Canadian businesses will now be able to spend and settle credit balances in multiple currencies following the launch of the Loop Global Visa Card, by Loop, the global financial platform helping firms manage their international finances.
Thousands of Canadian businesses use Loop, and with the launch of the new card, small and medium enterprises (SMEs) will now be able to manage cross-border payments while streamlining global operations. This comes at the right time as cross-border trade reached $965.1billion CAD in international exports and imports in 2023 and is only set to grow.
The new corporate credit will enable SMEs to manage purchasing in CAD, USD, EUR, and GBP and use the same local currency to settle statement balances. In turn, companies can better manage their foreign currency exposure and avoid foreign exchange costs altogether. This isn’t the only cost-saving benefit of the card. Businesses can apply and be approved for the Loop Global Visa Card enjoying no annual fees.
Customers can greatly benefit from the new Visa card too, as they can leverage Loop’s FX rates to automatically convert from their other balances to the currency of settlement to further minimise the cost of transacting internationally. The enhanced global acceptance means they can also feel comfortable knowing they can set up their cards to make purchases almost anywhere, including with local vendors or any merchant who accepts Visa credit cards worldwide.
The new card also provides peace of mind to business owners and finance teams with automatic coverage of up to $25,000 per cardholder for unauthorised transactions. With custom spend controls, companies can issue physical or virtual cards and control each card by creating limits for total or recurring spend, restricting cards to specific purchasing categories, limiting transactions to certain currencies, and more.
Cato Pastoll, CEO of Loop
Lastly, businesses can easily configure expense management with customisable approval flows and integrated digital receipt capture by SMS or e-mail.
Enabling greater efficiency
“The launch of the Loop Global Visa Card represents a significant advancement for Canadian businesses engaged in international trade,” said Cato Pastoll, CEO of Loop. “This innovative card simplifies the process for finance teams who often manage transactions across multiple currencies, allowing businesses to operate more efficiently and effectively in today’s global marketplace.
“With this card, we empower companies to operate almost anywhere with local currency cards that both reduce costs and the complexity of managing a globally connected business.”
Chris Ferron, head of digital partnerships and fintech at Visa Canada
“Canadian businesses should have a mechanism to have more control and flexibility in the way they pay, and this product provides that,” said Chris Ferron, vice president, fintech partnerships at Visa. “We are excited to collaborate with Loop and EQ Bank to empower Canadians with payment options to help them grow their business and access the global economy through digital payments.”
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