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.