Are prepaid debit cards ideal to control business spending?

5 reasons why you need prepaid debit cards to control spending

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Best cash passport alternatives
Best cash passport alternatives

When you ask your staff to cover work expenses with their own money or use company credit or debit cards, you’re opening the floodgates to a slew of unexpected charges. And the headache that comes with sorting through receipts never goes away.  

Secure prepaid debit cards are a smart and safer way to track spending. They’re not actually ‘debit’ cards, despite the similarities, as they’re not associated directly with a bank account.

Unlike credit or debit cards, prepaid debit cards give you a clearer picture of your business expenses and block any possibility of overspending.

Here are five reasons why prepaid cards give you more freedom to control:

1. Prepaid debit cards let you track spending in real time

Unregulated spending and a few odd mistakes will leave a mark on your business. But a prepaid card lets you enforce custom limits and rules to control spending before it happens. You simply load a specific amount onto a card whenever you need to – and that’s it.

Instead of one debit or credit card being passed around, you can purchase prepaid debit cards and give one to each department or employee. And then, you can tighten your budgeting accordingly.

With Soldo prepaid cards, you’re even able to control this in real time via a web console. Your people can capture receipts and make them available to you as soon as they use the card – and help you anticipate similar situations.

2. Prepaid debit cards make processes easier

Prepaid cards let you transfer funds to your people, no matter where they are, in a matter of seconds. This makes you more efficient.

For extra comfort, staff can link their preloaded bank cards to PayPal, and use them on Uber accounts to trace travel costs as they happen.

Prepaid cards for business are super convenient for owners, too. The Soldo prepaid debit card comes with an intuitive web console and app that automate the dreaded expense report process.

You can export the data and import it into an accounting system like Xero, cutting admin and manual receipt processing. Easy!

3. Prepaid debit cards keep your business safe

Should someone in your company go on a spending spree or if your business credit card information gets stolen, you’re stuck in a messy process waiting for reimbursement. But not if you’re using prepaid cards.

If your employees don’t have access to an account, this risk doesn’t exist. You have total control over spending by setting spending limits. You can even keep a zero balance until they need to use it – and there’s no chance of hurting your credit score.

With Soldo, you can also double your security efforts with a virtual prepaid card. You can still establish individualised budgets, but you take away the possibility of it being lost.

Plastic or virtual – a preloaded cash card will help you sleep better at night.

4. Prepaid cards empower your employees

If you’re not using a company credit card or not making it available to everyone, chances are your people are spending their own money and waiting ages for the cashback.

These prepaid cards give your team the financial autonomy to cover their work-related needs, and tells them you trust them to stay on budget.

You can also show appreciation by using prepaid cards as an incentive. Just top up the cards when certain targets are hit to pay for a special lunch or training.

They can have everything they need – and some extra motivation, too.

5. Prepaid debit cards help you save money

An impromptu client lunch, a repeat purchase, a new software subscription. Small irregularities will eat into your profits – and you won’t know it until it’s too late.

A pay-as-you-go debit card will enforce your expense policy automatically, knocking down the risk of overspending. Better planning, less waste.

This type of card comes in handy particularly when you want to save on travel expenditures. If you choose Soldo, the foreign exchange rate is much lower compared to most banks and credit card providers.

The ability to check exactly how much you’ve spent through an app also triggers a psychological ‘savings mode’ – your people will think twice before getting that third cup of coffee.

A clever way to save, with little effort.

Set limits, reap the rewards

Prepaid debit cards come with innovative technology to help you track expenses and keep a tighter grip on finances.

Putting business expenses on the company credit card or asking employees to pay out of pocket can really hurt your financial situation. Your people should have the autonomy to get what they need responsibly without you worrying about phantom travel costs and client dinners.

A prepaid business card from Soldo gives you complete control and visibility while saving you money that you can use to invest in your business.


Get the best prepaid travel card

Soldo Ltd software services plan prices exclude VAT.
Soldo Financial Services Ltd fees, and typical limits are available here.

*No monthly fees for first virtual card for 12 months, standard monthly fees apply to all
additional cards. Card issuance fees apply.