IMPORTANT UPDATE as of 16/11/2020:

  • Cloudfloat is ezyCollect's new finance partner

  • ProspaPay is closing the service of Pay by Instalments by the end of November 2020. ProspaPay is no longer accepting any new financing requests.

Get paid in full with ezyCollect’s Pay by Instalment options, available to your customers in Simplypaid or in the ezyCollect's customer portal.

How does it work?

Include your customised Pay by Instalments button alongside your Pay Now button on your ezyCollect reminders.

Your customers simply click to enter their personalised online payment portal where they will see the option to Pay in Instalments.

NB Your customers will always have the option to Pay Now with a credit card.

Fast, unsecured finance for good payers

Your customers can apply in-app to finance their debt with a third party finance provider who agrees to pay your business in full, and accept scheduled repayments from your customer.

Your customers will be presented with 3 options - Pay within 30 days, 60 days and 90 days - This service is provided by our finance partner Cloudfloat.

Pay by instalment options (Settle Now Pay Later):

  • 30 day instalment payments [1st payment due now and then every 2 weeks over 30 days = 3]

  • 60 day instalment payments [1st payment due now and then every 2 weeks over 60 days = 5]

  • 90 day instalment payments [1st payment due now and then every 2 weeks over 90 days = 7]

Important notes:

  • Current Transaction Limit will be assessed on a case by case basis.

  • Available to selected industries only and to Australian registered businesses only.

Your customer will be presented with options as below:

Your customer will be displayed with the different options: 30 days - 60 days and 90 days. Clear details are noted when the first instalment is due and the consecutive schedule of payments as well as the amount.

  • Payments are made every 2 weeks over the period of selected timeframe.

  • Next steps, will be to follow the prompts and create a Cloudfloat account and input necessary details or upload documents if needed.


  1. Does Cloudfloat charge any fees to your customer?
    Yes, Cloudfloat charges a Payment Processing Fee for each transaction. If necessary, Cloudfloat may charge your customer a Late Payment Fee.

2. How is the Payment Processing Fee calculated?

The fee is calculated by multiplying the full amount of the invoice by the following rates:

  • 2.95% for 30-day instalment payments

  • 4.95% for 60-day instalment payments

  • 6.45% for 90-day instalment payments.

The fee is divided equally across your customers' instalments.

After a simple in-app application process and subject to approval, the funds are usually approved within 24 hours and transferred to your nominated bank account.

3. Does Cloudfloat charge late payment fees?

Yes, Cloudfloat charges a 2.5% Late Payment Fee if your customer's payment in not received within four (4) days of its due-by date.

4. What is the application process like for my customer?

  • On average, Cloudfloat completes a simple payment request within 60 minutes. Please note that this 60-minute approval may be subject to the size of transaction.

  • In some cases, e.g. where there are multiple directors of the business, this may take a little longer as we need to comply with the government’s AML/KYC1 requirements.

  • Cloudfloat has the right to request further financial information about your customers' business if needed to ensure that the applicant can be assessed accordingly. If documents are not provided, this can delay the review or approval process.

  • Once Cloudfloat approves your customer, they will receive an email notification.

  • When the funds are settle to you (their supplier), you customer will also receive an email confirmation of which they can forward to you.

  • If your customer is unsuccessful for this service, they will also be notified via email.

5. Who will you receive payment from?
The funds will be paid by the approving finance party transferred to your nominated bank account and will note the debtor name paying the invoices. 

6. How will I know if my customer has been approved and paid me (as a supplier) through Cloudfloat?

  • Your customer should notify you that they made an application through this.

  • Once, Cloudfloat approves, the funds will be transferred to your nominated bank account (this is the Bank Details in your ezyCollect account under Payment Settings).

  • Please allow 2-3 business days for the funds to appear in your account.

  • The reference will be the invoice number/s they are trying to pay for and also the Payers name will appear.

If you have any questions, please reach out to

Next Steps: Add "Pay by Instalment" button in your ezyCollect reminders, by simply following these steps outlined here. 

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