Cash passports simplify spending and save time for employees on the ground and finance teams. Find the best options and discover better alternatives
Even the best-planned business trips can become a tangled maze of spending.
As well as the more predictable stuff – accommodation, transport and food – there are also plenty of unforeseen expenses. A last-minute dash for a new laptop charging cable or even a bit of spontaneous client entertainment to toast a new deal can make tracking tricky.
Asking staff to cover these costs with their own money can land them in personal financial trouble and isn’t good for morale. If they’re worried about money while on a trip, your staff may be more likely to take risks or skip essential spending that might put your business relationships in jeopardy.
You want your people prepared and empowered with the resources they need to do good business on their trips away. In these situations, a prepaid cash passport comes in handy.
Recreational travellers have been using cash passport cards for years to simplify their spending – after all, who wants to worry about exchange rates and bank fees while on holiday?
You want your people prepared and empowered with the resources they need to do good business on their trips away.
Multi-currency means they work across multiple currencies (generally with additional fees).
They work by enabling you to give each staff member access to their own spending account and card that they can use while they are away on business.
That means that your team can manage their own spending while increasing their accountability, saving you time and giving you complete control.
Until recently, these cash passports haven’t had the features that businesses need to make it worth their while when it’s time to do the expenses reports.
Now, many UK businesses are using cash passports to make company spend much easier while travelling.
The most popular cash passport for business is the Mastercard Corporate Cash Passport, but you might find that there’s another option that better integrates with your existing expenses process.
A few new challengers are giving businesses the perfect balance: the freedom to spend, and powerful tracking and reporting features.
Assigning each team member their own prepaid card is a whole lot easier than reimbursing employees when they get back. It saves them keeping receipts, and it saves you processing them.
Traditional credit cards may make you go through a lengthy process each time you want a new card or bring someone new into the team. With a prepaid cash passport for business, you’re the boss: delegate cards at your discretion.
Your card can be in your hands in less than five working days. Get a ‘virtual card’ for purchases that just can’t wait in less than one working day (and generate one instantly if you already have a Soldo account).
Since you’re specifying exactly how much money is on the card at any time, you eliminate shocking incidents of fraud or overspend. If a team member leaves their card on the train, just freeze it or transfer the money elsewhere in an instant. It’s also much lower-risk than loading up your teams with petty cash.
Most multi-currency cash passports will charge foreign exchange fees. Check the fine print on your cash passport to make sure you’re paying a competitive rate.
For example, here’s what Soldo charges for currency exchange services:
Card Foreign Exchange transaction Fee
EUR, GBP, USD
Soldo Pro and Premium 1.00%
1.00% above the latest available interbank rate
Powerful cash passport solutions allow you to view and control all aspects of spend through expense management software.
IMPORTANT: Make sure your expenses solution allows you to do all of the above, otherwise you’ll end up spending more.
What is the best prepaid travel card?
There are a variety of prepaid travel card options out there. Though all prepaid cards have the same basic functionality, Soldo is one of the few that can manage your business’ data by integrating with popular accounting software. Soldo can export and import transaction data to QuickBooks and other accounting apps. Soldo’s payment console can also integrate with Xero and SAP Concur’s automatic bank feeds and accounting APIs.
Soldo’s easy-to-use features can easily save you (and your finance team) valuable time and resources — so you can focus less on admin and more on the important stuff.
How do I get a prepaid travel card?
You can apply online in just a few minutes for a Soldo prepaid travel card. Unlike typical business credit cards, which require individual employees to undergo credit checks that can affect their credit history and credit ratings, Soldo prepaid business travel cards do not require credit checks. Soldo can be used by businesses of any size. Soldo’s flexible pricing plans allow you to choose a structure that best suits your team’s travel needs, while keeping future business growth in mind.
Who can use prepaid travel cards?
Any member of your team can use Soldo prepaid travel cards, whether it’s for large purchases like plane tickets or small expenses like taking a client out for coffee. The admin console is an easy way for you to keep track of all purchases across all employees, no matter where they are travelling to or from.
Can prepaid travel cards be used for online purchases?
Soldo’s prepaid cards are issued by Mastercard, so they can be used anywhere that accepts Mastercard. Prepaid travel cards are a great way of making online bookings, like flights and hotels, without your employees needing to pay themselves and wait for reimbursement cheques.