Five Easy Ways to Achieve Business Savings with a Corporate Card

In today’s competitive business landscape, finding ways to cut costs without sacrificing quality is crucial. One often overlooked tool for business savings is a corporate card solution. Let’s explore five easy ways your company can leverage this financial tool to boost your bottom line.

1. Streamline Expense Management for Significant Business Savings

Traditional expense management can be a drain on resources. A corporate card solution automates this process, leading to substantial business savings:

• Reduce time spent on manual expense reports
• Minimize errors in expense tracking
• Lower administrative costs associated with reimbursements

By streamlining expense management, businesses can save up to 55% on processing costs per expense report, according to a study by PayStream Advisors.

2. Capitalize on Cashback and Rewards Programs

Many corporate card solutions offer cashback or rewards programs, providing an easy way to generate business savings:

• Earn cashback on everyday business expenses
• Accumulate travel points for business trips
• Redeem rewards for office supplies or equipment

For example, if your business spends $10,000 monthly on a card offering 1.5% cashback, you could save $1,800 annually – a significant boost to your business savings.

3. Leverage Spending Controls for Better Budgeting

Corporate cards allow you to set spending limits and restrictions, helping to enforce your budget and increase business savings:

• Set monthly spending caps for different departments
• Restrict purchases to specific merchant categories
• Prevent unauthorized expenses

These controls can lead to a 10-15% reduction in overall company spend, according to a report by the Aberdeen Group.

4. Gain Visibility for Strategic Business Savings

Corporate card solutions provide real-time spending data, allowing for more informed financial decisions:

• Identify areas of overspending quickly
• Negotiate better rates with frequently used vendors
• Adjust budgets based on actual spending patterns

This increased visibility can help businesses save up to 23% on travel and entertainment expenses alone, as reported by American Express.

5. Eliminate Foreign Transaction Fees for International Business Savings

For companies doing business globally, a corporate card solution can offer significant savings on international transactions:

• Avoid foreign transaction fees, which can be up to 3% per transaction
• Get better exchange rates compared to local currency conversions
• Simplify reconciliation of international expenses

These savings can add up quickly for businesses with frequent international transactions, contributing to overall business savings.

Maximizing Your Business Savings with the Right Corporate Card Solution

To fully realize these business savings, consider the following when choosing a corporate card solution:

1. Look for High Rewards Rates: Choose a card that offers competitive cashback or points on your most common expenses.
2. Evaluate Fee Structures: Opt for cards with low or no annual fees to maximize your business savings.
3. Consider Integration Capabilities: Select a solution that integrates with your existing accounting software for seamless expense management.
4. Assess Spending Control Features: Ensure the card offers robust controls to help enforce your expense policies.
5. Check International Benefits: If you do business abroad, prioritize cards with favorable international transaction terms.

Here are five ways Float can help your business save money

1️⃣ No surprise fees 

When you spend with Float, you won’t have any surprises – there are no foreign transaction fees, and no hidden monthly fees. Additionally, you can issue unlimited virtual cards as needed… without additional charges. What does this mean? The only charges you’ll see each month are the expenses incurred by your business – no additional fees, and no surprises.

2️⃣ 1% Cashback & 4% Interest on Deposits

It’s true! For each purchase you make with your Float physical and virtual corporate cards, you’ll get one percent cash back. Depending on your team’s monthly spend, this adds up to significant savings. Some Float customers regularly receive tens of thousands of dollars in cash back – with no strings attached – deposited into your Float account monthly. 

3️⃣ Spend controls that are easy to implement

While Float allows you to issue unlimited physical and virtual corporate cards, you’re able to limit the spend on each individual card – providing you a level of proactive control over your organization’s spend that traditional corporate cards don’t offer.

4️⃣ Track real-time spend by vendor 

Tracking vendor spending is a tedious process of waiting for invoices, processing payments, and logging the transactions. It’s asynchronous, and doesn’t offer a real-time view into what your suppliers are spending. 

Since you control the spend limit on each card, you can set up your vendors with a virtual corporate card with a spend limit in line with their typical monthly spend. This also allows you to track their spending, and increase or decrease their spend limits in real time as needed. This not only ensures that vendor payments are happening on time and on budget – meaning you won’t be overcharged – saving you time and money.

5️⃣ Set approval structures

Still need peace of mind? Float customers are able to set up multiple expense approval processes to ensure that even if a vendor or employee needs a credit top-up, spend is still monitored, and can be approved on the fly… even via Slack.

💰 Bonus! Earn up to $150k in special offers from Float partners

Becoming a Float customer is simple. Applications take just five minutes online, and you can be approved in a few days. Compared to a traditional approval timeline of four to six weeks for traditional credit cards, it’s not just a financial savings – it’s a time savings. Plus, Float’s perks program provides some pretty sweet bonuses… adding up to $150k in additional savings for your company. 

Here are just a few:

• Intercom offers a FREE first year, a 50% discount in your second year, and an ongoing 20% discount as long – a value of $61k USD
• Amazon Web Services provides $25k USD in AWS Activate Credits along with a year of AWS Business Support – a value of $5k USD
• Hubspot is offering 30% off a subscription for the first year, and 15% each subsequent year – a savings of up to $35k USD

With this many opportunities to save, what’s stopping you from booking a demo?

Conclusion: Boost Your Business Savings with Smart Corporate Card Use

Implementing a corporate card solution can be a game-changer for your business savings strategy. By streamlining processes, capitalizing on rewards, enforcing budgets, gaining spending insights, and reducing international fees, you can significantly cut costs and improve your financial health.

Remember, the key to maximizing business savings with a corporate card is choosing the right solution for your specific needs and using it strategically. With the right approach, your corporate card can become a powerful tool in your arsenal for financial optimization and business growth.

Float is Canada’s only all-in-one corporate cards, reimbursements, and bill pay platform that helps customers:

• Earn cashback on all categories and save on FX
• Generate 4% interest on funds held with Float
• Eliminate expense reports and receipt chasing
• Close the books 5x faster at the month-end

Want to learn how companies like Clutch, Neo, Knix, and 1,000s of other Canadian businesses on average save 7% of their monthly spend with Float? Get started with Float today by clicking the button below!

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Want to learn more before singing up? Book a demo today to learn more about the product from our team!

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