Soldo Business Account Review

An in-depth review of Soldo Business.

Updated: May 21, 2024
Matt Crabtree

Written By

Matt Crabtree

|
Rebecca Goodman

Edited By

Rebecca Goodman

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The goal of the Soldo platform is to streamline the process of managing business costs.

Continue reading for an in-depth look into Soldo company accounting, or skim the highlights in the ‘at a glance' section.

The pros and cons of Soldo

Pros

✔️ It unites the worlds of finance, credit, and accounting

✔️ Unlimited accounts and cards are available

✔️ Features that help you keep tabs on your spending are invaluable, with accounting software that lets you import/export data

✔️ Using a virtual credit card for secure online purchases

✔️ Simple, no-cost service with both a mobile app and a web-based user interface

Cons

❌ Additions to the monthly charge for using an ATM or exchanging cash while abroad

❌ Not a bank; most of your company's transactional requirements could still be met by a traditional current or savings account

❌ Not covered by the FSCS

Soldo Business overview

What is Soldo business?

Soldo, founded in 2015, provides financial services with the goal of reducing business costs. The firm provides a central hub from which you and your staff may monitor and adjust spending.

It does this by letting you provide your staff with prepaid debit cards. With a few clicks, you may add money to or move money out of your Soldo account on the site.

Although the Soldo platform has many of the same features as a traditional current account, Soldo is not a financial institution. Instead, they only provide external services for improved speed and accuracy in managing internal corporate expenditures.

Companies in the United Kingdom and the European Economic Area (EEA) are currently the only ones eligible to use Soldo. However, the firm plans to expand the number of countries it serves in the not-too-distant future.

Soldo has a number of international locations in addition to its London headquarters, including Ireland and Italy. Soldo Financial Services Ltd is an e-money institution authorised by the Financial Conduct Authority (FCA). Companies of every size may benefit from using the Soldo platform. It categorises its primary product lines for companies with 100 or less workers vs those with 1,000 or more.

Now that you know who Soldo is and what they provide, let's go further into our study by looking at how the platform operates.

Introducing Soldo business accounts

Do you run a business with multiple employees? After the initial setup is complete, your business can begin issuing workers prepaid debit cards. This might refer to a single worker, an entire division, or your complete staff.

All of your customers' pre-paid debit cards can be managed centrally via your Soldo platform. Therefore, the Soldo platform will be updated in real-time whenever one of your workers uses the card.

Soldo's core capabilities are far more extensive than only debit card distribution. Let's imagine you wanted to issue cards to everyone in your sales department and set a £500 spending limit for each of them.

Using your Soldo platform, you can quickly and simply do this. Again, you can authorise an increase in expenditure limits for individual salespeople with the press of a button.

Who is Soldo commerce for?

Do you presently operate a business and find yourself in need of expenditure management? Or maybe you need a more efficient method of monitoring the company's expense account now that more workers have access to it.

That's where Soldo comes in.

The solution streamlines corporate expense monitoring and management. Prepaid debit cards and direct payment allow Soldo to track employee spending. If you are considering this service for your company, read our in-depth review. Soldo, its features, benefits, and price will be examined.

How to open an account 📁

As a first step, determine what kind of strategy is appropriate for your business's needs. Here's what's in store:

  • For small and medium-sized businesses (SMBs) just getting started with budgeting, we recommend our Soldo Uno plan. Soldo Uno is a single-card free plan.
  • The Soldo Pro package is excellent for developing companies since it allows for bank feed and expenditure connection with popular accounting platforms like Quickbooks Online and Xero. For £6 per card every month, you can also manage up to 20 virtual and actual cards. 
  • The Soldo Premium subscription includes everything in the Pro plan plus additional controls over user access, group membership, and statistical analysis. At only £10 per card every month, this is the most cost-effective solution for controlling business expenditures. 
  • Businesses may also choose a tailored plan from Soldo Custom. The cost shifts when more options are used.

The next step is to provide Soldo access to your company's records and personal information. A deposit is then required to complete account activation and verification. Employees may now be added, and physical or digital ID cards requested.

After signing up, you'll need to transfer funds to your Soldo account from your business's primary bank account. After that, you may begin your budgeting process.

Create as many employee accounts as you need, issue prepaid cards, and distribute funds all from inside the app.

Your staff may take a photo of a receipt and attach it to a purchase, then categorise it in the manner you want.

You can also import the various expenditure reports you generate from the system into your accounting software through an export to a spreadsheet.

Soldo Business Review — What features do you get?

What features does Soldo business offer you as a business? We explore their key features.

1. What business extras can you expect?

In addition to establishing restrictions and budgets, Soldo is helpful for monitoring individual expenditures. If an employee makes a purchase at a gas station, for instance, you’ll see it on your Soldo dashboard. Who made the purchase, how much it cost, and where the money went can all be seen.

Soldo also has you covered if your firm requires its workers to provide evidence of purchase.

Downloading the Soldo app and snapping a photo of a receipt with a smartphone eliminates the need for customers to hold onto paper receipts and personally bring them to your accounting department. 

As a consequence, the receipt photo will now be stored in your platform's central repository. Your yearly audit will go off without a hitch now! Now that you're familiar with the core functionality of the Soldo platform, let's have a look at some of the additional features it offers.

2. Prepaid card

Prepaid debit cards supplied by MasterCard are available for purchase in any quantity from Soldo. The cards are compatible with chip and PIN and contactless technologies.

Soldo allows for the creation of an infinite number of virtual debit cards in addition to actual ones. They function quite similarly to traditional plastic cards, but the necessary information is supplied digitally instead. If you need to make an occasional payment but don't want to charge it to an existing employee's paycheck, you can establish a one-time use card for that purpose. 

3. Transfers

Despite Soldo's disclaimer that they are not a bank, many banking features are available. You may fund your Soldo account and then move that money around.

A simple bank transfer will be enough to deposit money. When the money finally arrives, you may begin loading it onto the expenditure cards. In addition to making purchases, cardholders may use their cards at ATMs to withdraw cash.

4. Soldo app

A dedicated mobile app is also available for use with Soldo. Both iOS and Android users may get the software at no cost. The software serves several purposes. You can see your spending in real time, which is the primary benefit. You may choose to get push alerts from the app the instant a certain cost is handled, for example.

But that's not all; you can also update your expenditure reports on the fly. An increase in an employee's card limit, for instance, may be made with the press of a button, even if you're out of the office.

The app's benefits extend to your staff as well, as mentioned above. They may monitor their available spending limitations while also digitally attaching a receipt of their transaction.

5. See exported data, analysis and reports

The ability to export data is one of Soldo's most valuable features. If you need to import data into existing systems, this is a great tool to have at your disposal. This entails a wide variety of popular accounting software, including QuickBooks and Sage. Microsoft Excel, Microsoft Dynamics, SAP, and Netsuite are among the other compatible systems.

Soldo makes it simple to create individualised reports. You may obtain statements detailing your expenditures over a specified time period, from which meaningful conclusions can be drawn.

In addition, reports on financial dealings may be generated and filtered accordingly. This will make it simple to see where your money is going and identify the top spenders within your staff.

6. Platform features

Payments 

Soldo issues both plastic and digital prepaid cards that workers may use to make purchases anywhere they and their employers agree. The cards may be used at any store that takes MasterCard, Visa, or American Express for purchases.

Alternatively, you may choose to only use the virtual cards shown on your statement, making online purchases safer and reducing the risk of misplacing physical receipts.

Features essential to payment cards:

  • Controlling expenses (within budgetary parameters)
  • Multiple-business partnerships
  • Software for budgeting and reporting
  • A wallet

At its core, the Soldo platform is the Soldo Wallet. This is the location of monetary deposits, withdrawals, and storage. It's a virtual account in the cloud where your money is safe and accessible online anytime you need it.

It's a convenient way to track your spending, check your balance, and monitor your card activities. Businesses can keep tabs on their spending with ease thanks to the Soldo Wallet's built-in expense tracking, management, and reporting tools. 

Features unique to the Soldo wallet:

  • Monitoring spending
  • Able to deal with a number of different currencies
  • Controlling access and managing users
  • Invoice and billing forms you may modify
  • Allocation of resources
  • Pay in using PSD2 and a wire transfer

Budget restraints

Delegating spending authority to certain cards or even departments is possible. The number of departments might grow or shrink as needed. Admins may establish spending limits for individual cards or whole departments at the same time. Using the spending manager, control:

  • Hierarchies and privileges
  • Controlling finances
  • Warnings and notifications
  • Reporting
  • Monitoring cash flows
  • Integrations

Quickbooks, Xero, SAP, and many more are just some of the accounting programmes that Soldo is compatible with. So that you can have all your financial information in one place, you may easily import data from Soldo into these programmes.

You may easily integrate Soldo with your existing business tools thanks to its extensive set of connectors.

You can effortlessly manage your subscriptions and online advertising spending using virtual cards. You may assign a card to one or more workers and choose which wallet it will use. Payment details are always available in the subscriptions and online advertisements sections.

Database APIs

If you already have an API, you may use it to access Soldo's information. Sending this to your accounting software will cause it to update its data automatically. This operation occurs instantaneously.

Soldo — Our Buying Guide

Now you know a little more about the company, we'll look at how it works.

What packages does Soldo offer?

There are two primary types of Soldo accounts. There will always be a £5 issuance cost for each plastic prepaid card and a £1 issuance fee for each prepaid card that is issued digitally.

However, as each account type has its unique set of perks, we've outlined them individually below.

☑️ #1 Soldo Pro: Simple Expense Tracking, Only £5/month/card + VAT

The Soldo Pro bundle offers additional leeway in budgeting. Soldo charges on a per-card basis rather than a monthly flat rate. If ten workers use the cards in a given month, for instance, the monthly cost would be £50 (10 x £5). If you need to cut down on the total number of cards in circulation, this gives you some leeway in lowering your regular expenditures.

The pro subscription gives you access to a plethora of additional CSV features. This is essential if you want to transfer your spending information to an external accounting programme like QuickBooks or Sage.

Prepaid debit cards in GBP, EUR, and USD are all available.

With Soldo Pro, you can also arrange for automated card top-ups and let your staff digitally attach expenditure receipts. In terms of the former, this is perhaps the most crucial aspect of utilising Soldo.

Because Soldo Pro automatically assigns categories to transactions, you also have considerably more leeway when it comes to keeping tabs on financial data.

☑️ #2 Advanced Expense Management with Soldo Premium Cost: £9/month/card + tax

Soldo's Soldo Premium plan is the company's top-tier offering. Each active card will incur a monthly fee of £9. The only real difference between Soldo Pro and Soldo Premium is the ability to do bespoke setups of corporate roles and access a greater degree of reporting capabilities.

Those with a large workforce or a high volume of monthly expenditures will benefit most from this plan. If you expect to purchase more than 30 plastic pre-paid debit cards, Soldo's corporate plan may provide you with a lower pricing.

Soldo business banking fees

There may be additional costs

There are a handful of additional costs that you should be aware of in addition to the plans already stated. To begin, the price for using an ATM is £1 in the United Kingdom and £2 elsewhere in the world.

If you use your card in a currency other than the one connected with your card, you will be charged a set currency conversion fee of 1%.

Additionally, although domestic transactions inside the United Kingdom are free of charge, SEPA (European transfers) and SWIFT (non-EU international transfers) will cost you £6 and £16 respectively. You need just worry about the regular monthly cost structure for anything else.

How safe is Soldo?

Although Soldo is not a bank, it is governed by the FCA and has an electronic money licence. However, the Financial Services Compensation Scheme (FSCS) does not cover your deposits. Customers' funds are held in separate accounts so that they cannot be used to settle Soldo's debts in the event of the company's insolvency.

Finally, the software allows for immediate blocking of any prepaid cards that are reported missing or stolen.

What about customer service?

Soldo provides email and live chat help for customers who have inquiries regarding business operations. This assistance is offered from Monday through Saturday, 9 AM to 6 PM. There is also a Frequently Asked Questions section for your convenience.

What other features set Soldo business apart from the rest?

Soldo is a business expense management system with support for multiple users. You can keep tabs on your workers' spending in real time with this feature, allowing you to easily manage finances from anywhere.

The few drawbacks of using Soldo are outnumbered by the many advantages. This method streamlines the process of controlling costs and maximising output for firms of all sizes. Soldo is an excellent tool for business owners because to its many useful features, including support for many currencies and precise, real-time tracking of expenditures.

Soldo: The Verdict

In conclusion, Soldo is a great solution for companies that need to process expense reports often. With the click of a mouse and for only a few pounds each month, you can get an exhaustive expense report.

You no longer have to manually allocate expenses against certain budget lines thanks to the Soldo platform's automated system. We also like the fact that digital expense receipts may be attached in the Soldo app.

This is a great option for businesses with a large number of employees who are often on the go and therefore unable to submit their expense reports in person. The time savings will be appreciated by everyone in your accounting department.

Soldo's price is fair when you consider the time and money you'll save by automating your whole expenditure system and eliminating the risk of employee overspending.

For more, see our top business loan accounts.

More about Soldo

First, let's define what Soldo is not. ❌ The Soldo account is not a comprehensive banking solution since Soldo is not a bank. The final product of this so-called “spend control and management platform” includes:

  • A balance. The account is held in the business's name, and it may be used to pay multiple workers for their personal costs. Auto top-ups may be set up so that you don't have to remember to add money to an employee's card every month if their spending habits are relatively predictable.
  • Pay as you go Mastercards. You'll be handing them out to workers individually. Since they are prepaid cards as opposed to debit or credit cards, you may load them with only as much money as you anticipate the recipient spending. They cannot be overdrawn and electronic versions are available for use in internet stores. Soldo's cards are convertible to pounds, the euro, or the dollar.
  • A unified app for controlling both of them. It has a number of tools, such as reports and real-time alerts, that can help you monitor your spending. The software is available for both you and your staff to download.

As of 2017, Soldo may be purchased in the United Kingdom, Italy, and the rest of the European Economic Area.

Soldo contact details

As a Soldo user, you may always start with the company's comprehensive online support resources. Soldo's website, web app, and mobile app all have chat assistance for your convenience. Monday through Saturday, 9 am to 9 pm (GMT +9) is the accessible time for live chat.

You may also reach out to them through email at businesssupport@soldo.com. They promise a response time of no more than one business day.

Related guides:

FAQs

Is Soldo a good fit for businesses?

In what ways does Soldo excel?

Can you trust Soldo?

How can I use Soldo’s prepaid card?

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