Introducing Float Cards 2.0

Today our team is introducing a new kind of corporate card to Canada’s financial landscape, and we’re here to make some noise about it.

For too long Canadian businesses have been stuck with legacy corporate card solutions with high fees, no proactive controls, and zero real-time oversight into spending. Because of this, finance teams have been limited in how to manage company spending – with the end result being manual controls in place that can restrict spending and create administrative headaches at month-end.

Our new generation of smart corporate cards offer a level of flexibility and control not seen in any other Canadian corporate card (in both CAD and USD!). With Float Cards 2.0, Canadian finance teams can finally enable team spending while retaining full financial control over card transactions. 

We’ve been busy reimagining corporate cards, working on a solution to give our customers more flexibility over how they manage team spending with intelligent card controls. With new features like Temporary limits, soon you will be able to easily top-up card balances as purchases need to be made, instead of handing out cards with high credit limits.

Here’s a snapshot of how Float Cards can help change the way your team manages spend, for the better.  

Worry-free employee spend cards

Many businesses limit who gets corporate cards because 1) they’re expensive and 2) there is limited control in place preventing employees from spending on things they shouldn’t. 

With Float, you can issue Float Cards (for free) with $0 balance and only load funds when you need to with Recurring and Temporary balances. This allows your team to issue physical cards to employees with confidence, knowing that you can manage their spending as needed for things like travel advances or one-off purchases.

Imagine you need to send a team member to a conference. Instead of having them use their personal cards and submitting late expense reports for manual reconciliations, you can now issue the employee a physical Float Card with a Temporary limit for travel expenses which will increase the card’s balance until the limit expires or funds are spent. You can further control card transactions by applying Merchant Controls and monitoring spending in real-time with Float’s Reporting page.

Control large vendor spending

It’s common for companies to use “catch-all” credit cards, owned by a handful of leads with many software subscriptions and advertising accounts attached to them. The problem with these catch-all corporate card processes is that they not only increase the risk of fraud and overspending, but also the headaches involved with having to swap card information with hundreds of vendors if a card is compromised.

With Float, you can create virtual cards for each large vendor with recurring spend and assign it to the person accountable for the spending. By creating Recurring limits for your billing cycles you get more control over budgets and decreased risk of fraud. By applying Temporary limits for one-off billing or budget increases, you can mitigate overspending. 

For example, you can assign a Marketing Manager a virtual card for their ad spending on a specific channel. You can assign a Recurring limit for their monthly budget, and create or approve a Temporary limit for things like short-term marketing campaigns or implementation fees. 

Limit risk with single-use virtual cards

In our personal lives we’re used to those pesky streaming services and gym memberships that just won’t let you cancel your subscription. But did you know that these types of subscriptions could also be costing your business? 

With Float you can issue virtual cards for one-off purchases like short-term subscriptions that auto-delete after temporary limits expire.

Single-use virtual cards are also great for purchases that only require a one-time payment or for new merchants. Instead of giving them a catch-all company credit card, you can create a virtual card with a one-time-use limit. This way the risk of fraudulent activity is limited to that one purchase only.

What’s New in Float Cards 2.0?

Watch our video below for a quick look at what makes Float Canada’s smartest corporate card, best practices for using Float Cards to manage spending, and how to create, request, and edit cards.

Float’s next generation of smart corporate cards give Canadian finance teams flexibility and control at scale, so they can let teams spend on the things they need to grow the business without worrying about compliance (and saving time in the process). 

Existing Float Cards will continue to work as expected, but you can edit them at any time with these new features. Try it out and see the difference it makes in your company’s spending! Log in today or book a demo with our team to learn more.

Spend Less with Float’s Savings Insights

As your business grows, managing your software subscriptions becomes increasingly challenging. Extra seats and duplicate subscriptions across teams can add-up quickly without anyone noticing, and it’s costing businesses. 

Software subscriptions tend to take up a large chunk of budgets. Whether it’s Zoom, Google Workspace, or Amazon Web Services, Canadian companies have become increasingly cloud-based with remote teams. 

In fact, we spoke to businesses across Canada about their spending and where they’re actively trying to reduce costs, and software continues to be the top expenditure finance teams want to tackle.

That’s why our team is excited to release Savings Insights, the latest feature in Float’s real-time Reporting page designed to help you spend less.

What are Savings Insights?

Savings Insights is a powerful new tool that gives you monthly suggestions on how to save money on your company’s software spending. Our intelligent software scans for Increased Spend, Duplicate Subscriptions, and Similar Subscriptions, and provides you with valuable insights to reduce your costs.

Spot Significant Increases in Spend

Increased Spend Insights is designed to notify you of any unexpected billing increases, large jumps in tool usage, or potential double-charges. If your monthly spend on a particular software tool suddenly increases by a significant amount, Float will flag it as an Increased Spend Insight so you can investigate and take action if necessary to keep your costs low.

Find Savings Across Teams

Duplicate Subscriptions identifies any software subscriptions that are duplicated across two or more employees. Duplicate subscriptions can often be consolidated into one account with a larger discount, or can be eliminated altogether to save costs. 

Eliminate Waste and Streamline Subscriptions

Similar Subscriptions identifies software tools that provide overlapping features. If you have two or more software subscriptions that perform similar functions, Float will flag them as Similar Subscriptions giving you the opportunity to cancel one or more of these subscriptions altogether, which can lead to significant cost savings over time.

Float’s Savings Insights feature is designed to help businesses optimize their software spending by identifying potential cost-saving opportunities. By providing actionable insights into your company’s software expenses, Float can help you save money, streamline your subscriptions, and increase your overall efficiency.

Already a Professional Float customer? Log in today and start saving by going to the Reporting page. You can mark an Insight as actioned for that month only to continue to get updates on that merchant in subsequent months, or mute an Insight forever if you’re comfortable with the spending and don’t want to receive future alerts. Savings Insights are automatically enabled for all Professional Plan customers and are located at the bottom of the Reporting page – learn more about Savings Insights at our Help Centre here

Not a Float customer (yet)? To  improve the way you manage your company’s subscriptions, book a demo with us today! Our team is happy to walk you through our smart corporate cards and spend management software.