An in-depth review of Soldo Business.
Soldo Business Account Review
Soldo Business Review — FAQs
Is Soldo a good fit for businesses?
Soldo stands out from its rivals since it combines payments and cost management into a single product. It’s “ideal for small businesses”, but if you’re in charge of a large company, you presumably won’t provide prepaid cards to every worker who needs one.
Charities get a 30% discount from Soldo because of the complexity of their operations and the large number of hands that must be kept on the till at all times.
While Soldo’s 1% foreign currency transaction cost is more competitive than most conventional banks’, some digital-only rivals provide a comprehensive business account with fee-free spending abroad in more currencies, making them a more attractive option if your company incurs a significant amount of international expenditures. For instance, Revolut for Enterprise supports 25 different currencies.
In what ways does Soldo excel?
You shouldn’t use Soldo for your regular business banking since it wasn’t designed to be a bank.
However, if you need help keeping track of your finances, this is a sensible and individualised option to consider. Soldo may save you a lot of time and hassle if you have a group of workers who regularly need access to your corporate debit card. Soldo takes a different strategy than many company accounts, which are typically designed for a single user. The employee’s name may be printed right on the prepaid card, making everything easy to track.
If you anticipate performing most of the organisation’s expenditures, though, you may get by with a standard business checking account rather than signing up for Soldo.
Visit Soldo.com and create an account to get started. If after reading this review you still think Soldo’s account isn’t for you, there are plenty of alternative prepaid business cards to consider.
Can you trust Soldo?
To a proper degree. Soldo is a safe and reliable method for companies of any size to improve the effectiveness of their financial management. Under the UK’s Electronic Money Regulations of 2017, the Financial Conduct Authority (FCA) oversees and grants permission for their use.
Your funds cannot be utilised to settle Soldo’s debts since they are dispersed throughout other accounts. Your deposited monies are protected behind many layers of encryption and a firewall, as promised by the firm.
How can I use Soldo’s prepaid card?
Soldo Prepaid Card Instructions:
Using Soldo, groups of employees or teams may pool their funds for purchases both online and in-store. Business owners may use the Soldo card to pay for employee costs like travel and leisure, as well as for corporate expenses like online advertising and the purchase of IT, while still keeping tight financial oversight.
Log in to your Soldo account and obtain prepaid payment cards for all of your employees. Then, you can decide how much money to put on the card and set up notifications to keep track of expenses. Cards cost between £6 and £10 each month, plus a one-time issuance charge of £5, depending on the plan chosen.
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