Tip Payouts Setup: Add a Float

This article explains how to add a float to your 7shifts account, ensuring you have funds readily available for instant tip payouts.

What is a Float?

A float is a pre-funded amount kept in your 7shifts account specifically for tip payouts. It acts as a reserve, allowing you to send tip payouts instantly to employees without waiting for funds to be withdrawn from your bank account.

Why Add a Float?

• Instant Payouts: Employees receive their tips immediately, instead of having to wait for bank processing, improving their experience and satisfaction.
• Automatic Top-ups: Whenever you make a payout, 7shift's will automatically top-up your funds to meet the float amount.
• Smoother Operations: Ensures you always have funds available for tip payouts, even during busy periods.

Steps to Set Up a Float

1. Access Tip Payouts: Log in as an Admin. In the left navigation bar, click Tip Management > Tip Payouts.
2. Choose to 'Set up a Float'.
3. Select Location: Choose the location for the float from the dropdown menu and click Next.
4. Set Float Amount:
   • Enter the minimum amount you want to keep in your account for payouts. We recommend setting a float of 4x your busiest day's tips to account for bank processing times.
   • Maximum Float: $30,000 per location. You can set up to $20,000 in-app. To set up a $30,000 float, contact out support team.
5. Automatic Top-Ups: 7shifts automatically tops up your float when the balance falls below your set amount. Regular top-ups can take 2-3 business days to process. 
   • Learn more about Payout Fund Processing Timelines here.
6. Select Account for Payouts:
   • Connect a new bank account: Follow the on-screen prompts to securely connect your account.
   • Choose an existing bank account: Select from previously set up accounts in your user profile.
7. Confirm Transfer: Review and click Confirm Transfer > Done to confirm your bank account and payment selection.