Spotlighting business spending with a Mastercard® prepaid card


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What is a Mastercard prepaid card?

A Mastercard prepaid card is a payment option, like debit and credit cards, that lets you pay for services and products in-store and online. But prepaid cards are often more convenient and flexible – which makes them a certified bang-up solution.

To use a Mastercard prepaid card, you must load money onto the card, and you can only spend or withdraw the amount you’ve got on it. You can’t go below zero and dip into your overdraft.

For businesses wanting to get a better handle on their spending and budgeting, these cards are particularly rewarding. They’re also safer alternatives to petty cash, since you don’t have to pass around cash to your employees.

Unlike debit and credit cards, prepaid cards aren’t linked to bank accounts, so there are no credit checks. And, as a bonus, your identity and assets won’t be at risk if a card gets stolen or goes missing.

There’s no credit involved, either. This, and the fact that you can only use the money preloaded on the card, means your staff can’t drive up debt, and you get a clear view and control over who’s spending what.

How to use a Mastercard prepaid card

A prepaid card works similarly to debit and credit cards. You can start making payments and managing expenses very quickly.

  • You start by loading your employees’ prepaid card with enough cash for their expenses. Depending upon any rules that may have been set, your employees can order office supplies online, book travel, buy software subscriptions, pay for taxis, and use the card for minimal amounts – doughnuts to sweeten that client meeting, perhaps?
  • Alternatively, they can use it to draw cash from an ATM, as you would with a debit card.
  • Once the amount on the card is spent, it can only be reloaded by the business – who keeps ownership and control of the money, and can freeze it at any time.

To learn more about how Mastercard prepaid cards work, check out our guide to prepaid cards for business and find out how our unique business solution can help your company better manage spending.

Why your business will benefit from a Mastercard prepaid card

Prepaid cards are a win-win for both employer and employee when it comes to company spending.

A prepaid business card gives employees financial autonomy and gets rid of the unreasonable expectation that they spend their money on behalf of the company – and wait ages for a reimbursement – and you maintain a firm grip on spending.

A Mastercard prepaid card such as Soldo can also give you more transparency and a real-time view of company-wide spending. You can track spending as it happens, and manage how people use their company cards. And before they use them, you can define rules and set limits that fit your budgeting and expense policies.

It also simplifies accounting. When a card is used, spending amounts and details make their way to an online system which your finance team can access instantly.

With Soldo, you can even connect your prepaid account with Xero, QuickBooks, and NetSuite, or export the information to your accounting system, and eliminate expense claims, manual receipt processing and payment of claims. All automated, and uncomplicated.

Where you can use your Mastercard prepaid card

When they’re issued by one of the largest payment processing networks in the world, it might be easier to ask where can’t you use a Mastercard® prepaid card.

You can make a huge range of purchases with prepaid cards, be it online shopping, physical shops, petrol stations or hotels. Wherever you see the Mastercard® logo, you’re ready to go.

You can even create a virtual Mastercard® prepaid card. It works exactly like the normal ones, minus the plastic – and they’re perfect for online payments. Some companies create one-off virtual accounts for specific transactions such as an ecommerce purchase or a software subscription, so there’s zero risk of any other funds being compromised if they’re not fully confident about the vendor.

The Soldo Mastercard prepaid cards are accepted by over 20 million merchants in more than 150 countries, with no limits on usage – except any rules you set. There are no Mastercard prepaid card fees for domestic transactions, and our FX fee is fixed at 1%.

How to get a Mastercard prepaid card

Mastercard® partners with several businesses which offer financial services, and one of them is Soldo – a principal member of this global pay-tech giant.

When signing up for a Soldo Mastercard prepaid card account, you won’t face the usual lengthy sign-up process you get with debit or credit cards. Setting up an account takes minutes, and you can order as many cards as you need, immediately after. (To make things easier, your employees don’t need to go through checks to get their cards.)

With Soldo, you buy a Mastercard prepaid card for company spending, but there’s a lot more to it. Soldo is a complete business spend management platform that gives you more insight into every step of the spending cycle.

You’ll be able to control the way your employees spend company money, speed up expense claims and expense reporting, and get instant insights into spending behaviour.

To get started with Soldo, all you need to do is sign up, and you’ll be able to get our platform up and running in next to no time.

  • We’ll have your account created within one working day
  • When you get access to the web console, you’ll be able to order as many cards as you like for employees, departments, projects, or any other business spending
  • You can then add funds, limits and rules, enable real-time notifications and track company spending in real time

You won’t just save time with Soldo; the insight you’ll get from our platform will help you make brighter decisions, which will also help you save money. It’s a lot to look forward to.

The Soldo platform at a glance

The Soldo card: Give out as many as you like to members of your team, who can use them to buy what they need.

The Soldo app: Your team receive real-time updates about how much they’ve spent and how much they have left, and submit claims on the move using the mobile app. Once the user has paid with their card, they simply need to take a photo of their receipts and tap to upload them so the relevant data goes straight to an admin.

The Soldo dashboard: Set rules and limits, transfer funds, integrate your accountancy software and export detailed expense reports in a couple of clicks

 

 

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. 

Frequently asked questions

How to top up your Mastercard prepaid card

With the Soldo Mastercard® prepaid card, you make a bank transfer to add funds to your Company Wallet. Then, you can send that money to any individual account via our web console. You can make top-ups at any time, and the payment will process instantly. Learn more about prepaid cards here.

How to check your prepaid card balance online

After loading money onto your Soldo prepaid card account, you can check your balance by logging in to the web console. You can find the available balance on your company wallets under ‘Company’. You can see a further breakdown of the available balance on each user’s card under the ‘User’ section. This information is also accessible via the mobile app, so you have visibility over spending at all times.