Cashflow Solutions for Business with Cloudfloat

Frequently asked questions

What is Cloudfloat?

Cloudfloat is an innovative new solution that provides businesses with a digital float allowing businesses to pay their invoices over time by instalments. Businesses can smooth out their cashflow whilst getting 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 upfront and Businesses re-pay us with instalments.

What is required to have a Cloudfloat account?

To sign up for Cloudfloat, you must:

  • Be 18 years of age or older
  • Provide your full legal name (including any middle names)
  • Have link a valid business registered with an active ABN
  • Be registered for GST if your selecting to request payments from customers
  • Provide a verifiable email address
  • Provide your drivers license number and/or passport details to verify your identity

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 instalment payments are made on time every time. We strive to always be more transparent and fairer than any other form of pay later arrangements are available.

Are there any late payment fees?

Cloudfloat charges a late payment fee 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 factors 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 starting from 3 fortnightly instalments covering 30 days up to 7 fortnightly instalments over 90 days.

Why was I prompted to link my business account?

Cloudfloat links directly to your bank account through a mechanism referred to as Instant Account Verification to verify 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 ‘On-Demand Cachflow’ platform 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 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 reputational 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 reputation 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.