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.
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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