Float Charge is one of the many innovative financial products that Float offers to make finance and spending for Canadian businesses easier!
Directory of Frequently Asked Questions
How can my organization qualify and apply for Float Charge?
What is the application and underwriting process?
What currencies are supported?
How can I request a higher credit limit?
I used up my credit limit. How can I increase my Spending Power?
How do I maintain my Float Charge facility and credit limit?
What is Float Charge?
Float Charge is an innovative financial product combining the most desired features of a credit card and spend management software on the market.
- Provides a Credit limit*: allowing you the flexibility to spend and settle your balance afterward on 15-day or 30-day payment cycles.
- Auto-repayments: Money spent is automatically repaid at the end of your cycle from your bank accounts. This way, all you have to do is spend and ensure the funds for repayment are in your bank account
- It is interest-free: you read that right, the Charge product is interest-free!
* How is my credit limit determined?
Your credit limit is determined based on a comprehensive evaluation of various factors, including your industry, revenue/company performance, current debt levels, cash balance, liquidity, credit utilization rate, and past credit history.
Charge customers have account statements separated, one for their Cash accounts and the other for their Charge accounts. For more details, see: Statements Overview
How can my organization qualify and apply for Float Charge?
How to qualify for Float Charge:
- Is currently a registered Canadian company (partnership or corporation)
- Have cash / GIC equivalent of $50,000 CAD on hand consistently
- Charge limits start at $10,000, and all customers are expected to utilize at least 70% of their approved limit
- 12+ months of operating cash or consistently profitable and cash flow positive
- Exclusions: Non-profits, cryptocurrency businesses
Not sure if you'll qualify or if Float Charge is right for you? Click here to try our interactive Funding Calculator!
How to apply for Float Charge:
- Log in to app.floatfinancial.com
- Navigate to Accounts > Scroll to the Charge Application section
- Click Apply Now > Start Application
- Follow the prompts to submit your application
What is the application and underwriting process?
We offer two application pathways based on your expected monthly spend:
1. Expedited applications
Depending on your business profile and expected spending needs, you may qualify for our expedited application process. This typically requires only your most recent 3 months of bank statements, allowing us to review your application more quickly.
2. Standard underwriting
If you don’t qualify for our expedited application process, you'll go through our standard underwriting process. This includes:
- Providing the requested documentation
- Most recent annual and YTD financial statements
- Most recent 4 months of bank statements (for both CAD & USD if applicable)
- An internal underwriting review
- A quick due diligence call with you
Why are these documents necessary?
These documents are standard for credit underwriting and help us:
- Verify your business's eligibility for Float Charge
- Determine an appropriate credit limit based on your financial profile
If you encounter difficulties in providing these documents, you can reach out to your account representative for assistance (or support@floatfinancial.com if you do not have an account representative)
What currencies are supported?
We currently support CAD and USD for Float Charge.
Key notes when applying for both currencies:
- No FX Fees: When you spend money, it gets repaid in the same currency, ensuring you don’t incur FX fees
- CA Domiciled Bank Accounts: A Canada-domiciled USD bank account is required to open a USD Charge facility for Canadian entities
How can I request a higher credit limit?
If you find yourself consistently utilizing 80% or more of your current credit limit over the past 2–3 months, your Primary Administrator can request a credit limit increase by emailing charge@floatfinancial.com.
When submitting your request, please include:
- The requested credit limit amount
- Details about your expected future spending needs
- Your Customer Success Representative or Account Representative, if applicable
Please note that credit limit increases are subject to review and approval based on your business’s eligibility, financial profile, and spending needs. As part of this review, we may request for updated financial and/or bank statements.
If you have any further questions or wish to learn more about Float's Charge, read more HERE, reach out to an account representative or contact support@floatfinancial.com detailing your inquiry.
I used up my credit limit. How can I increase my Spending Power?
If you’ve used up your credit limit, here’s what you can do:
-
Make an early payment:
- This process typically takes up to 3 business days to clear
-
To make an early payment:
- Navigate to Accounts > Overview
- Click your Charge account
- Select "Pay Balance" in blue
- Input the Amount, the account you'd like the transfer to come from (your Float Cash account of the same currency or connected bank), and optionally, add a Comment
- Select "Continue" > Review the summary of your payment
- Select "Submit"
-
Enable the Auto-Paydown feature:
- This will automatically initiate a payment once your credit limit reaches a specific threshold, ensuring you always have spending power
- To enable Auto-Paydowns:
- Navigate to Accounts > Overview
- Click your Charge account
- Next to Auto-paydown, click "Enable"
- Set the "Automatically transfer" and "When my available balance falls below" amounts
- We recommend setting each of these values to match at least three business days' worth of typical spending.
- Select the account you'd like the transfer to come from (your Float Cash account of the same currency or connected bank)
- Check "Enabled"
- Click Save
-
Overfund your Charge account:
- From a Connected Bank Account:
- Navigate to Accounts
- Click "Add Funds" > "Bank Transfer"
- In the Add Funds window:
- Input the amount you'd like to top up
- Select the connected bank account that you'd like to fund from
- Select your CAD/USD Charge account to transfer the funds to
- Add a comment (required)
- Click "Continue" > Review the transfer summary
- Click "Continue"
- From your Cash Account Balance:
- Navigate to Accounts > Select "Transfer"
- In the Transfer Funds window:
- Input the amount you'd like to transfer
- Select the Cash Account you'd like to transfer from
- Select the Charge account you'd like to transfer to
- Add a comment (required)
- Click "Continue" > Review the transfer summary
- Click "Continue"
- From a Connected Bank Account:
How do I maintain my Float Charge facility and credit limit?
Here’s what you need to keep your Float Charge facility and credit limit in good standing:
- Remain Eligible for Charge: Businesses must continue to meet Float Charge eligibility requirements* on an ongoing basis and qualify for their approved credit limit.
-
Provide Financial/Bank Statements: Provide your bank and/or financial statements as requested, typically at intervals ranging every 1-6 months.
- Businesses approved through our expedited application process are required to provide monthly bank statements as part of ongoing monitoring.
- Credit Utilization Rate: Maintain a credit utilization rate of 70%* or higher (if unable to reach this, we can adjust it lower and increase it again when needed)
*Please note: Eligibility and utilization requirements are subject to change at any time
These requirements help us monitor continued eligibility and ensure your credit limit remains appropriate for your business. Because Float does not have direct access to your financial information, we rely on the information you provide as part of our ongoing reviews.
Float reserves the right to pause credit or card spend in the event of a Terms of Service violation, failure to comply with the above requirements, or as a result of ongoing risk assessments.
If you have any further questions or wish to learn more about Float's Charge, read more HERE, reach out to your Account Representative, or contact support@floatfinancial.com detailing your inquiry.