Float Card Review: Your Business on Boss Mode? 

Oh, the joys of starting and running a business, am I right? You get to be your own boss, call all the shots, and swim in a sea of spreadsheets. If you’re not constantly screaming “there’s got to be a better way!” are you even an entrepreneur? The Float Card has arrived to simplify business spending, save money, and deliver you from Excel hell.

The Float Card is an innovative prepaid credit card for businesses that kicks pesky paperwork to the curb so you can get back to business. But how exactly does it work? Here’s everything you need to know about the Float Card, a payment solution ideal for small businesses and new entrepreneurs.

What is the Float Card?  

Float Card is a prepaid corporate Visa and Mastercard that does not require a personal guarantee or a credit check. It’s designed to help businesses of all stages and sizes better control and manage business spending. The Float Card comes with built-in smart spend management software that eliminates tracking down physical receipts, month-end reconciliation woes, and out-of-pocket expenses for you and your employees.  They also offer a mobile app. 

It’s like having an entire team of virtual bookkeepers at your fingertips! You can keep track of team spending and expenses in real time from anywhere. There are no monthly fees or minimum balance requirements. You can even earn cash back on all your business spending. Plus, your money is safe with this secure payment solution that offers fraud protection and transaction tracking features. 

No credit check or personal guarantee 

Unlike a traditional business credit card, the Float Card uses a prepaid model. Rather than borrowing money from the credit card issuer every time you make a purchase, you load the card with funds you already have.

Since you’re not borrowing anything, there is no credit check or minimum income required to get the Float Card. You simply link the card to your business bank account, which means the spending limit on the card is based on your bank balance and what you choose to load into your Float account.

A drawback to consider

With the Float Card, you are not taking on debt to manage cash flow. Instead, it’s designed to be a convenient payment solution that also automates and simplifies all your corporate spending. If you need access to credit/lending for business expenses, you will need to consider a traditional business loan, business credit card or a business line of credit.

How does the Float Card work?  

Getting started with Float Card is easy! All you need to do is sign up online. The application process takes about 5 minutes and you can be approved as quickly as one business day. 

You’ll receive an email with instructions on how to complete your application and have your card sent to you in 3-5 business days. You can also request a virtual Float Card that will give you access to all the same features as a physical card but without having to wait for delivery.

Once approved, you’ll receive access to your very own personalized dashboard where you can manage your business spending from anywhere in the world 24/7. From here, you can create virtual cards for each employee and set individual limits per transaction or month so everyone stays within budget.

You’ll even have access to real-time analytics so you can keep track of how much money is coming in versus going out at any given time. And if that wasn’t enough, Float Card integrates seamlessly with popular bookkeeping software, like QuickBooks or Xero, so all of your financial data is kept safe and secure in one place. 

Fund your account 

Once you register an account with Float Card you can connect your business bank account. Once that’s done, you can add funds to your Float account from your business bank account and start making purchases right away. For stress free-spending, you can activate the top-up feature to automatically fund your Float account if it dips below a certain balance.

Issue & manage cards

From your Float account, you can issue physical and/or virtual cards for yourself and your employees. The virtual cards work just like the regular cards but without the need for physical plastic. They can be stored on a phone, computer, or other smart device and can be used for online purchases and payments. Regardless of the pricing plan you choose, you can issue unlimited virtual cards. 

When you issue a Float card, you can decide whether it’s a regular card or a single-use card, and even set a custom expiry date on the card. You can also customize cards with tax and GL codes, tags, and required receipt-up loads. If a user doesn’t upload a receipt, you can lock the card until they do. 

From the dashboard, you can make changes to any card anytime, like adjusting spending limits, adding/removing employees, responding to spending requests, and more.

Hello, total flexibility AND total control! 

Control spending 

You can create individualized budgets for each team member and/or department. You can even set limits on specific merchant categories and locations where purchases are allowed or restricted – perfect for companies with remote workers or dispersed teams across multiple cities! With the Float Card, you don’t have to worry about unauthorized purchases draining away valuable resources from your bottom line.

When you issue a Float Card to an employee, they get access to their own dashboard where they can submit a spend request, upload receipts, see their transaction history, and more. 

Track expenses

Transactions are logged and organized into clear categories so that tracking spending becomes a breeze. With every purchase made using either type of Float Card, an SMS notification is sent out with details about the transaction including merchant name, location and amount spent (if applicable). 

This feature allows you to keep a close eye on where your money is going and make sure no one else has access to your funds without authorization. Plus, since all transactions are logged in real-time, there’s no need for manual data entry which saves time and eliminates human error. 

Automate reconciliation & accounting  

Another great feature of the Float Card is the ability to connect with accounting software like QuickBooks, Netsuite, and Xero (to name a few). This means that all purchases made using either type of card will automatically sync with your bookkeeping software so that they appear as line items on invoices or reports created within those programs. 

This makes reconciling expenses much easier since all transactions are already logged and categorized correctly. Plus, since each purchase requires authorization from a manager before being processed, this feature also helps prevent any fraudulent activity from occurring on company accounts. 

Receipt reminders are a super helpful feature that reminds users to upload their receipts by sending them an email.

Fees & cash back

The Float Card is designed specifically for small businesses in Canada, so the basic Float Card comes free with no annual fee. More advanced features can be accessed with a paid monthly subscription. You can also avoid foreign transaction fees with a USD Float Card, more on that later. 

Cash Back

As an added bonus, you get 1% cash back on every single purchase your company makes on a Float Card. 

Earned cash back is automatically deposited into your Float account every month, and there is no limit on the amount of cash back you can earn. What a great incentive if you’re looking to save money while making purchases for your business! 

No foreign transaction fees

If you have any USD expenses, you can avoid those dreaded foreign exchange fees with Float’s USD Smart Corporate Cards. The Float USD Smart Corporate Card is accepted everywhere Mastercard is accepted and comes with all the same great features to control, track, approve, and reconcile all your USD spending. Simply connect your USD bank account and start issuing USD Smart Corporate Cards for your team. 

Additional perks

In addition to 1% cash back on all Float Card purchases, you also get access to exclusive discounts on tons of essential business products and services from partner merchants. When you sign up, you can take advantage of up to $175K in savings with special discounts from QuickBooks, HubSpot, Amazon Web Services, and many more. 

How much does the Float Card cost?

Depending on your needs and budget, Float Card offers a free plan with limited features and no annual fee or a paid monthly subscription with more advanced features. 

The Essentials plan is free and best suited for SMBs and new entrepreneurs with fewer cardholders and straightforward spending needs.

The Professionals plan is $99 per month + tax and is better suited to larger businesses with more advanced spending needs and more than 5 cardholders. You can try the Professionals plan free for 60 days.

Here’s a side-by-side comparison:

Drawbacks to consider

❌ Your credit limit depends on how much money is in your business bank account. Float Card is not a traditional credit card, it is a prepaid card that is accepted everywhere Visa is accepted. You can fund your Float account up to $500,000 and there is a maximum transaction limit of $100,000. If you need access to credit and lending, you can apply for an unsecured 30-day credit term up to $500,000. 

❌ You won’t build a business credit history with the Float Card. Since the card is prepaid, doesn’t require a personal guarantee or a credit check, and doesn’t involve borrowing money from the card issuer, it does not report to the credit bureaus. 

❌ Not all vendors accept prepaid credit cards. That could leave you hooped if you don’t have a backup method of payment on hand.