Managing company expenses can be a challenge, especially when multiple employees handle purchases for various business needs. The Soldo Business Prepaid Card offers an efficient solution, allowing companies to control spending while simplifying expense management. With customizable limits, real-time tracking, and seamless integration with accounting software, Soldo transforms the way businesses handle finances.
This innovative prepaid card system ensures that employees can make purchases without relying on reimbursement processes, while administrators maintain complete oversight. Let’s explore the key aspects, benefits, and application process for the Soldo Business Prepaid Card.
Key information about the credit card
How does the annual fee work?
One of the standout features of the Soldo Business Prepaid Card is that it does not have an annual fee. This aspect is particularly attractive for businesses aiming to reduce operational costs while maintaining efficient expense management. Without the burden of recurring charges, companies can allocate their budgets more effectively, ensuring that funds are used where they matter most.
Since there are no hidden fees or long-term contracts, businesses can enjoy the flexibility of using the Soldo platform without worrying about additional expenses. This fee-free structure makes it easier for small businesses, startups, and larger organizations to adopt the system without financial hesitation.
How is the credit limit determined?
Unlike traditional credit cards, where the limit is determined by the financial institution based on credit history, income, and other factors, the Soldo Business Prepaid Card operates on a prepaid basis. This means the company decides the spending limit by loading funds into the Soldo account.
Each card can be allocated a specific budget, ensuring that employees spend only what is authorized. This method empowers businesses to maintain control while avoiding overspending. It also means there’s no risk of accumulating debt, as spending is limited to the preloaded amount. This approach offers peace of mind for both employers and employees.
Advantages of the credit card
- Complete control: Businesses can set spending limits for each card, ensuring that budgets are adhered to without micromanagement.
- Real-time tracking: Every transaction is visible instantly through the Soldo web console and mobile app, making it easy to monitor expenses as they happen.
- Automated expense reporting: Receipts can be captured at the point of purchase, reducing the need for manual data entry and saving hours of administrative work.
- Seamless integration: Soldo integrates with popular accounting software like Xero and QuickBooks, streamlining bookkeeping and reconciliation processes.
- No out-of-pocket spending: Employees no longer need to use personal funds for company expenses, eliminating the need for reimbursements.
- Flexible card options: Both physical and virtual cards are available, catering to in-person and online purchases.
- International usability: The Soldo Mastercard® is accepted worldwide, making it ideal for business travel and cross-border transactions.
Standout advantage
The standout advantage of the Soldo Business Prepaid Card is its ability to provide real-time visibility and control over company spending. Administrators can instantly see where, when, and how company money is being used. This level of transparency not only prevents overspending but also simplifies budgeting and reporting. It’s an invaluable feature for finance teams aiming to optimize company resources efficiently.
Disadvantages
- No credit facility: Since it’s a prepaid card, it does not offer a credit line, which might be a drawback for businesses seeking short-term credit solutions.
- Limited to preloaded funds: Spending is restricted to the available balance, which can be inconvenient if unexpected expenses arise.
- Fixed foreign exchange fee: While international transactions are possible, there is a fixed 1.5% foreign exchange fee for non-domestic purchases.
- Dependent on preloaded budget: If funds are not allocated promptly, employees might face delays in accessing necessary resources.
A standout disadvantage
The primary disadvantage of the Soldo Business Prepaid Card is its lack of credit flexibility. Unlike traditional credit cards, it cannot be used for purchases beyond the preloaded amount. While this feature helps control spending, it may be inconvenient for businesses that occasionally require additional funds for unforeseen expenses. Companies must carefully plan their budgets to avoid disruptions in operations.
Who can apply for this card?
The Soldo Business Prepaid Card is available for businesses of all sizes, from startups to large corporations. To apply, the business must be legally registered and have an active company account. There are no specific requirements regarding credit history, making it accessible even for companies with limited credit records.
Applicants must provide basic documentation to verify the company’s identity and address. While there is no minimum income requirement, businesses must preload funds to activate the cards. The card is also suitable for non-profit organizations, educational institutions, and other entities needing efficient expense management.
How to apply for the Soldo Business Prepaid Card
For the website
To apply through the Soldo website, start by visiting the official page and selecting the “Get Started” option. The platform will guide you through a user-friendly application process, requiring essential company information such as the business name, address, and registration number. You’ll also need to provide the names and contact details of the primary account holders and any employees who will be using the cards.
Once the application is submitted, Soldo will request verification documents, including proof of identity and company registration. After the documents are uploaded and verified, you can load funds into your Soldo account. The prepaid cards will be issued and delivered within two working days, allowing you to start managing expenses almost immediately.
Through the app
The Soldo mobile app offers a convenient way to apply for and manage business prepaid cards. Available for both iOS and Android devices, the app simplifies the process of onboarding new users and tracking expenses. To apply via the app, download it from the App Store or Google Play and create a company account. Enter the required business information and upload verification documents directly from your phone.
The app allows you to manage user permissions, set spending limits, and track transactions in real-time. Once your account is approved, you can order prepaid cards for employees and departments. The app also facilitates receipt capture at the point of purchase, ensuring accurate and hassle-free expense reporting.
At the branch
Currently, Soldo does not offer in-person applications at physical branches, as the service is designed to be entirely digital. This approach ensures efficiency and convenience, allowing businesses to manage their accounts without visiting a bank or office. However, if you require assistance during the application process, Soldo’s dedicated support team is available to guide you through each step. They can be reached via phone, email, or live chat, ensuring a smooth onboarding experience.
