FAQ
Any questions not answered by our Frequently Asked Questions? Contact us for more help.
Float is a checkout payment solution that enables shoppers to split purchases into interest-free, fee-free monthly instalments using their existing Visa or Mastercard credit card, without any application or credit check.
Think of it like an interest-free ‘budget facility’ – shoppers get to enjoy their purchases today and pay for them over time and they don’t take out any extra credit to do so, either.
With Float, you can enjoy your purchases today and pay for them over time, interest-free and fee-free, without taking out any new credit.
Float helps you to manage your cashflow by only charging your credit card for a single interest-free instalment each month, as opposed to charging you the full amount up-front like a regular credit card transaction. In short – we buy you all the time in the world to settle your credit card balance. This is especially useful for those BIG value purchases.
The cherry on top? You still get all your rewards points for using your credit card!
Absolutely. ‘Float Anywhere’ gives you the same frictionless, flexible, and financially responsible experience, no matter where you’re purchasing from. Just ask the merchant for a Float QR code or payment link and you’ll be able to pay in interest-free instalments within seconds.
Yes – Keeping your information secure is a top priority for us.
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 always remain safely and securely encrypted. Float also makes use of 3D Secure to approve your initial payment authorisation, for an added level of security.
We also fully comply with POPIA in how we handle your personal information. For full details of our Privacy Policy click here.
At the time of purchase, Float temporarily “reserves” the full amount on your credit card, but only charges you the first interest-free instalment. The remaining instalments are charged on the same day each month. In between each instalment, a new temporary “reserve” is placed for the outstanding balance, until your purchase is completely repaid.
To pay with Float, all you need is the following:
- A Visa or Mastercard credit card (No debit cards).
- The full purchase amount available on your credit card.
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.
- Enter your credit card details and Float it!
No – when you use Float to make a purchase, there is no application or registration whatsoever.
Because Float uses your existing credit card, we only require your credit card details and that you have the full amount of your purchase available on your credit card. Simple as that.
The number of instalments depends on what our merchant partners decide to offer their shoppers. This can range from 2 – 24 monthly instalments.
Float does not impose any limits on the size of purchases – we simply work within the available limit on your credit card. The bigger your available limit, the bigger the purchase you can make!
However, some merchants set their own maximum purchase value for Float transactions. Please contact them directly if you’d like to make a purchase larger than their maximum purchase value.
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 on your credit card.
Yes, we do!
Float works with any Visa or Mastercard credit card, even if it is a business credit card.
No. Float only accepts Visa and Mastercard credit cards with the full purchase amount available in your balance.
Yes!
There is zero interest and zero fees – even if you miss a payment. Please note that even though we buy you all the time in the world to settle your credit card balance, your credit card issuer may charge interest and other fees if you do not settle your credit card balance in time.
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 additional impact on your credit score.
As Float uses your existing credit on your credit card, rather than issuing you with new credit, there is no additional impact on your credit score.
Your credit card utilisation is minimised to only the interest free instalment amount we charge each month, which is all your card issuer sees. This helps you manage your cash flow effectively and not miss a payment.
A pre-authorisation (also known as a “reserve”) is a temporary hold against the credit you have available to spend on your credit card. It is not a charge and is completely interest-free.
Reserves are placed in between each instalment and do not fall on the instalment date. Each reserve is generally released back into your account after 7 days, but can take longer, depending on your bank. However, we always recommend keeping the outstanding balance of your purchase available on your credit card throughout your instalment plan.
You will receive reminders from 7 days before the reserve date. 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.
The reserve helps you to manage your cashflow, ensures you don’t overspend on your card, and makes sure that we can capture any amounts due should there be an issue with repayment.
As Float works with your existing credit, and doesn’t issue you new credit, the reserve helps us determine whether you have the full purchase amount available in your balance to make the purchase. 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.
It also helps you to manage your cashflow and ensures you don’t overspend on your card.
Remember:
- The reserved amount is not a charge and is completely interest-free.
- In between each instalment, a new temporary “reserve” is placed for the outstanding balance, until your purchase is completely repaid.
- Each reserve is generally released back into your account after 7 days, but can take longer, depending on your bank.
- 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.
Reserves are placed in between each instalment and do not fall on the instalment date. You will receive reminders from 7 days before the reserve date. However, we always recommend keeping the outstanding balance of your purchase available on your card throughout your instalment plan.
The reserved amount is generally released back into your account after 7 days, but can take longer, depending on your bank. However, we always recommend keeping the outstanding balance of your purchase available on your card throughout your instalment plan.
Please note that the length of time that the reserve remains in place is solely determined by your bank.
You must ensure that you have a valid Visa or Mastercard credit card with the full purchase amount available in your balance. Remember, debit cards, cheque cards, virtual cards and hybrid cards are not accepted.
We will always email you reminders about upcoming payments or reserves before they are due, so please make sure you have enough balance left on your credit card to allow for these. It’s important to note that reserves are placed in between each instalment and do not fall on the instalment date.
If we are unable to secure a reserve 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 reserve on your card for the outstanding balance of your purchase.
Float emails you a monthly statement for your outstanding Float purchases and gives you access to the Float Shopper Portal where you can view your instalment plans whenever you want.
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 places a temporary interest-free reserve in between instalments for the outstanding balance of your purchase, you may also see a “pending” transaction for that amount. This is not a charge and is completely interest-free.
Absolutely! Float encourages good financial behaviour, and we believe settling early is exactly that. If you would like to settle early, please contact us at support@float.co.za.
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 instalment 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 purchase will still be placed in between instalments as per normal.
If you choose to pay off instalments early, please make sure you have the funds to settle your credit card, or you may incur unnecessary interest from your card issuer.
You will be emailed your log-in details for the Float Shopper Portal immediately 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. Please be sure to use a valid Visa or Mastercard credit card, with the full outstanding balance of the purchase available on your card.
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. If you do not update your credit card details during your instalment plan, the outstanding balance of your purchase will be captured from your credit card.
Yes.
You can update your credit card details via the Float Shopper Portal at any time. Please be sure to use a valid Visa or Mastercard credit card, with the full outstanding balance of the purchase available on your card.
Returns or refunds must happen directly with the merchant 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 is a checkout payment solution that enables shoppers to split purchases into interest-free, fee-free monthly instalments using their existing Visa or Mastercard credit card, without any application or credit check.
Think of it like an interest-free ‘budget facility’ – shoppers get to enjoy their purchases today and pay for them over time and they don’t take out any extra credit to do so, either.
Offering Float as a payment option is proven to increase average order values by over 80%, drastically improve conversions and grow incremental sales. As Float is instantly accessible to around 5 million pre-approved credit card holders in South Africa, you’re opening up your business to a pool of potential customers with more purchasing power than ever before.
Float’s additional benefits include:
- Completely frictionless checkouts, with no applications or credit checks.
- No limits on transaction sizes, meaning you can sell those big-ticket items in bite-size, interest-free instalments.
- Longer and more flexible repayment periods than any other buy now, pay later solution.
- Cross-border transactions means you can sell to shoppers from all over the globe.
- Importantly, Float takes on the risk of collecting repayments.
Float is the most flexible, frictionless, and financially responsible buy now, pay later solution in South Africa. Here are just a few reasons why:
- It works with a shopper’s existing, pre-approved credit facility at their bank, meaning we do not give them any further credit.
- Float has absolutely no applications or credit checks, meaning the most frictionless checkout experience possible.
- There are no limits on transaction sizes, meaning you can sell those big-ticket items in bite-size, interest-free instalments.
- Longer and more flexible repayment periods than any other buy now, pay later solution.
- Cross-border transactions means you can sell to shoppers from all over the globe.
Float is a payment method for your customers (we call them ‘shoppers’). It can be offered via ecommerce checkout, in-store, on an invoice, or even over email/text message.
When a shopper makes a purchase using Float, they get to enjoy it today and pay in interest-free monthly instalments. We take on the risk of collecting repayments from shoppers.
You get to customise your Float offering to suit your business’s needs – how many instalments your shoppers can choose, minimum and maximum order values, and when and how you get paid for your sales processed through Float.
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.
We are proud to be a truly omni-channel solution. Float can be offered either on your ecommerce website, via one of our easy-to-use plug-ins or our Float API, in-store, or via an email/invoice sale.
Whether in-store via a QR code, or over an email, text message or even on an invoice using a payment link, Float Anywhere gives your shoppers the same frictionless, flexible, and financially responsible experience, no matter where you’re making a sale.
Yes, we do!
Float works with any Visa or Mastercard credit card, even if it is a business credit card.
Shoppers can use Float in 3 easy steps. There is no application and no credit check.
- Select Float as their payment option at checkout.
- Choose their number of instalments.
- Enter their credit card details and Float it!
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 can customise minimum or maximum amounts for purchases to suit your business’s needs.
Float can facilitate up to 24 monthly instalments. However, you can customise the number of instalments offered to shoppers to suit your business’s needs.
Getting set-up with Float is super easy! We have easy to use plug-ins and APIs for e-commerce stores and our Float Anywhere offering will be ready to use as soon as your account is activated. We’ll also support you throughout the on-boarding process to ensure we get you live as seamlessly as possible.
Float currently has integrations with WooCommerce, Magento and Shopify, with many more on the way. Our Float API is also available for custom integrations, giving you the power to define your own customer experience.
Don’t worry! Float takes on the risk of collecting repayments, similar to offering regular credit card payments.
You choose how often you want to get settled for sales processed through Float. You can either receive the full value of the purchase upfront, or you can receive settlements over time, as shoppers pay off their monthly instalments. In both cases, your shoppers get their purchases upfront.
Float charges a fee for each successful transaction processed through our platform. As Float is completely customisable for each of our merchants, the fee depends on a number of factors. Please complete a merchant enquiry form or contact us at grow@float.co.za and we’ll be happy to discuss the fee structure in further detail.
Float will always work in line with your refunds and returns policy. Shoppers should always notify you directly for any returns, refunds, or exchanges, just like any other transaction. If you decide to process a refund or return, you can let us know with a simple electronic request via the merchant portal and our system will automatically calculate and process any amounts due back to the shopper.
Choose Float at checkout
All you have to do is choose Float at checkout, and we do the rest