Missed Payment Installments: What You Need to Know

What Happens When You Miss a Payment Installment?

1. Temporary Account Restriction:
   • If you miss a payment instalment, you’ll be notified by email and SMS and given 7 days to settle the amount owed. Your ability to upload new invoices or payment requests for review and approval will be temporarily disabled.
   • This measure ensures that all outstanding amounts are cleared before a new payment request can be submitted.
2. Account Reinstatement:
   • Once the missed installment is fully paid, your account will be automatically unblocked.
   • You’ll regain full functionality, including the ability to upload new invoices or payment requests.
3. Late Payment Consequences:
   • If the outstanding amount isn’t settled within 7 days, a late payment fee will be applied in addition to the amount owed.
   • Failure to address the overdue payment within the 7 day period will result in your account being suspended until all outstanding balances are cleared.
   • If you pay off the amount owed between day 8 and day 21, your account will automatically be reinstated from a suspended to active state. However, delays in settling payments during this period may continue to affect your future pricing mechanism.



How to Resolve Missed Payments Quickly

1. Log into Your Account:
   • Access your dashboard to view the outstanding amount and payment status.
2. Make the Payment:
   • Settle the overdue amount through your preferred payment method. We recommend using the Cloudfloat wallet for instant settlements.
3. Automatic Reinstatement:
   • Once the payment is confirmed, your account will be reinstated automatically after a few minutes, and you can resume uploading invoices as usual.



Avoiding Missed Payments

1. Set Reminders:
   • Use calendar notifications or payment reminders to ensure timely installments.
2. Enable Auto-Recurring Top-Ups:
   • Set up auto-recurring top-ups to your Cloudfloat Wallet, ensuring there are always sufficient funds available to cover your payments and avoid any interruptions.
3. Monitor Your Dashboard:
   • Regularly check your Cloudfloat dashboard for updates on upcoming installments and payment statuses.



Key Takeaway:

Missing a payment installment can disrupt your account functionality, but resolving it is simple. Pay any overdue amounts promptly to avoid late fees, regain full access, and keep your business operations running smoothly.

If you have questions or need assistance, contact our support team at success@cloudfloat.com. We’re here to help!