Product Education

Why You Should Create a Separate Card for Each Vendor

Overcharged and Overwhelmed? Not on our watch. Float has designed a feature that allows you to easily manage transactions from ALL your vendors.

May 18, 2022

Overcharged and Overwhelmed? Not on our watch. Float has designed a feature that allows you to easily manage transactions from ALL your vendors. 

A common pain point we’ve seen across many startups and SMEs is the struggle to keep track of multiple vendor payments made across departments. Let’s say your marketing team is racking up their Google ad spend and software subscriptions, while your sales team is expensing Uber rides and client lunches. When you’re scaling rapidly, this can be incredibly difficult to keep track of and it’s next to impossible to know what you’re actually spending. Now, imagine all of this with just one corporate card?

At Float, we’ve not only made it easy to issue multiple corporate cards in 3 days or less, but you can now code these cards to your individual vendors.

What’s in it for you?

👀 Full visibility of spending and transactions on the Float dashboard 
🚨 Spot fraudulent transactions in real time
❌ Set limits on cards and cancel then instantly 
🔎 Keep a pulse on subscriptions and reduce overcharges
💆🏼‍♀️ Close your books at month-end without all the stress
💳 Quickly replace and renew cards based on your growing needs
💸 Spend quicker without any downtime on your company’s operations

Greater spend control. Less stress and headaches. 

If you’ve ever been double charged or charged incorrectly, then you know the headache that comes with getting it fixed. 🤯 You can avoid this altogether when you create a separate card for each of your vendors and set a hard spend limit. For example, if you know that your Zendesk subscription is $100/month, you can authorize a recurring withdrawal from Zendesk without giving them access to any additional funds from your account. The vendor will only be able to charge the preset amount that you agreed upon at sign-up and nothing more! 👍🏼 

If any vendor tries to charge more, your Float card will automatically decline the transaction and alert you of this attempt. From there, you can simply connect with the vendor and inquire about the additional charge. Float also makes it easier to cancel your card if you’ve terminated a subscription or contract with a particular vendor. No confusion. No long wait times. No extra charges. ☎️ 🙄

Spend management has never been easier 🤩

For the Finance Team 👩🏻‍💼

Float allows you to have a “set it and forget it” attitude. You don’t need to keep a close eye on unauthorized transactions that may be going through because you’ve already pre-approved vendor withdrawals and set limits on every card. With the long list your finance team likely has going – Float gives them one less thing to stress about. 

For Bookkeepers 👨🏻‍💻

Using this feature, bookkeepers will already have the GL account pre-coded at the card level. This cuts down on time spent during month-end close because they don’t have to waste hours categorizing hundreds of transactions at the very last minute. Since GL codes can be approved the moment a card is created, bookkeepers can have the peace of mind knowing there aren’t any errors to look out for when closing the books. The accuracy is there but the stress isn’t! 

At Float, we’re in the business of making spend and expense management a whole lot easier, quicker and more efficient for businesses. We know how stressful the process can be for finance teams, managers and even employees! That’s why we’ve designed each one of our features with you in mind. 

Book a demo with Float today! 

Written by

Jennifer Mcnamee

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