cloudfloat report to credit bureaus?

In the event of default or non-payment, we will report the business to the credit bureau. Our goal is to give you the opportunity to build your credit 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.

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.