Staying on top of your payment instalments keeps your Cloudfloat account fully functional and hassle-free. Missing a payment can temporarily limit certain features, affect your trust score, and result in additional fees but resolving missed payments is simple and quick if addressed promptly.
Temporary Account Restrictions
If you miss a payment instalment, you will be notified via email and SMS. You must settle the overdue amount immediately.
Penalties: Start from day 3 after the missed installment, which may affect your trust score and increase your risk premiums.
Account limitations: You will temporarily lose the ability to upload new invoices or payment requests for 7 days, or until the outstanding balance is cleared.
This ensures all overdue amounts are resolved before submitting new payment requests.
Account Reinstatement
Once the missed installment is fully paid:
Your account will be automatically unblocked.
Full functionality will be restored, including the ability to upload invoices and submit payment requests.
Late Payment Consequences
If the missed payment is not settled immediately, penalties start from day 3, affecting your trust score and risk premiums.
If unpaid after 7 days, a late payment fee will be added to your balance.
Accounts unsettled beyond 7 days will be suspended until all outstanding balances are cleared.
Payments made between day 8 and day 21 will reactivate the account automatically, but delays may still impact future pricing and trust scores.
How to Resolve Missed Payments Quickly
Log into your account – Check your dashboard for the outstanding amount and payment status.
Make the payment – Settle the overdue amount using your preferred method. Using the Cloudfloat Wallet ensures instant processing.
Automatic reinstatement – Once payment is confirmed, your account will be reinstated and you can resume uploading invoices as usual.
Tips to Avoid Missed Payments
Set reminders – Use calendar notifications or payment alerts to stay on track.
Enable auto-recurring top-ups – Ensure your Cloudfloat Wallet always has sufficient funds to cover installments.
Monitor your dashboard – Regularly check for upcoming payments and account updates.
Key Takeaway
Missing a payment can temporarily disrupt your account, but resolving it is simple. Pay overdue amounts promptly to avoid late fees, restore full access, and keep your business operations running smoothly.
If you have questions or need assistance, reach out to our support team at [email protected]. We’re here to help!