Author: Ruslan Nikolaev

As a Canadian business owner, you’re always looking for ways to streamline operations, reduce costs, and improve security. Virtual cards can help you achieve all of those goals and more. In this article, we’ll explore the top 5 use cases for virtual cards in Canadian businesses and show you how they can benefit your company.

Virtual cards are a powerful tool that can transform the way you manage expenses, pay vendors, and control spending. By understanding the key use cases and benefits, you can make an informed decision about whether virtual cards are right for your business.

What are virtual cards?

Virtual cards are digital credit card numbers that provide an extra layer of security for online transactions. They function like regular credit cards but are not physical, plastic cards. Virtual cards can be instantly issued and come with enhanced controls like spend limits and expiration dates. Read more about the history of virtual cards in our deep dive — Discover: Virtual Credit Cards for Canadian Businesses

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

Secure vendor payments

• Protect your primary credit card: Virtual cards allow you to pay vendors without exposing your primary credit card number.
• Prevent overcharging: You can set custom spend limits for each vendor to prevent overcharging.
• Set expiration dates: Automatically set the virtual card to expire after a single use or on a specific date.
• Earn rewards: Earn cash back rewards on vendor spend while maintaining tight control.

Simplify employee expenses

• Provision virtual cards for specific purchases: Provision virtual cards to employees for specific purchases like travel, supplies or subscriptions.
• Eliminate expense reports: Eliminate the need for employees to use personal cards and submit expense reports.
• Set budgets and track spending: Set budgets for each virtual card and track spending in real-time.
• Automate expense management: Automatically capture receipts and export expense data to your accounting system.

Manage subscriptions and recurring payments

• Create virtual cards for each subscription: Create virtual cards for each subscription or recurring bill.
• Prevent surprise increases: Set the exact amount to be charged each billing cycle to prevent surprise increases.
• Schedule automatic cancellation: Schedule the virtual card to cancel on the subscription end date.
• Easily update payment details: Easily update payment details if you change credit card providers.

Control online advertising spend

• Manage ad spend by platform: Use virtual cards to manage spend on Google, Facebook, and other online ad platforms.
• Set proactive spend limits: Proactively set daily, weekly or monthly spend limits to keep campaigns on budget.
• Get real-time visibility: Get real-time visibility into ad spend by campaign, platform and region.
• Maintain budget flexibility: Maintain flexibility to increase budgets for high-performing campaigns.

Streamline reconciliation and reporting

• Automate transaction syncing: Virtual card transactions automatically sync to your accounting system.
• Capture detailed transaction data: Capture detailed information like merchant name, amount and date for each transaction.
• Assign GL codes for faster close: Assign GL codes to virtual cards for faster month-end close.
• Generate spend reports: Generate spend reports by employee, department, vendor or expense category.

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

Frequently Asked Questions

How Do Float’s Virtual Cards Work?

Float’s virtual cards are issued by Visa for CAD cards and Mastercard for USD spending. They offer direct 1% cashback on all categories after the first 25K of monthly spend. Float operates on a Charge Card or Prepaid funding model. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

What are Virtual Cards?

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

How Do I Apply for a Float Virtual Card?

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Unlock the Power of Corporate Virtual Visa Cards with Float

Float’s Virtual Visa Cards provide Canadian businesses with a complete virtual card solution. With unlimited cards, 1% cash back on every purchase, and powerful spend management software, Float makes it easy to control expenses and streamline operations. Plus, you can instantly issue cards, set custom limits, and automate reconciliation – all from one intuitive platform.

Ready to take control of your business expenses with virtual cards? We’re here to help you every step of the way. Get started for free with Float today and discover how our powerful virtual card solution can transform your financial operations.

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

As a Canadian business owner, finding the right virtual credit card can be key to streamlining expenses, improving cash flow, and gaining better control over spending. With an array of options available in 2024, it’s important to understand the unique features and benefits that make certain cards stand out from the rest.

When searching for the best virtual credit card for your Canadian business, consider factors such as instant card issuance, customizable spending limits, integration capabilities with accounting software, and the level of security provided. By assessing these elements and aligning them with your company’s financial goals, you can make an informed decision that will help drive your business forward.

What is a virtual credit card?

A virtual credit card is a randomly generated 16-digit number that is linked to your existing credit card account. This means you can shop online without exposing your actual credit card details, adding an extra layer of security to your transactions. Despite being a separate number, transactions made with a virtual card will still appear on your regular credit card statement, making it easy to track your spending. Read more about the history of virtual cards in our deep dive — Discover: Virtual Credit Cards for Canadian Businesses

Why Bother with a Virtual Credit Card?

Virtual credit cards have gained significant popularity among Canadian startups due to their convenience and flexibility in managing business expenses. These digital payment solutions offer a range of features designed to simplify expense tracking, enhance security, and provide greater control over spending.

Incorporating virtual credit cards into your startup’s financial management strategy can yield numerous benefits:

• Enhanced security: By generating unique card numbers for each transaction, virtual cards minimize the risk of fraud and unauthorized purchases.
• Simplified expense management: With virtual cards, you can bid farewell to traditional expense reports. Transactions are automatically categorized and synced with your accounting system, saving time and reducing manual data entry.
• Flexibility for one-off purchases: Virtual cards are ideal for single-use scenarios, such as subscribing to a new software service or making a one-time purchase from a vendor. You can create a card specifically for that purpose and deactivate it once the transaction is complete.

Key Features to Look for in a Virtual Credit Card in 2024

When evaluating virtual credit card options for your Canadian business, there are several key features to consider:

• Instant card issuance: Look for providers that offer immediate access to virtual cards upon approval, allowing you to start making purchases right away.
• Customizable spending limits: Seek out cards that allow you to set specific spending limits for each virtual card, giving you greater control over employee expenses.
• Integration capabilities: Choose a virtual credit card that seamlessly integrates with your existing accounting software, enabling automated expense tracking and reconciliation.

No credit check virtual card options in Canada

For startups with limited credit history, some providers offer virtual credit cards without requiring a credit check. These options assess your business’s financial health based on alternative data points, such as bank account activity and cash flow. Float is among the providers that offer no credit check virtual cards, making them accessible to a wider range of businesses.

Top Picks for Canadian Corporate Cards

Now let’s review a few options for the best virtual cards for businesses in Canada.

Card Name	Provider	Annual Fee	Rewards	Key Benefits	Key Drawbacks
⭐️ Float Virtual Visa Card	Float Visa & Mastercard	$0 (Unlimited Virtual Cards)	Unlimited 1% cashback on every dollar of spend over 25K. No annual or monthly cashback caps. Total of 7% in estimated savings (learn more)	• Real-time expense tracking • Unlimited Virtual Cards • No personal guarantee • 4% interest on deposits	• No travel rewards
RBC Virtual Card	Visa	$175 ($79 for additional cards)	1 points per $1 on all purchases. Capped out at $75k per year. When applied to statement credit 1 point is equivalent $0.58 (0.58% cashback)	• Point-based reward system for Travel • Device insurance	• Only for existing RBC Commercial cardholders • Must talk to sales team or visit branch to access
Wise Virtual Card	Visa Debit	Free	0.5% cashback	• Low FX rates compared to traditional banks	• Limited Cashback • No protection plans or insurances
BMO Payment Controller	Mastercard	Paid – Talk to Sales	No Cashback or rewards found on the website	• Web portal to manage cards	• Only for existing BMO Commercial cardholders • Must talk to sales team or visit branch to access

We’ve considered factors such as:

• Annual fees: Look for cards with low or no annual fees to minimize overhead costs.
• Interest rates: If you plan on carrying a balance, opt for cards with competitive interest rates to reduce the cost of borrowing.
• Rewards programs: Some business credit cards offer cashback, points, or miles on purchases, which can add up to significant savings over time.
• Ease of use and signup: How fast you can get access to issuing cards and setting up your account

By carefully evaluating these factors and aligning them with your business needs, you can find the best virtual credit card to support your startup’s growth and financial well-being in 2024 and beyond.

Our recommended business virtual card is Float. It combines ease of use, powerful rewards, and doesn’t require personal guarantees to get started. You can sign up for Float in less than 5 minutes.

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

How Forma.ai Uses Float’s Virtual Visa Cards to Streamline Business Operations

Thousands of Canadian businesses and brands like Knix, Neo, and Clutch have replaced their old cards with Float’s solution. See our customer stories and hear what our customers have to say about Float for yourself!

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

Frequently Asked Questions

How Do Float’s Virtual Cards Work?

Float’s virtual cards are issued by Visa for CAD cards and Mastercard for USD spending. They offer direct 1% cashback on all categories after the first 25K of monthly spend. Float operates on a Charge Card or Prepaid funding model. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

What are Virtual Cards?

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

How Do I Apply for a Float Virtual Card?

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Float – Best Credit Card for Canadian SMBs in 2024

Choosing the best business credit card in Canada isn’t just about finding the shiniest piece of plastic. It’s about finding a financial tool that aligns with your business goals and spending habits.

Whether you’re after cash back, travel perks, or building credit, there’s a card out there for you. Take the time to compare options, read the fine print, and pick a card that’ll work as hard as you do.

If you are interested in getting your hands on the best Canadian business credit card, you should definitely consider Float’s solution:

• Float offers 1% cashback after 25K of spend
• No hidden fees
• Account opening in <24 hours
• Float’s cards have excellent acceptance rates in the US and Canada

When it comes to managing your business expenses, choosing the right type of card can make a significant difference in your financial strategy. Understanding the key differences between credit cards, charge cards, and secured cards is essential for making an informed decision that aligns with your company’s needs and goals.

In this article, we’ll dive into the unique features, benefits, and drawbacks of each card type, helping you determine which option is the best fit for your business. By the end, you’ll have a clear understanding of how these cards work and how they can impact your company’s financial health.

Get 10x Higher Charge Card Limit with Float

Canada’s only modern USD and CAD Visa and Mastercard Charge Card for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

What are credit cards?

Credit cards extend a line of credit up to a preset limit, allowing you to make purchases and carry a balance from month to month. Interest charges apply to any outstanding balance not paid in full by the due date. Minimum payments are calculated as a percentage of the total balance, making it easier to manage cash flow.

There is a wide range of credit card options available, catering to various credit scores and offering rewards such as cash back, points, or discounts. Responsible use of a credit card can help build your business’s credit history and improve its credit scores over time.

How do charge cards work?

Charge cards require full payment of the balance at the end of each billing cycle, typically on a monthly basis. Unlike credit cards, charge cards usually don’t have a preset spending limit, providing more flexibility for business expenses. However, failing to pay off the balance in full can result in substantial fees and penalties.

Approval for a charge card generally requires good to excellent credit. These cards often come with high annual fees but offer premium rewards and perks in return. Differences between charge cards and credit cards include payment terms and the impact on credit utilization.

What are secured credit cards?

Secured credit cards require a security deposit that serves as collateral and usually determines the credit limit. These cards are designed for businesses looking to build or rebuild their credit. Charge card issuers often conduct automatic reviews to potentially upgrade users to an unsecured card based on their payment history.

The security deposit is refundable if you upgrade to an unsecured card or close the account in good standing. Secured cards typically have lower credit limits compared to unsecured cards. All account activity is reported to credit bureaus, making responsible use crucial for improving your business’s credit profile.

Comparing credit cards, charge cards, and secured cards

Credit cards are the most common and accessible option, with a variety of choices for different credit profiles. Charge cards are less widely available and target businesses with excellent credit. Secured cards are a good choice for companies with limited or poor credit history.

When selecting a card, consider factors such as fees, rewards, credit card comparison, and your business’s spending habits. The impact a card has on your credit score can vary based on its terms and how you use it.

Get 10x Higher Charge Card Limit with Float

Canada’s only modern USD and CAD Visa and Mastercard Charge Card for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

How to choose the right card for your needs

To choose the right card for your business, start by assessing your credit score and history to determine which types of cards you may qualify for. Evaluate your spending habits and financial goals to find a card with features and benefits that suit your needs.

Compare fees, interest rates, rewards programs, and other perks across different card offers. Consider whether you can responsibly manage payments and avoid carrying a balance. Carefully read the card’s terms and conditions, and select a product that aligns with your business’s needs and financial situation.

Why Coinberry switched from AMEX

“When we were using AMEX, it was incredibly time-consuming to fund our cards. It often put our ad campaigns on pause & we’d lose users every day.”

Jerry Lin
VP Finance

Read the story

Float’s Charge Card — Best Solution for Canadian Businesses Looking to Grow

Float’s Charge Card offers a tailored solution for Canadian businesses seeking to streamline their expense management and boost their financial performance. With flexible spending limits, powerful budgeting tools, and seamless integration with your existing accounting software, Float’s Charge Card empowers you to take control of your company’s finances and fuel its growth.

If you’re ready to take your business to the next level with a smarter, more efficient expense management solution, we’re here to help. Join the countless Canadian companies who have already discovered the power of our innovative platform and get started for free today. Let us show you how easy it can be to optimize your finances and fuel your company’s growth.

Are you looking to streamline your business’s payment processes and reduce transaction costs? ACH payments offer a secure, efficient, and cost-effective solution for Canadian businesses. In this step-by-step guide, we’ll walk you through the process of setting up and making ACH payments, helping you optimize your financial operations.

By understanding the benefits of ACH payments and following our detailed instructions, you can take advantage of this powerful payment method and improve your business’s financial efficiency. Let’s dive in and explore how ACH payments can transform the way you manage your transactions.

Make ACH Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

What is ACH Payment?

ACH (Automated Clearing House) payment is an electronic funds transfer system that processes payments between banks. It is commonly used for direct deposits, bill payments, and other types of financial transactions. ACH payments are processed in batches and can be more cost-effective than wire transfers.

Why Use ACH Payments for Your Business?

ACH payments provide a secure, efficient, and cost-effective way for businesses to manage transactions. They offer lower processing fees compared to credit card payments and enable businesses to streamline their accounts payable processes. Additionally, ACH payments are ideal for recurring payments, reducing the need for manual intervention.

How to Make an ACH Payment as a Canadian Business

Step 1: Set Up Your ACH Account

• Contact your bank to set up an ACH account, ensuring it supports ACH transfers.
• Provide necessary business documentation and verify your identity.
• Your bank will guide you through the setup process and provide the required forms.

Step 2: Gather Required Information

• Obtain the recipient’s banking details, including their bank account number and routing number.
• Ensure you have the recipient’s full name and address as it appears on their bank account.
• Collect any additional information required by your bank, such as the recipient’s SWIFT code for international transfers.

Step 3: Initiate the ACH Payment

• Log into your bank’s online portal or use their ACH payment service.
• Enter the recipient’s banking details, the payment amount, and the payment date.
• Review the information for accuracy and submit the payment request.
• Confirm the payment through your bank’s security verification process.

Step 4: Monitor the Payment Status

• Track the status of your ACH payment through your bank’s online portal.
• ACH payments typically take 1-3 business days to process, but this can vary based on your bank and the recipient’s bank.
• Ensure that the payment has been successfully completed and received by the recipient.

Step 5: Record the Transaction

• Keep a record of the ACH payment for your financial records.
• Update your accounting software or accounts payable platform with the transaction details.
• Monitor your bank statements to verify the payment has cleared.

Tips on Ensuring Successful ACH Payments

1. Verify Recipient Information

• Double-check recipient details: Carefully review all recipient information before initiating the ACH payment to avoid errors and delays in processing.

2. Schedule Payments in Advance

• Plan ahead: To ensure your ACH payments are processed on the desired date, schedule them in advance, taking into account the processing time required by your bank.

3. Use Secure Banking Platforms

• Prioritize security: Always use secure online banking platforms to protect your financial information and ensure the safety of your transactions.

Frequently Asked Questions

What are the steps to make an ACH payment as a Canadian business?

The steps include setting up an ACH account, gathering recipient information, initiating the payment, monitoring the payment status, and recording the transaction.

Are there any specific regulations for ACH payments in Canada?

Yes, Canadian businesses must comply with regulations set by Payments Canada, including obtaining proper authorization from the recipient.

Which banks or services offer ACH payment options in Canada?

If you are looking for a modern solution for ACH payments in Canada, look no further than Float. Otherwise, many major banks in Canada offer ACH payment services, including RBC, TD, and Scotiabank, among others, however, additional fees may apply.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Best way to manage ACH payments is with Float

Using our bill pay solutions and accounts payable platform, Canadian businesses can streamline their ACH payment processes, reduce errors, and ensure timely payments. Our platform offers seamless integration with your existing financial systems, making it easier to manage accounts payable and stay on top of your business finances.

By following this step-by-step guide, you can confidently navigate the world of ACH payments and unlock the benefits they offer for your Canadian business. As you embark on this journey, remember that we’re here to support you every step of the way. Get started for free with our user-friendly platform and let us help you streamline your payment processes, saving you time and money.

As a Canadian business owner, paying invoices efficiently is essential to maintaining a healthy cash flow and fostering strong relationships with your suppliers. By streamlining your invoice payment process, you can save time, reduce errors, and ensure compliance with Canadian tax regulations.

In this guide, we’ll walk you through the steps to efficiently pay invoices, from verifying invoice details to optimizing your payment processes. We’ll also provide tips on leveraging technology and maintaining good supplier relationships to help your business thrive.

Pay Vendor Invoices with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform for CAD and USD — plus average savings of 7%.

Learn More

Get Started for Free

What is Invoice Payment?

Invoice payment for Canadian businesses involves the process of settling outstanding bills from suppliers or service providers. This typically includes verifying the invoice details, ensuring compliance with GST/HST regulations, and choosing the appropriate payment method.

How to Efficiently Pay Invoices as a Canadian Business

Efficient invoice payment is crucial for maintaining good supplier relationships and cash flow. Here are the steps to follow:

Step 1: Verify Invoice Details

• Accuracy is key: Cross-check the invoice for accuracy, including the amount, due date, and supplier details. Ensure that the invoice includes the correct GST/HST information. Verifying these details is crucial to avoid disputes and ensure tax compliance.

Step 2: Choose the Right Payment Method

• Select the best option: Evaluate the best payment method for your business needs, such as bank transfer, credit card, or online payment platforms. Consider factors like cross-border payments, currency conversion, and the efficiency of using a best accounts payable platform.

Step 3: Schedule Payments

• Timely payments matter: Set up payment schedules to avoid late fees and take advantage of early payment discounts. Utilize automated reminders and scheduling tools to ensure payments are made on time.

Step 4: Record and Reconcile Payments

• Maintain accurate records: Keep accurate records of all invoice payments for accounting and tax purposes. Reconcile payments with bank statements to ensure accuracy. Utilizing automated invoice payment systems can help streamline record-keeping.

Step 5: Review and Optimize Processes

• Continuously improve: Regularly review your invoice payment process to identify areas for improvement. Implement feedback from suppliers and internal teams to enhance efficiency.

Tips on Efficient Invoice Payment for Canadian Businesses

1. Utilize Technology

• Leverage tools: Bill pay and reimbursements tools can automate and streamline the invoice payment process, saving you time and reducing errors.

2. Maintain Good Relationships

• Foster strong partnerships: Ensure timely and accurate payments to build trust and maintain positive relationships with your suppliers.

3. Stay Compliant

• Adhere to tax laws: Ensure compliance with Canadian tax laws, including GST/HST, to avoid penalties and maintain good standing with tax authorities.

Frequently Asked Questions

What are the steps to pay an invoice as a Canadian business?

The key steps to paying an invoice as a Canadian business include verifying invoice details, choosing the right payment method, scheduling payments, recording and reconciling payments, and reviewing processes for continuous improvement.

What are the best methods for paying invoices in Canada?

The best methods for paying invoices in Canada include bank transfers, credit cards, online payment platforms, and automated invoice payment systems. Choose the method that best suits your business needs and helps streamline your payment processes.

How do I ensure compliance with GST/HST when paying invoices?

To ensure compliance with GST/HST when paying invoices, verify that the invoice includes correct GST/HST information and maintain accurate records for tax purposes. Staying compliant with Canadian tax laws is essential to avoid penalties and maintain good standing with tax authorities.

Is there a limit to how much money I can send via EFT?

Most banks do not impose limits on the amount of money you can send via EFT. However, some banks may have daily or monthly transfer limits for security reasons. Check with your bank for specific limits.

How can Float help me pay my Invoices?

Float is an all-in-one platform for Invoice payments that includes EFT, ACH, and Global Wire payment capabilities. Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Role of Accounting Automation in Paying Vendor Invoices

Automation in accounts payable (AP) is revolutionizing how Canadian businesses handle financial processes. By automating tasks like invoice matching, data entry, and approval workflows, companies can reduce errors, save time, and improve efficiency. AP automation ensures compliance with Canadian tax regulations such as GST/HST, automatically calculating and reporting taxes accurately.

Additionally, accounting automation enhances cash flow visibility and strengthens vendor relationships by enabling timely payments. It reduces the risk of duplicate payments and fraud, while also supporting eco-friendly initiatives through reduced paper usage. For Canadian businesses, AP automation is key to boosting productivity and maintaining competitiveness.

How to Choose the Right Software to Manage Invoice Payments?

The right software solution can play a huge role in helping businesses streamline Invoice payments. We’ve compiled our 2024 review of all the best solutions on the market in Canada. Read more on it below.

Best Accounts Payable Platform in Canada 2024

How to Pay International Invoices as a Canadian Business?

Are you looking to pay international invoices out of your Canadian entity? We’ve got you covered with our dedicated step-by-step walkthrough of making payments across the globe.

• Making EFT Payments in Canada
• Making ACH Payments to the US
• Making a Global Wire Payment to the EU
• Making a Global Wire Payment to Mexico
• Making a Global Wire Payment to UK
• Making a Global Wire Payment to India
• Making a Global Wire Payment to Philippines

Streamline Your Invoice Payments with Cutting-Edge Solutions like Float

By using a comprehensive bill pay service, you can enjoy a centralized platform for managing all your invoice payments, regardless of the payment method or currency. This streamlined approach saves you time, reduces the risk of errors, and provides greater visibility into your financial transactions.

If you’re looking for a comprehensive solution to streamline your invoice payment process, we invite you to explore Float’s Bill Pay service. With features like AI-powered Bill Intake, embedded EFT/ACH and Global Wires, and 4% interest on funds, Float’s platform is designed to simplify the way you manage and make invoice payments in Canada.

As a Canadian business owner, you understand the importance of streamlining your financial processes and ensuring the security of your transactions. One powerful tool that can help you achieve these goals is a virtual credit card.

By obtaining a virtual credit card for your business, you can enjoy enhanced security, simplified expense tracking, and greater control over your company’s finances. In this article, we’ll guide you through the process of getting a virtual credit card for your Canadian business, highlighting the key steps and considerations along the way.

Instantly Issue Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

What is a Virtual Credit Card?

Virtual credit cards are digital versions of traditional credit cards designed for secure online transactions. They provide unique card numbers for each transaction, reducing the risk of fraud and simplifying expense management for businesses. For a more detailed overview, checkout our deep dive into — What are Business Virtual Cards?

Why Your Canadian Business Needs a Virtual Credit Card

Virtual credit cards offer enhanced security, streamlined expense tracking, and greater control over business finances. They are ideal for managing online subscriptions, vendor payments, and employee expenses, making them a valuable tool for Canadian businesses.

How to Get a Virtual Credit Card for Your Canadian Business

Getting a virtual credit card for your Canadian business involves several steps, from researching providers to integrating the card with your existing systems. It’s essential to consider factors such as eligibility requirements, fees, and features when choosing a provider that best suits your business needs.

Step 1: Research Virtual Credit Card Providers

Start by identifying reputable virtual credit card providers in Canada that specialize in business solutions. Compare the features, fees, and benefits offered by different providers to find the one that aligns with your company’s requirements.

Step 2: Understand Eligibility Requirements

Before applying for a virtual credit card, review the eligibility criteria set by the providers you’re considering. Ensure that your business meets the necessary financial and operational standards to qualify for a virtual credit card.

Step 3: Prepare Necessary Documentation

To apply for a virtual credit card, you’ll need to gather required documents such as business registration, financial statements, and identification. Having accurate and up-to-date documentation ready will streamline the application process.

Step 4: Submit Your Application

Once you have chosen a provider and prepared the necessary documentation, complete the online application process through the provider’s website. Pay attention to the information you provide to ensure a smooth application process.

Step 5: Set Up Your Virtual Credit Card

After your application is approved, follow the provider’s instructions to set up your virtual credit card. Configure settings such as spending limits and authorized users to ensure the card aligns with your business’s financial policies.

Step 6: Integrate with Your Business Systems

To maximize the benefits of your virtual credit card, connect it with your accounting and expense management software. Seamless integration will simplify tracking and reporting, saving you time and effort in managing your business finances.

Step 7: Train Employees on Usage

Finally, educate your team on how to use virtual credit cards for business expenses. Ensure that they understand and follow company policies and procedures when making purchases with the virtual credit card.

Issue Unlimited Virtual Cards With Float for Free

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

Tips on Maximizing the Benefits of Virtual Credit Cards

As you embark on your journey with a virtual credit card for your Canadian business, it’s crucial to make the most of its features and benefits. By implementing best practices and staying proactive, you can optimize your business’s financial management and ensure a seamless experience for your team.

1. Monitor Spending Regularly

Regularly reviewing transactions is essential to maintain compliance and identify any discrepancies early on. Set aside dedicated time to analyze your virtual credit card statements and address any issues promptly.

2. Leverage Automated Expense Reporting

Take advantage of automated tools offered by your virtual credit card provider to streamline expense tracking and reporting. These tools can save you valuable time and reduce the risk of manual errors.

3. Set Clear Policies and Guidelines

To ensure the smooth adoption of virtual credit cards within your organization, establish clear guidelines for employees on their use. Communicate expectations, spending limits, and approved categories to minimize misuse and maintain control over expenses.

4. Evaluate Provider Features Periodically

As your business grows and evolves, it’s important to periodically review and assess the features and benefits offered by your virtual credit card provider. Stay informed about new offerings and consider switching providers if better options become available.

Frequently Asked Questions

What are the benefits of using a virtual credit card for business expenses?

To get a business virtual credit card in Canada, research providers, understand eligibility requirements, prepare necessary documentation, submit your application, set up the card, integrate with business systems, and train employees on usage.

Are there any fees associated with business virtual credit cards in Canada?

Fees can vary by provider, so it’s important to compare features and costs. Float is a completely free virtual card solution for Canadian businesses that you should consider.

What are Virtual Cards?

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

How Do I Apply for a Float Virtual Card?

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Best Way to Get a Business Virtual Credit Card in Canada

As you explore the world of virtual credit cards for your Canadian business in 2024, consider providers that offer comprehensive solutions tailored to your needs. Look for features like automated expense management, seamless accounting integration, and enhanced security to ensure an efficient and secure way to manage your business expenses. By choosing the right provider and implementing best practices, you can unlock the full potential of virtual credit cards and take your business’s financial management to the next level.

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

As you embark on your journey to streamline your business expenses with a virtual credit card, remember that choosing the right provider is key. We invite you to explore our comprehensive solution designed specifically for Canadian businesses like yours. Get started for free today and experience the benefits of enhanced security, automated expense management, and seamless integration with your existing systems.

In today’s digital age, online shopping has become the norm, but with convenience comes the risk of exposing your sensitive financial information. That’s where virtual credit cards come in – a secure and flexible payment solution designed for the modern consumer. If you’re a Canadian business looking for a way to shop online with peace of mind, a virtual credit card might be just what you need.

Virtual credit cards are a game-changer when it comes to protecting your financial data and giving you more control over your online transactions like subscriptions and vendor payments. In this article, we’ll dive into the world of virtual credit cards, exploring what they are, how they work, and the numerous benefits they offer. By the end, you’ll have a clear understanding of why virtual credit cards are a smart choice for anyone who values security and convenience when making purchases online.

Instantly Issue Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

What is a virtual credit card?

A virtual credit card is a randomly generated 16-digit number that is linked to your existing credit card account. This means you can shop online without exposing your actual credit card details, adding an extra layer of security to your transactions. Despite being a separate number, transactions made with a virtual card will still appear on your regular credit card statement, making it easy to track your spending.

Quick history of virtual credit cards for business expenses

The history of virtual cards for business expenses dates back to the early 2000s, when they were first introduced as a more secure alternative to physical cards. Initially, virtual cards were used primarily for consumer online purchases, offering single-use numbers to protect against fraud. However, their application quickly expanded into business environments as companies recognized their potential for managing expenses more securely and efficiently. By generating unique card numbers for specific transactions or users, virtual cards help reduce the risk of fraud and enable more control over employee spending. The rise of e-commerce and digital payments accelerated their adoption, especially in industries like travel and insurance ​(Visa Navigate).

In the 2010s, fintech innovations and the increasing demand for automated, digital financial tools further boosted virtual card use in business-to-business (B2B) payments. Companies began leveraging virtual cards to streamline expense management, reduce administrative overhead, and track spending in real time. The COVID-19 pandemic further accelerated this trend as businesses sought contactless and remote payment solutions​ (CustomerThink)​.

Today, virtual cards are an integral part of corporate expense management, offering enhanced security, flexibility, and operational efficiency​ (CustomerThink)​ .

How do virtual credit cards work?

When you request a virtual card number, your issuer generates a unique 16-digit number, expiration date, and CVV that is tied to your account. You can then use this virtual card number to make purchases online or over the phone, without revealing your physical card’s information. Depending on your needs, some virtual card numbers are for single use, while others can be used for multiple transactions. To learn more about the different types of virtual cards, check out this article on what are virtual cards?

Virtual vs. Physical Cards

Understand the differences of virtual and physical cards for your business.

Benefits of using a virtual credit card

• Enhanced security: Virtual cards protect against fraud by keeping your actual card number private, reducing the risk of your information falling into the wrong hands.
• Customizable controls: Many issuers allow you to set spending limits or expiration dates on virtual cards, giving you greater control over your online transactions.
• Convenience: Generate virtual cards instantly online or in your issuer’s mobile app, without the hassle of waiting for a physical card to arrive in the mail.
• Privacy: Using virtual cards helps limit data tracking by advertisers when shopping online, as each virtual number is unique and not directly tied to your personal information.

How to get a virtual credit card in Canada?

To get started with virtual credit cards, check if your current credit card issuer offers this feature. If your card offers it, simply log into your online account or mobile app to generate a virtual number. Unfortunately, there are very few options to get access to Virtual Cards in Canada. Good news is that Float in built in Canada and offers best-in-class virtual cards solution for businesses.

Instantly Issue Unlimited Virtual Cards with Float

Canada’s only modern USD and CAD Visa and Mastercard virtual cards solution for businesses — plus cashback and average savings of 7%.

Learn More

Get Started for Free

Using your virtual credit card

Using a virtual credit card is just like using your regular card for online purchases. Simply shop online as usual, inputting your virtual card number, expiration, and CVV at checkout instead of your physical card details. If you have recurring payments, you may want to generate a virtual card that doesn’t expire after a single use. Keep in mind that virtual cards won’t work for in-person purchases or anything requiring your physical card, like picking up tickets or checking into a hotel. However, if you need to make a return, the refund will still be credited back to your account even if you used a single-use virtual number.

Virtual cards vs. digital wallets

Both virtual cards and digital wallets help keep your actual card number private during transactions, but they work in slightly different ways. Digital wallets like Apple Pay and Google Pay allow you to make payments in-person or online via your mobile device, while virtual card numbers are typically for online use only. However, you can often store your virtual credit card in your digital wallet for easy access and added security when shopping on your phone or computer.

“Float’s virtual cards continue to give our team the flexibility and autonomy they need and deserve.”

Andy O’Reilly
Senior Manager of Finance & Technology

Choosing the right corporate virtual card in Canada — Float

When deciding on a credit card with virtual card capabilities, consider factors like rewards, benefits, and float features in addition to the ease of generating virtual numbers. Look for a card and issuer that makes it simple to create virtual cards, with options to set controls like spending limits and expiration dates. If you’re a business owner, choosing a corporate card with robust virtual card features can help manage employee spending and prevent fraud.

Virtual credit cards offer a secure and convenient way to shop online, giving you greater control over your transactions and peace of mind knowing your sensitive information is protected. Join the growing number of savvy consumers and businesses who trust us to provide innovative payment solutions tailored to their needs.

Frequently Asked Questions

How Do Float’s Virtual Cards Work?

Float’s virtual cards are issued by Visa for CAD cards and Mastercard for USD spending. They offer direct 1% cashback on all categories after the first 25K of monthly spend. Float operates on a Charge Card or Prepaid funding model. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

What are Virtual Cards?

Virtual cards are the same as a traditional physical card with the exception that the card number for these cards is presented digitally. You can create and cancel virtual cards for any purchase and set custom limits on a per-card level to avoid overcharges from the vendors. Float’s virtual cards are excellent for recurring subscription expenses, digital ads spend, and one-off small employee purchases as they can be added into Apple or Android Wallet and deleted once the purchase is complete. Float’s Essentials plan offers unlimited virtual cards and <10 minutes account application time.

How Do I Apply for a Float Corporate Card?

Signing up for Float takes less than 10 minutes and can be done fully online. Float does not require any personal guarantees and does not perform credit checks to open your account. Ready to get started on our Free Essentials plan? Sing-up today.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

If you drive your personal vehicle for work, you may be wondering how mileage reimbursement works and what expenses it covers. As an employee, it’s important to understand your company’s mileage reimbursement policy to ensure you’re being fairly compensated for the costs of using your own car for business purposes.

In this article, we’ll provide a quick overview of mileage reimbursement in Canada, including what it is, how it works, and what types of trips are eligible for reimbursement. We’ll also cover the CRA’s standard mileage rate, recordkeeping requirements, and some alternatives to traditional mileage reimbursement programs.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

Learn More

Get Started for Free

What is mileage reimbursement?

Mileage reimbursement is the compensation an employer pays employees for using their personal vehicle for business purposes. This covers costs like gas, maintenance, insurance, and depreciation for the business use portion of the vehicle.

Employers typically reimburse employees at a cents-per-mile rate, which can vary by company. Some use the CRA standard mileage rate, while others set their own rate.

How does mileage reimbursement work?

To claim mileage reimbursement, employees track their business mileage, often using an app or mileage log. They submit expense reports detailing the date, miles driven, and purpose of each trip.

The employer then multiplies the total business miles by their designated cents-per-mile rate to calculate the reimbursement amount. Reimbursements are usually added to the employee’s next paycheck and are non-taxable up to the CRA standard mileage rate.

What mileage is eligible for reimbursement?

Mileage reimbursement generally covers business trips between offices or work sites during the workday, travel to meet clients or vendors, trips to run work-related errands, and travel to the airport or train station for business purposes. Commuting between home and a temporary work location may also be eligible.

However, employees’ normal commute between home and their regular office is not reimbursable. Personal side trips or errands during the workday and travel from home to a second job are also ineligible for reimbursement.

CRA mileage reimbursement rates in 2024

The CRA sets an optional standard mileage rate each year, which is 67 cents per mile for business travel in 2024. Employers can use this rate or set their own lower or higher rate.

Reimbursements at or below the CRA rate are generally non-taxable to the employee. However, amounts above the CRA rate are considered taxable income unless the excess is returned.

CRA Kilometric Rates for 2024

This table indicates the rates payable in cents per kilometre for the use of privately owned vehicles driven on business travel

Province/Territory	Cents/km (taxes included)
Alberta	53.5
British Columbia	58.0
Manitoba	56.0
New Brunswick	59.0
Newfoundland and Labrador	60.5
Northwest Territories	70.5
Nova Scotia	59.5
Nunavut	68.0
Ontario	60.5
Prince Edward Island	57.5
Quebec	58.0
Saskatchewan	55.0
Yukon	72.0

Mileage tracking requirements

To claim mileage reimbursement, employees must keep contemporaneous records of their business mileage. A compliant mileage log should include the date, destination, purpose and total miles for each trip.

Many companies allow employees to automate expense tracking using apps that capture trip details via GPS. This can simplify the process of submitting accurate mileage records for reimbursement.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

Learn More

Get Started for Free

Alternatives to mileage reimbursement

While mileage reimbursement is a common way for employers to compensate employees for business use of their personal vehicles, it’s not the only option. Some companies provide a flat monthly car allowance to cover estimated costs, while others use a fixed and variable rate (FAVR) reimbursement that combines a monthly allowance with a cents-per-mile rate.

For employees who drive frequently for work, a company-provided vehicle may be a more cost-effective solution than mileage reimbursement or car allowances.

If you’re looking for a simpler way to manage mileage reimbursements and other business expenses, we can help. Our all-in-one corporate card and expense management platform streamlines the process, saving you time and hassle. Get started for free with Float today and see how easy expense management can be.

As a business owner or manager, you know that keeping track of employee expenses can be a time-consuming and tedious task. But did you know that having a clear expense reimbursement policy in place can actually benefit your company in numerous ways? In this article, we’ll dive into the definition of expense reimbursement, explore the advantages it offers businesses, and provide tips for streamlining the process.

Expense reimbursement is a critical aspect of managing your company’s finances and ensuring that your employees are not burdened with out-of-pocket costs incurred while performing their job duties. By understanding the ins and outs of expense reimbursement, you can create a system that works for your business and your team, ultimately saving time and money in the long run.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

Learn More

Get Started for Free

What is expense reimbursement?

Expense reimbursement is the process of paying back employees for out-of-pocket expenses incurred while performing their job duties. Common reimbursable expenses include travel, meals, lodging, and supplies. It’s important to note that reimbursements are separate from regular wages and are not considered taxable income.

Why is expense reimbursement important for businesses?

Encouraging employees to make necessary purchases without worrying about personal financial burden is a key benefit of expense reimbursement. This allows companies to maintain control over spending while empowering employees to make timely decisions. Expense reimbursement also provides transparency and accountability in business spending, streamlining purchasing processes and speeding up the supply chain.

What are some examples of reimbursable expenses?

• Travel costs: Airfare, lodging, transportation, and meals incurred during business trips are typically reimbursable.
• Supplies and tools: Expenses for items like computers or stationery necessary for job performance can be reimbursed.
• Client entertainment: Costs associated with entertaining clients, such as meals or event tickets, may be reimbursable.
• Professional development: Expenses related to attending conferences or training to improve job skills are often eligible for reimbursement.
• Mileage reimbursement: Employees using personal vehicles for business purposes can be reimbursed for mileage at a set rate.
• Remote work expenses: Costs associated with working from home, such as internet, cell phone, and home office setup, may be reimbursable.

It’s also important to understand reimbursable expenses under the Canadian CRA requirements. Generally, expenses must be reasonable and directly related to earning business income to qualify for reimbursement.

How can companies streamline the reimbursement process?

Implementing clear expense policies that outline what is reimbursable and set spending limits is crucial for streamlining the reimbursement process. Using automated employee expense reimbursement software can help track and manage expenses more efficiently. Requiring timely submission of expense reports and receipts, setting up direct deposit for quick, paperless reimbursements, and regularly reviewing and updating expense policies are also key steps in optimizing the process.

Reimburse Employees with Ease with Float

Canada’s only fully-fledged AI-powered expense reimbursement and mileage tracking platform — plus unlimited Visa Corporate Cards with cashback for high-frequency spenders.

Learn More

Get Started for Free

What are the benefits of automating expense reimbursements?

Automating expense reimbursements can save significant time by eliminating manual data entry and paperwork. Automated systems can reduce errors and fraud by enforcing company policies and providing real-time visibility into spending trends. Integrating with accounting systems allows for seamless reporting and reconciliation, while improving employee satisfaction with a faster, more convenient reimbursement process.

Looking to automate your reimbursement processes with a modern software but struggling to decide with so many options out there? Review our guide on How to Choose the Right Reimbursement Solution in 2024.

How can automated solutions simplify employee reimbursements?

• Mobile app submission: Allows employees to easily submit expenses on-the-go via a user-friendly mobile app.
• Automatic policy enforcement: Automatically enforces company spending policies and flags out-of-policy expenses for review.
• Streamlined approval and reimbursement: Routes reports for approval and reimburses employees via direct deposit, eliminating manual steps.
• Detailed analytics: Provides detailed spending analytics to optimize budgets and catch potential fraud early.
• Accounting integration: Syncs expense data with accounting systems to save time on month-end close and ensure accurate financial reporting.

Best Expense Reimbursement Solution for Canadian Businesses — Float

If you’re looking to streamline your company’s expense reimbursement process, Float can help. Float’s automated solution simplifies employee reimbursements, saves time, and provides real-time visibility into spending trends. Learn more about Float’s Reimbursements and Mileage Tracking products.

While free expense report solutions can significantly improve your financial processes, they may lack advanced features like AI-powered automation and direct payout capabilities. That’s where we come in. Get started for free with Float’s powerful expense management platform designed specifically for Canadian businesses.

Frequently Asked Questions

Can I get reimbursed for expenses if I don’t have a receipt?

Yes, reputable solutions prioritize data security and comply with industry standards like SSL encryption and regular backups.

What happens if I submit an expense report late?

Submitting expense reports past the deadline may result in delayed reimbursement or rejection of the claim. Aim to submit reports promptly to avoid issues. Read more about expense report best practices.

How do I know if an expense is reimbursable?

Your company’s expense policy should clearly outline what types of expenses are eligible for reimbursement. When in doubt, ask your manager or HR department for clarification.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

Does Float offer Credit Card Limit?

Float offers Charge Card and Prepaid funding models. You can apply (*Conditions apply. Book a demo to learn more) for unsecured, 30-day credit terms with high limits up to $1M, no credit checks and personal guarantees. Prepaid model offers 4% interest on all deposits with no cash lockups with account opening in < 24 hours.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.

Paying invoices from the Philippines is a common task for many businesses and individuals. Whether you’re a freelancer working with clients in the Philippines or a company outsourcing services, it’s crucial to understand the various payment methods available and how to use them effectively.

In this comprehensive guide, we’ll walk you through the step-by-step process of paying invoices from the Philippines, ensuring that your transactions are secure, efficient, and hassle-free.

By the end of this article, you’ll have a clear understanding of the best practices for paying invoices from the Philippines, allowing you to maintain strong business relationships and avoid any payment-related issues.

Make Global Wire Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

What is an Invoice?

An invoice is a document issued by a seller to a buyer that itemizes and records a transaction. Invoices are essential for businesses to request payment for products or services provided.

Why is it Important to Pay Invoices Promptly?

Paying invoices promptly helps maintain good relationships with suppliers, ensuring they continue to provide you with the goods and services your business needs. It also ensures smooth operations and cash flow management, as late payments can disrupt your supply chain and hinder your ability to meet customer demands. Moreover, timely invoice payments help you avoid late fees and penalties, which can add up quickly and eat into your profits.

How to Pay Invoices from the Philippines

When paying invoices from the Philippines, you have several methods to choose from, including bank transfers, online payment platforms, and digital wallets. Each method has its own advantages and considerations, such as transaction fees and processing times.

It’s essential to select the right payment method based on the specific requirements of your transaction, such as the amount being paid, the urgency of the payment, and the recipient’s preferences.

Step 1: Choose the Right Payment Method

• Bank transfers: This method involves transferring funds directly from your bank account to the recipient’s account. Bank transfers are secure and widely accepted but may have higher transaction fees and longer processing times compared to other methods.
• Online payment platforms: Platforms like PayPal and Stripe allow you to send payments electronically, often with lower fees and faster processing times than bank transfers. However, not all recipients may have accounts with these platforms.
• Digital wallets: Mobile payment apps like GCash and PayMaya offer a convenient way to send money using your smartphone. These methods are fast and often have lower fees, but both parties need to have an account with the same provider.

Step 2: Gather Necessary Information

Before initiating a payment, ensure that you have all the necessary information, including:

• Invoice number: This unique identifier helps track the payment and ensures it is applied to the correct invoice.
• Payment amount: Double-check the amount due on the invoice to avoid overpayment or underpayment.
• Recipient’s bank details: For bank transfers, you’ll need the recipient’s bank name, account number, and other relevant information, such as the SWIFT code for international transfers.

Providing accurate information is crucial to avoid payment delays or failed transactions.

Step 3: Initiating a Bank Transfer

To initiate a bank transfer for paying an invoice:

1. Log in to your online banking account or visit your bank branch.
2. Select the option to transfer funds and choose the account from which you want to send the money.
3. Enter the recipient’s bank details, including their account number and SWIFT code (for international transfers).
4. Input the payment amount and include the invoice number as a reference.
5. Review the details and confirm the transaction.

Ensure that you have entered the correct bank details and reference numbers to avoid payment delays or failed transactions.

Step 4: Confirming the Payment

After completing the payment:

1. Verify that the transaction has been successfully processed by checking your account statement or transaction history.
2. Inform the recipient that you have made the payment, providing them with the transaction details, such as the amount paid, the invoice number, and the date of payment.
3. Update your records to reflect the payment and keep a copy of the confirmation for future reference.

Confirming the payment with the recipient and updating your records helps maintain accurate financial records and prevents any misunderstandings.

Tips on Securing Your Payments

1. Double-check all details before confirming payment.

Before finalizing any payment, take a moment to review all the details, including the recipient’s information, payment amount, and invoice number. This simple step can help prevent costly errors and ensure that your payment reaches the intended recipient.

2. Use secure payment methods.

When paying invoices from the Philippines, opt for secure payment methods that offer encryption and protection against fraud. Trusted online payment platforms and digital wallets often provide additional security features, such as two-factor authentication and secure socket layer (SSL) encryption.

3. Global Wires in USD is the safest option

For large transactions or high-value invoices, consider using global SWIFT wires in USD. This method offers several advantages over other payment options:

• Enhanced security: SWIFT wires are processed through a secure global network of banks, reducing the risk of fraud or unauthorized transactions.
• Widespread acceptance: Most banks worldwide accept SWIFT wires, making it a reliable option for international payments.
• Traceable transactions: SWIFT wires provide a clear audit trail, allowing you to track the status of your payment and confirm receipt by the intended recipient.

Make Global Wire Payments with Float

Canada’s best-in-class EFT, ACH, and Global Wires payments platform — plus average savings of 7%.

Learn More

Get Started for Free

Streamline Your Global Wire Payments with Float

To simplify and optimize your invoice payment process, consider adopting a comprehensive payment solution that offers features tailored to your business needs. Look for a platform that provides:

• Global wire transfers in USD: Securely send international payments using the SWIFT network, ensuring fast and reliable transactions.
• AI-powered bill processing: Automate invoice data extraction and validation, reducing manual effort and minimizing errors.
• Integrated accounting workflows: Seamlessly sync your invoice payments with your accounting software, streamlining your financial management processes.

By leveraging a powerful payment solution, you can save time, reduce costs, and improve the overall efficiency of your invoice payment process, allowing you to focus on growing your business. Get started for free today and experience the benefits of seamless global payments, AI-powered bill processing, and integrated accounting workflows.

Frequently Asked Questions

What are the most common payment methods for invoices in the Philippines?

The most common payment methods for invoices in the Philippines include bank transfers like Global Wires, online payment platforms like PayPal, and digital wallets such as GCash. Choose the method that best suits your needs.

How long does it take for an invoice payment to be processed?

Processing times vary depending on the payment method used. Bank transfers may take 1-3 business days, while online payment platforms and digital wallets often offer instant or same-day processing.

Are there any fees associated with paying invoices from the Philippines?

Yes, most payment methods involve fees, such as transaction fees or currency conversion charges. Compare the fees associated with each method to find the most cost-effective option for your business.

What should I do if I encounter issues with my invoice payment?

If you experience issues with your invoice payment, first contact the recipient to confirm they have not received the funds. Then, reach out to your payment provider’s customer support for assistance in resolving the issue.

How much does Float cost?

Float is Free to use on our Essentials plan, where you will be able to issue unlimited virtual CAD/USD cards, earn 4% interest on deposits, reimburse employees and pay vendor bills. If you need more sophisticated functionality, like over 20 physical cards, Netsuite integration, or an API solution, you will have to consider our paid Professional and Enterprise plans.

How does Float help businesses save 7% of their spend?

Unlike traditional cards that get you to spend more, Float is the only corporate card in the world that helps businesses spend less. Through a combination of financial rewards like our 1% cashback, 4% interest on deposits, no FX fees with our USD cards and time savings of at least 8 hours per employee Float’s customers on average save 7% on their spend.