Product Education

Get Fast Transfers to Float

Reliable access to funds in Float with fast one business day transfers.

January 10, 2024

Whether you’re a startup, small business, or established firm, cash flow is the lifeblood of the business. Optimizing money in and out of the company to keep cash on hand as long as possible is often top of mind for customers in their spend management strategies. 

That’s why we introduced Fast Funding – one business day transfers when moving money to Float -for eligible customers who leverage Float’s pre-funded corporate cards.

In Canada, where bank transfers typically take a minimum of three days to reach their destination, Fast Funding goes beyond the status quo to bring customers reliable access to the funds they need to spend for their companies. Transfers to Float are fast-tracked to quickly access available funds, so your team doesn’t have to worry about interruptions to spend.

How it Works ⚙️

The power of Float’s Accounting Hub starts with its ability to filter and review transactions by specific time periods with ease. You can quickly identify discrepancies and ensure transaction data is compliant and accurate before syncing to your accounting software.

1. Connect your bank account(s)

The first step to becoming eligible for Fast Funding is connecting to your bank(s) in Float’s Banking Hub. Once connected, customers will automatically be reviewed on the basis of each account type (CAD or USD) to see if they qualify for accelerated transfers to Float. If eligible, you’ll be notified by email and in-app to swiftly transition to Fast Funding.

2. Fund Your Float Account

Once you qualify for Fast Funding, all of your transfers will be eligible for a one business day transfer time. Once you initiate a transfer we’ll confirm if the transfer qualified for an accelerated payout and when the estimated arrival date is.

3. Stay Eligible

Float uses your secure banking connection to assess your good standing for Fast Funding. This connection refreshes monthly. To stay eligible for accelerated transfers, simply keep your bank connection up-to-date and respond to any prompts to refresh your connection in the Banking Hub.

Earn 4% on Your Transfers

When you transfer funds to your Float Account you earn 4% interest on your cash balance (from the first dollar). That’s better-than-bank rates with no lockups or penalties to withdraw your funds. That means you can choose to spend your earnings on your Float cards or withdraw your funds at any time if you need to.
Curious to know how much your business could earn with Float’s high-interest yield accounts? Use our Earnings Calculator to estimate your annual savings.

Put Float into Action 🎬

For a quick demo on all things Fund Management in Float you can watch this video from our Product team.

If you’re an existing customer who hasn’t used Fast Funding yet, head over to your Banking Hub and connect to your bank account(s) to see if you’re eligible. Not a customer yet and want to learn more about Fast Funding or earning a 4% return with Float Yield? Our sales team is happy to chat. Book a demo or get started directly today.

Written by

Shanelle Holder

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