Canada’s first no-FX credit card. Get access to higher limits and save an average of 2.5% in fees compared to traditional banks
In today’s interconnected world, managing finances across borders can be challenging for businesses. Enter the Loop Card, a game-changer for companies operating in multiple currencies. This innovative corporate card is designed to streamline your spending, eliminate unnecessary fees, and enhance your expense management. Let’s dive into what makes the Loop Card a must-have for businesses, especially those in Canada.
What is the Loop Card?
The Loop Card is a multi-currency corporate card that allows businesses to make purchases in various currencies, including CAD, USD, GBP, and EUR. Its primary goal is to simplify international transactions, helping businesses avoid the pitfalls of currency conversion fees and enabling them to manage expenses more effectively.
Core Features of the Loop Card
What sets the Loop Card apart? Let’s break down its essential features:
- Physical and Virtual Cards: Businesses can choose between a physical Visa corporate card or a virtual card available directly through the Loop dashboard. The physical card can be used anywhere Visa is accepted, while the virtual card is perfect for allocating expenses across different team members or projects.
- Account Linked and Credit Options: The Loop Card offers flexibility in how purchases are funded. You can link the card to your Loop account balance or opt for a credit card setup if you have an approved credit limit. This flexibility is crucial for businesses that may not yet qualify for credit.
- Multi-Currency Transactions: The Loop Card automatically recognizes the currency of your purchases, allowing you to settle balances in their original currencies. This feature is particularly beneficial for Canadian businesses that operate in both CAD and USD, avoiding costly double conversions.
Why Choose the Loop Card?
Understanding the benefits of the Loop Card can help determine if it’s the right fit for your business:
1. Simplified Expense Management
Managing multiple cards for different currencies can be a headache. With the Loop Card, businesses can consolidate their spending into one card, simplifying tracking and reporting. The Loop dashboard allows you to view card details, freeze or lock cards, and manage PIN settings with ease.
2. Customizable Spending Controls
Control is vital when it comes to company spending. The Loop Card enables businesses to set spending limits for specific cards, ensuring that expenses remain within budget. You can restrict transactions by merchant category or currency, providing an added layer of oversight and management.
3. Enhanced Tracking and Reporting
With the Loop Card, transaction tracking is seamless. You can easily export transaction data via CSV or Excel, or integrate it with accounting software like QuickBooks or Xero. This integration simplifies bookkeeping, saving time and reducing errors.
4. Rewards Program
Every dollar spent with the Loop Card earns rewards points, which can vary based on your Loop plan. This feature adds value to your purchases, allowing businesses to reap additional benefits from their spending.
A Real-World Example
Consider a Canadian business that sells products in both Canada and the United States. With traditional bank credit cards, any US dollar purchases would automatically convert to Canadian dollars, resulting in extra fees and complications. However, with the Loop Card, the business can keep its US dollar purchases separate, settling them in USD without incurring conversion costs. This not only saves money but also simplifies financial management.
Who is the Loop Card For?
If you operate a business in Canada and deal with international transactions, the Loop Card is likely a great fit for you. It’s especially beneficial for:
- Small to medium-sized enterprises (SMEs) that require flexibility in managing cross-border expenses.
- E-commerce businesses that frequently make purchases in different currencies.
- Companies looking to streamline their expense management and reduce unnecessary fees.
Pricing and Availability
One of the standout features of the Loop Card is that it comes with no annual fees. This affordability, combined with its robust features, makes it an attractive option for businesses looking to optimize their financial operations. Signing up is easy, and businesses can get started quickly to take advantage of the benefits.
