Business direct debit terms

These terms explain how we take repayments for a Float business loan from your account. You agree to them when you sign the direct debit request. We send you the request, with these terms, before you accept any loan offer.

Who is taking the money

• Float Payments Pty Ltd, ACN 676 488 243, Australian Credit Licence 561664.
• Our debit user ID is shown on the direct debit request you complete, and on your bank statement next to each debit.

1. What you agree to

You let us take loan repayments from the account named in your direct debit request, using the Bulk Electronic Clearing System. We take the amounts, on the dates, set out in your loan contract. This includes repayments, and any fee your contract says you owe.

2. Amounts and dates

If a debit date is not a business day, we take the money on the next business day. If you are not sure of a date, ask us or ask your bank.

3. If we change a debit

If we change the amount or the date of your debits, we tell you in writing at least 14 days before. If you asked for the change, or agreed to it, such as a change to your repayments, we tell you in writing when we make it.

4. If you want to change or stop a debit

Tell us in writing at least 3 business days before the next debit date. Email info@floatpayments.com.au. You can also cancel your direct debit request this way.

Cancelling the direct debit does not cancel your loan. You still have to repay it. If you cancel, we will ask you for another way to pay.

5. Your account

• Make sure the account has enough cleared money on each debit date.
• Tell us before you close the account or want to use a different one. We may ask you to sign a new request.
• Make sure the person who signs is allowed to approve debits from the account. Some accounts need more than one signer.
• Some accounts do not allow direct debits. Check with your bank first.

6. If a debit fails

• We may try it once more, no sooner than 2 business days later. This gives you time to put money in the account.
• We may charge a dishonoured payment fee of $50. It is the fee in your loan contract. We do not charge any fee that is not in your contract.
• Your bank may also charge you a fee. That is between you and your bank.
• A failed debit counts as a missed repayment under your loan contract. Your contract says how we tell you, and how you can fix it.

7. If you think a debit was wrong

Tell us straight away. We look into it and tell you in writing what we found. If we got it wrong, we fix it and refund the amount within 7 business days. You can also ask your bank to raise a claim.

If we cannot sort it out, you can complain to us at complaints@floatpayments.com.au. You may also be able to complain to the Australian Financial Complaints Authority (AFCA): 1800 931 678, afca.org.au. Whether AFCA can help depends on the size of your business and the amount involved.

8. Keeping your details private

We keep your account details private and secure. We share them only with the people we need to, to take the debit and run your loan, or if the law says we must. Our Privacy Policy has the detail.

9. Our fees for direct debit

We do not charge a fee to set up or use direct debit. The fees in your loan contract still apply.

10. If we change these terms

We tell you in writing at least 14 days before we change anything that affects you. If a change is needed straight away for security or because the law says so, we tell you as soon as we can.

11. Contact us

Email info@floatpayments.com.au. Post: GPO Box 1894, Brisbane City QLD 4001.