Soldo Review

The company provides you with multi-currency cards that resemble regular bank accounts. However, the MasterCards you can allocate to your employees aren’t debit but prepaid cards, which means that they contain only the funds an employee is supposed to spend. There’s no overdraft option.

Soldo’s accounts can be in three currencies – dollar, euro or sterling. Your staff can use them to make domestic or international physical or online payments and withdraw money from their accounts using an ATM.

As a business owner, you deposit funds to your company account through a simple bank transfer and then allocate them to your expense cards. You can set up recurring monthly top-ups, too, if your employees’ spending is predictable.

Corporate employee cards are one of this service’s main features. If you run a business where your employees often travel for business, host dinners, or organise events, the prepaid business card by Soldo is the ideal corporate card solution. It helps you simplify the necessary administration of spending management, erasing the requirement of employees keeping track of their expenses. There’s also much less chance for human error by providing a real-time record.

You can set up an approved list of expenses with your finance team, individualise spending limits, and create policies. The card will reflect these limitations and restrictions for each user. All your staff needs to do is scan the receipts and file them in the appropriate category, keeping your records up to date.

The classic corporate card can be used home and overseas alike. You can go for a virtual company card for online payments, too.

Soldo is not your primary bank account, so it doesn’t allow you to make payments to clients or creditors. However, it does enable you to grant funds to team members who can cover expenses in the name of the company.

The financing of employees’ cards is straightforward and grants them spending autonomy. You can also automate card top-ups and create recurring schemes, so you don’t have to think about it too much in the long-run.

Soldo’s tools give you control over the expenses, strengthening the functionalities of your primary bank account.

Soldo uses permissions to help users manage what employees can and cannot do. Permission defines which actions a user can take. There are five roles which you can grant your employees, each with a different set of licenses:

• SuperAdmins – can access all features of Soldo, managing wallets, expense centres, cards, and users.
• Admins – equal access as SuperAdmins, but can’t set permissions for users or determine other Admins.
• Manager – the primary role is to review transactions of various employees in a group and ensure they’re spending according to the policy.
• Accountant – access the reports and manage tags, using integrations. They can’t handle money, only the information.
• Employee – manage their cards, add details to transactions and reports of their activities.

Note that users can have an indefinite amount of roles. Soldo is super flexible, allowing you to personalise your administration as needed.

Soldo features no accounting tools of its own. However, it seamlessly integrates with various financial software providers such as Xero, Sage, and QuickBooks.

The application automatically uploads the expenses incurred by your employees to the accounting software in real-time. Your staff needs to input the payment information, and your accountant will get all the relevant data on the platform.

The company provides an Application Programming Interface. Thus, allowing businesses using the platform to automate their access to Soldo’s services with the rest of their business system and logistics.

It also integrates seamlessly with various accounting software providers. Therefore, allowing you to incorporate Soldo card spending in your financial reports with ease. The most prominent supported programs include:

• Xero
• QuickBooks
• Sage
• NetSuite
• SAP
• Financial Force
• Microsoft Dynamics

The company is under the authorisation and regulation of the Financial Conduct Authority, which sets strict rules related to dedicated finances and guarantees safety to the customers.

Soldo’s privacy policy explains that your information, personal and financial, won’t be shared with third-parties. The company claims it only collects the data necessary for service performance.

Regarding your funds, they’re entirely away from Soldo’s business bank accounts and never accessed except for executing customer’s transactions. The funds are safeguarded under the UK Electronic Money Regulations from 2017.

If any of your employees lose their card, you can block its functionalities from the app, and the order will go into effect immediately.

If you have any questions about the company’s operations, your account or future developments, you can send them to one of the several dedicated email addresses found on the website. The company tends to provide timely, informative answers.

Alternatively, the FAQ sections at support.soldo.com which you can visit provide detailed explanations and useful links on various account-specific topics. You may find all you need there without contacting a representative.

This company doesn’t offer perks to its customers apart from what each plan grants. However, employers can provide a bonuses plan to their employees using the cards.

Soldo states that its mission is to empower, not only control employee spending.

In that vein, it gives you the option to use the cards to provide perks to your staff. It can be a part of your rewards programme since it’s flexible enough to allow your employees to purchase whatever you grant with it.

While Soldo doesn’t disclose all upcoming features to all customers, those on the Enterprise plan get early access to the latest service characteristics. There’s also a customer feedback panel, which you can join, too.