Soldo - what to expect from this business expense management service?
What is Soldo?
Soldo is for businesses that still use expense reports, spreadsheets, and other manual processes to manage their employee's expenses. Its solution, which targets all sizes of companies, allows them to continue using their existing bank accounts while creating dedicated expense accounts. Prepaid MasterCard plastic and virtual cards and an app that allows transaction data to be recorded at the time of purchase and integrated with corporate accounting software such as Xero, QuickBooks, Concur, Expensify, NetSuite, SAP etc.
Besides, businesses can create cards with limits and personalized spending rules for their employees. The application also allows taking pictures of invoices to facilitate expense management.
The solutions proposed by Soldo are focused on meeting the needs of small and medium-sized companies, nonprofits and freelancers.
Soldo Cards can be used around the world for both cash withdrawals and payments online and in brick-and-mortar stores. This solution is very flexible because it is a typical card, but the business/administrator maintains complete control and can monitor its management. Soldo offers these features:
- Approval Process Control
- Expense Tracking
- Prepaid Cards
- Multi-Currency account (USD, EUR, and GBP)
- Workflow Management
- Receipt Management
- Reimbursement Management
- Spend Analysis
- Spend Control
- Time & Expense Tracking
Soldo is a product that was created for businesses (and freelancers) and has been structured in order to adapt to certain business needs.
For Small and medium-sized enterprises: Soldo allows you to comply with the new regulations regarding e-invoicing and digital control of expenses. If your company is growing, it will allow you to have specific control of your resources. For your employees, you can use individual prepaid cards to pay for various expenses.
Large companies: Soldo offers the possibility of having multiple prepaid cards (the number can be expanded) to help better manage a company's expenses with a large number of employees. This means dividing the activities of the individual departments and assigning cards with built-in budgets and tools.
Non-profit: If you are the owner of a non-profit enterprise, such as a cultural association, Soldo allows you to have prudent and careful management in full compliance with the new legal regulations.
Soldo offers two plans; please note that currently, it does not offer any free trial or a standard/basic (free) plan.
Soldo Pro offers a wider and richer range of services. Here are some of the features of the card:
- Issuance of multiple cards.
- Free transfer of funds to associated cards.
- Issue of the monthly statement.
- Receipts uploading.
- Diversification of roles and permissions to use the funds.
- Integration with Xero.
- App and web console.
- Basic reporting
Ultimately, Soldo Premium is the most comprehensive plan. In addition to all the features present in Soldo Pro, with Soldo Premium you can request non-nominal business cards, access more advanced reporting and the ability to custom-configure various company roles.
To get a complete idea about Soldo fees, please visit AskWallet.
Is Soldo Safe?
Soldo is a safe, reliable electronic money institution and is authorized to operate by the FCA (Financial Conduct Authority). If you were to rely on Soldo, you must know that your money is safe in protected accounts with Intesa Sanpaolo (an Italian international banking group). Your savings will also be returned to you in the event of company insolvency.
Soldo makes security its strong point. The data available to the company is stored through high standards of security, integrity and stability. Customer data is also protected and will never be shared with third-party commercial realities.
Soldo adheres to the new European regulations on access security, allowing access to the main account only through a double identity verification through the pin.
Questions & answers
What makes Soldo a preferred payment solution for users? What is your unique selling proposition?
Please kindly follow this link for all great things about Soldo! https://www.soldo.com/en-gb/product/product-overview/
Is Soldo safe? Please tell us How do you ensure security for your customers?
Soldo Financial Services Ltd is an electronic money institution, authorised and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011: this means we have to follow strict compliance processes. We don’t lend or take risks with customer money, we access it solely to execute the customer’s transactions. Client funds are always protected, as they are completely independent of Soldo’s business accounts and assets. The funds are safeguarded under UK Electronic Money Regulations 2017 and cannot be claimed by Soldo creditors.
What is the idea behind Soldo?
Soldo is a multi-user expense account that helps you control business spending and, thanks to the integration with your accounting software, makes it easy and quick to manage and reconcile all company and petty cash expenses (https://www.soldo.com/en-gb/petty-cash/ ). Soldo is not a business account and we’re not trying to replace yours. We’re here to complement the traditional business account (https://www.soldo.com/en-gb/business-banking/how-safe-is-digital-banking-for-business/ ) offering with more advanced and innovative financial services.
What is Soldo target audience?
Businesses. Our core market is the UK and Italy but we are now expanding into the rest of Europe. We would love to focus on growing our European customers.
Are there any upcoming features or updates?
We have a new plan called Soldo UNO that lets companies sign up and try out services for free (with just one card). Please kindly follow this link to see our different pricing plans and see how UNO differs from the rest https://www.soldo.com/en-gb/pricing/
Name top 3 killer features on Soldo
- Simplified reporting Capture receipts on the spot with the mobile app.
- Real-time tracking See all spending in real time, filter for granular detail.
- Effortless bookkeeping Export data to any accounting system in a couple of clicks.
- Allows adding multiple cards and users.
- Capture invoices and add VAT via mobile app.
- Features to track expenses.
- Integration with accounting software.
- Combines banking with expense management.
- Available on both desktop and mobile.
- Not a regular business bank account.
- ATM withdrawals and foreign currency transactions are not free.
- Client’s funds not protected by FCSC.
Soldo is a service that has attracted positive reviews from entrepreneurs and companies. It is an innovative solution that makes the financial management of your company simple. I appreciate that Soldo allows one or more Soldo cards to various centres (offices and company departments) or to each employee depending on the type of company structure. Each card is autonomous, so you can change the spending limits by customizing them according to different needs.
The solution also enables the management of the validation workflows, creation of accounts statuses and roles, etc. In our opinion, whether you are an individual entrepreneur, accountant or even financial director, Soldo is a convenient and easy-to-use solution.
With its vast array of features, enterprises of various sizes could benefit from Soldo; the prepaid cards with built-in budgets and tools are a great method to monitor spending.
Another benefit is that Soldo is available on desktop and mobile, which allows companies to manage their business expenses in real time. For larger structures, for example, companies can give managers the authority to refuse or accept an expense from the mobile application.
If you are interested in comparing Soldo with similar services such as Pleo, I recommend using the AskWallet platform with comprehensive reviews and real user testimonials to help you decide which service to choose.
Soldo offers two premium tiers with cost calculated per card on a monthly basis. The prices start at Soldo Pro: 5 GBP per card per month, and Soldo Premium: 9 GBP per card per month. Custom enterprise plan is also available.
- Multiple Soldo MasterCard cards.
- Mobile application and Web console.
- Integration with accounting software.
- Unlimited transactions with no charges.
- Deposits without any fees.
- Dedicated customer support.
- Login to the Soldo’s web console.
- Navigate to the “Deposit info” option on the menu and click it.
- fill in the details to deposit funds from your company’s bank account.
Some of the charges and limitations are the following:
- 3 offers: Soldo Pro at 5 EUR, Soldo Premium at 9 EUR or Soldo Custom (price to be defined) per month and per user.
- Cost of the single card: € 5 per card.
- Fees on payments in the Eurozone: free.
- Fees on payments outside the Eurozone: 1% of the exchange rate.
- Conditions for withdrawal in Eurozone countries with the card in EUR: 1 EUR for a withdrawal in Euros.
- Conditions of withdrawal in countries outside the Eurozone with the card in euros: 2 EUR for a withdrawal in foreign currencies.
Please visit Soldo’s official web page or the AskWallet link to know more about the fees and limits.