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Soldo Prepaid Business Credit Card *

By:  Sam Robson | Updated: 30th November 2021.

Soldo's prepaid business cards allow employers to distribute cards amongst teams and employees. Thanks to the ability to allocate a specific amount of cash to each card, businesses have complete control over the amount of money that their staff has to spend. To be eligible for use, you simply need to have a registered company name.

Great for: Prepaid cards to manage employee spending
4.5 stars question mark

Soldo Prepaid Business Credit Card *

Apply Now!

On Soldo's Secure Website

* Affiliate partner

Where Soldo’s prepaid business card differs from most other corporate credit cards is that it’s impossible for employees to run up debt, due to the predefined budget limits as well as not having access to the company account. All card activity can be tracked via Soldo’s apps and online administration console, while it all integrates with whichever accounting platforms the Finance department already uses. SMEs can get started with Soldo’s Pro account, which charges £5 per card issued each month, while an expanded Premium service has the monthly rate of £9 for each card.

CREDIT RATING req:

  • Poor/No credit
  • Fair/Average
  • Good/Excellent

HIGHLIGHTS

  • No credit history needed, ideal for start-ups
  • Manage cards via online payment console
  • Instant free transfers to employee cards

REPRESENTATIVE EXAMPLE

Not applicable. This is not a credit product.

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

what we like

  • No credit history needed, ideal for start-ups
  • Manage cards via online payment console
  • Instant free transfers to employee cards
  • ANNUAL FEE:

    £60
  • REPRESENTATIVE APR:

    N/A
  • INTRO OFFER:

    N/A

KEY SCORES:

  • 5/5 Perks
  • 4/5Fees
  • N/AAPR

HIGHLIGHTS

  • No credit history needed, ideal for start-ups
  • Manage cards via online payment console
  • Instant free transfers to employee cards

REPRESENTATIVE EXAMPLE

Not applicable. This is not a credit product.

* This is an offer from one of our affiliate partners. For more information on why and how we work with partners, click here.

Our bottom line

I can easily see how Soldo’s prepaid business cards could benefit small- to medium-sized companies where running up even a small amount of debt could prove catastrophic (and especially start-ups who haven’t been able to build up a credit score, as Soldo doesn’t require a credit check). Carefully controlling spending and reducing time spent on administrative tasks is vital for SMEs, and Soldo’s platform allows for both.

Credit Rating Requirement: Poor/No Credit

What I like

Soldo exists to help streamline companies’ entire expense cycle.

  • Account management – The online system offers full control and oversight of cashflow in one centralised location. Employees can feel the freedom of being trusted with spending decisions through being issued their own separate card, while Finance retains oversight of all expenses and can act accordingly – top-up cards, for instance, approve receipts, etc – using just one platform. Another huge upside is the ability to integrate Soldo with a company’s existing accounting software, as it’s compatible with Xero, QuickBooks Online, Sage, and others.
  • ATM withdrawals – There are no fees to withdraw money from cash machines using Soldo’s cards. Restrictions are in place as an added security measure, with a limit of £200 allowed to be taken out in each transaction (there are also daily and monthly thresholds of £1,500 and £5,000 respectively).
  • Low fee – Companies can get started for as little as £5 per card each month on Soldo’s Pro plan, while those who require more advanced reporting tools and configurable roles are covered by the Premium price-point of £9 per month for each card issued to employees.
  • Security – Your money is held in a “protected, ring-fenced account in leading banks in each market”, and only accessed by Soldo to execute transactions.

What could be improved?

It’s a good problem to have, but with the various functionalities that Soldo offers, it can take some time to fully comprehend everything that’s available.

How does it stack up?

Soldo Pro’s fee of £5 per month for each card issued compares favorably against competitors offering similar customer spending solutions, with Pleo’s Essential plan costing £6 per user every month, and Expend’s Business account setting each user back £6.99 per month.

Credit score

As the prepaid cards don’t offer a form of credit, there is no credit check necessary when applying for a Soldo card. I believe this makes it perfect for start-ups, who aren’t likely to have had the opportunity to build up a healthy credit score.

How do you apply?

Registration is straightforward, via Soldo’s website. You’ll be prompted to provide your company’s information (VAT number if registered, a description of the business, etc) as well as details for the legal representative, which is required as Soldo is regulated by the Financial Conduct Authority.

Is the Soldo Prepaid Business Credit Card right for you?

Whether your company is in its start-up phase or is well established, Soldo’s service can help simplify the often-onerous task of business spend-management. Budgets and accounts are updated in real-time, and receipts can be quickly scanned using the mobile app and uploaded in a flash. The online platform is easy to use with a clear interface, helping avoid the complexities that can occur with multiple business cards issued to different members of staff.

Having a positive company culture is seen as increasingly important for management and employees alike, and entrusting staff with prepaid business cards can help breed respect both ways through responsible spending, minus the risk of accumulating debt on the company’s business account.


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