Float

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FAQ

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Float is a checkout payment method that enables shoppers to split credit card purchases interest-free, fee-free monthly instalments using their existing credit card facility. They get to enjoy their purchases today and pay for them over time. Think of it like an interest-free 'budget facility' – shoppers can pay for purchases over time and they don’t take out any extra debt to do so, either.

Float enables you to offer your shoppers interest-free instalment payments using their existing credit cards. They get their purchases today and pay for them over time – and they don’t need to take out any extra debt to do so. Float takes on the risk of collecting instalments from shoppers, ensuring that you are guaranteed repayment.

You get to customise your Float offering – how many instalments shoppers can choose, minimum and maximum order values, and when you get paid for your sales processed through Float.

Offering shoppers interest-free instalment payments (or "buy now pay later" solutions) like Float, is proven to drastically increase average order values, improve conversions and grow sales As Float has its own customer base, your store is also marketed directly to our shopper community, meaning new shoppers for your business.

Float's additional benefits include:

No limits on transaction sizes, meaning you can sell those big-ticket items in bite-size, interest-free instalments.
Flexible instalment periods for your shoppers gives them flexibility to create their own preferred payment plan
Cross-border transactions means you can sell to shoppers from all over the globe
Importantly, Float takes on the risk of collecting repayments and guarantees settlement to you.

Yes! Float is the only cross-border "buy now, pay later" solution in South Africa, meaning your shoppers can pay with Float no matter where in the world they are shopping from, as long as they have a Visa or Mastercard credit card.

You choose how often you want to get settled for sales processed through Float. You can either receive payment over time, as shoppers pay off their monthly instalments, or you can receive the full value of the purchase upfront. In both cases, the settlement is net of fees.

We're delighted that you’re interested in partnering with Float to grow your business! Please complete a merchant enquiry form. Alternatively, please feel free to contact us at grow@float.co.za and we’ll be in contact with you shortly.

Float takes on the risk of collecting repayments and guarantees settlement to you.

Shoppers should always notify you directly for their returns, refunds or exchanges, as per any other transaction. Once you issue a refund in your ecommerce platform, we will be notified and process the refund back to the shopper.

There are no set-up fees or monthly account fees for using Float. You only pay fees when sales are processed through Float, just like any other credit card payment processor. The merchant fee depends on a number of factors, which we will be all too happy to discuss with you in further detail.

Float does not impose any limits on the size of purchases – we simply work within the available limit on a shopper's credit card. However, you are able to customise minimum or maximum amounts for purchases to suit your business's needs.

Float can facilitate up to 36 monthly instalments. However, you are able to customise the number of instalments offered to shoppers to suit your business's needs.

Float is a checkout payment method that enables you to split credit card purchases into interest-free, fee-free monthly instalments using the available limit on your existing credit card. You get to enjoy your purchases today and pay for them over time. Think of it like an interest-free 'budget facility' – you don’t pay a cent more than the purchase price and you don’t take out any extra debt to do so, either.

When you make a purchase using Float, we charge the first interest-free instalment at the time of the purchase. The rest of the interest-free instalments are charged on the same day each month until your purchase is repaid.

At the time of the purchase, a temporary "reserve" is placed on your credit card for the full amount of the purchase. Each time you pay an instalment, a new temporary "reserve" is placed for the outstanding balance, until your purchase is completely repaid. This reserve is not a charge to your card and is completely interest-free.

You can use Float in 3 easy steps. There is no application and no credit check.

Select Float as your payment option at checkout.
Choose your number of instalments.
Complete your purchase like any other credit card transaction.

No. Because Float uses your existing credit card, we only require your credit card details and the number of instalments you would like to split your purchase into. Simple as that.

Float works with any Visa or Mastercard credit card. As with any other credit card purchase, you need to ensure that you have the full purchase amount available within your credit card limit.

An authorisation (also known as a "reserve") is a temporary hold against the funds you have available to spend in your credit card limit. Whilst a reserve is in place, you will be unable to use the reserved amount for other purchases. This helps you to not overspend and also makes sure that we can capture any amounts due should there be an issue with repayment. The reserved amount is generally released back into your account after 7 days, but can take longer, depending on your bank.

The reserved amount is not a charge to your card and is completely interest-free to you. You may receive an SMS from your bank each time funds are reserved, and the reserve may appear as "pending" in your credit card statement.

In order for our service to remain completely interest-free and fee-free, we need to ensure that our shoppers can meet their repayment commitments for their purchases. The temporary reserve helps you to not overspend and also makes sure that we can capture any amounts due should there be an issue with repayment.

Remember:

The reserved amount is not a charge to your card and is completely interest-free to you.
The reserve on your card is reduced each time you pay an instalment, until your purchase is completely repaid.
You may receive an SMS from your bank each time funds are reserved, and the reserve may appear as "pending" in your credit card statement

With Float, you can enjoy your purchases today and pay for them over time, interest-free and fee-free, without incurring any new debt.

Float helps you to manage your cashflow by only charging your credit card for a single interest-free instalment each month – buying you plenty of time to settle your credit card balance. This is especially useful for those BIG value purchases.

Float does not require any application forms and does not run a credit check.

The cherry on top? You still get all your rewards points for using your credit card!

The number of instalments depends on what our merchant partners decide to offer their shoppers. This can range from 2 – 36 monthly instalments.

Yes! There is 0% interest and absolutely no fees – even if you miss a payment. Please note that interest and other charges may apply with your credit card issuer.

Like any other credit card transaction, your spending limit with Float is simply the available limit on your credit card. The bigger your available limit, the bigger the purchase you can make!

Yes! Because you are using your existing credit card, you still get your rewards for making card payments.

No – because Float does not issue you with any new credit, we do not run credit checks and there is no impact on your credit score.

Returns or refunds must happen directly with the retailer where you made your purchase. They will process your request within their normal refund/return policy. Once they have notified us of the return/refund, we will adjust your instalment plan or refund money back to you.

Float emails you a monthly statement for your outstanding Float purchases and also give you access to the Float Shopper Portal where you can view your account. You can also check your monthly credit card statements, or online banking, to see the monthly charges deducted by Float for your purchases. As Float maintains a temporary interest-free reserve for the outstanding balance of your purchase on your credit card, you may also see a "pending" transaction for that amount.

Absolutely! Float encourages good financial behaviour and we believe settling early is exactly that. If you would like to settle early, you can do so through the Float Shopper Portal.

In the Float Shopper Portal you have the ability to choose to pay for one instalment or pay the total outstanding balance.

When you choose to pay an instalment early, although the outstanding balance decreases, the original schedule of instalments remains the same. This means that when you settle one instalment amount early, your plan will be completed one month earlier than the original schedule, because your outstanding balance is less.

The temporary reserve for the outstanding balance of your plan will still be placed in between instalments as per normal.

We will always email you reminders about upcoming payments or authorisations before they are due, so please make sure you have enough balance left on your credit card to allow for these.

If we are unable to secure an authorisation or a payment from your credit card, and you do not respond to the reminders by updating your card or freeing up enough balance for your next payment, we will charge the previously held authorisation on your card for the outstanding balance of your purchase.

Yes. Float uses a PCI DSS Level 1 certified processor (the highest level of credit card data security standards) to handle your credit card data. This means we never store your credit card details and they remain safely and securely encrypted at all times. Float also makes use of 3D Secure to approve your initial payment authorisation, for an added level of security.

You will be emailed with log-in details to the Float Shopper Portal after your purchase, where you can view your Float account.

Please contact your credit card issuer immediately to cancel or freeze or your credit card.

You will also need to update your credit card details with Float, which you can do via the Float Shopper Portal.

You can still pay in instalments using Float, even if your credit card is going to expire during the instalment plan. From one month before your credit card expires, we will email you regular reminders to update your credit card. You can update your credit card details via the Float Shopper Portal.

Yes. You can update your credit card details via the Float Shopper Portal at any time.

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