At Float, we set out to solve one of the biggest challenges facing small businesses; poor cash flow.
A core part of the problem is that when companies sell online and collect payment through payment processors and marketplaces like Stripe, Flutterwave, Shopify, etc., it takes days between the time of sale, and the time the revenue hits the merchant’s bank account.
These slow platform payout cycles have become a painful fact of life for small business owners who usually have to pay for inventory and supply costs in advance.
Float is solving this problem by allowing merchants to receive their revenues faster!
Introducing Float Instant Payouts
We have built a quick and easy way to let you access your incoming e-commerce revenue on demand. No more T+1 to T+5 waiting periods. All you need to do is connect your online store to Float.
Here’s how it works…
Create a Float account
Complete the Float application and connect your payment processor eg. Flutterwave or Paystack. This should take less than 10 minutes.
Once you pass our risk check, a withdrawal limit will be automatically assigned to your account within a few hours.
Access your money
You can withdraw up to 80% of your incoming settlement or payout volume to your Float cash account for spending.
How soon will I have access to my payout?
Your payouts are always available on your credit dashboard where you can immediately withdraw and spend. There is zero lag in withdrawals.
What are the charges?
We charge a fixed flat fee typically between .5% and 1% depending on the size of your incoming settlement and other risk factors. For example, if you are a merchant who qualifies for a .5% fee, and your incoming settlement is $10,000, you will pay a $50 fee to receive daily, next-day payouts.
How do I repay?
Just make your Float-issued bank account your main settlement account on your payment processor or marketplace. When you get settled on your regular schedule Float will automatically deduct the outstanding balance. It’s that simple!
What about returns and chargebacks?
Yep, we thought of that. Cancellations and returns happen, hence we only fund up to 80% of your upcoming settlements so there’s a healthy buffer to cover for any surprises.