Business Prepaid Cards for Employees

Credit cards can’t keep up. Manage employee expenses with smart business prepaid cards for employees

Manage your company spend with debit cards

Regulated by the Financial Conduct Authority

Works with any business bank account

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We’ve helped thousands of businesses simplify their business spending

Soldo business prepaid cards for employees are trusted by more than 26,000 leading companies.

Employee expenses: Quick overview

In expense management, reimbursement and business credit cards don’t cut it anymore when it comes to efficient management of employee expenses. The wait time involved in reimbursing employees for expenses can at times reduce the likelihood that they will make critical business decisions with their own money. In rare cases it could leave individuals in some financial difficulty.

Whilst business credit cards avoid this problem, they have some downsides of their own. Sharing one card amongst a whole team can easily lead to overspending and inefficient tracking of who spent what. Not only this, but the fact that these cards are directly connected to your company’s bank account makes them a security risk. Clearly, these traditional processes are quickly becoming outdated.

Employee expenses: Quick overview

With a prepaid system like Soldo’s, employee expenses are much simpler.

Our prepaid cards and associated expense management software offer complete control and visibility when it comes to expenses.

Soldo’s cards are prepaid so budgets can never be exceeded. Our desktop management tools and receipt capture via the mobile expense app let you track expenses in real-time, so you always know where the money is.

So with:

  • complete security,
  • real-time visibility, and
  • no connection to the company coffers

Soldo acts as the perfect partner to your business bank account, saving you time and money.

With a prepaid system like Soldo's, employee expenses are much simpler.

The problem with employee expenses

No matter the size of your business, you’ll likely have employee expenses to manage. Whether it’s charges incurred during business travel expenses or simply everyday office supplies, your outgoings will need to be tracked, recorded, and reconciled. This isn’t anyone’s idea of a good time, but it is necessary if you want your financial plan to stay on track.

There are a number of options out there when it comes to expense management, but a surprising number of these processes aren’t very efficient. You could save time and money by switching to something more streamlined. Let’s explore traditional expense management processes, why they aren’t fit for purpose, and how Soldo could be just the solution your business needs.

The problem with employee expenses

Traditional processes can’t keep up

There are some ways of managing business expenses that, whilst popular, don’t actually offer the most efficient route to balanced books. Choosing to either reimburse expenses or rely on business credit cards are both processes that can negatively affect productivity and morale.

Reimbursements

One way of handling employee expenses is to have your employees pay with cash or a personal debit card with the promise of future reimbursement. This system comes with a number of problems. For starters, you may have to regularly sort through expense claims, which can be time-consuming.

On top of this, reimbursing expenses relies on an accurate receipt record, and paper receipts can easily get lost or misplaced, leaving finance teams in the dark as to who is owed what.

And beyond logistical issues, a system of reimbursements is no good for morale, as employees might end up waiting weeks to get their money back, leaving them out of pocket and potentially in financial difficulty. They may think twice about business critical expenses next time and no business leader wants that.

Traditional processes can’t keep up

Business credit cards

A popular alternative to reimbursements is the use of business credit cards, which allow employees to pay for expenses without dipping into their own funds. This avoids the problem of out of pocket employees, but the fact that the cards linked to your business bank account can lead to overspending.

Related: Soldo is better than a business credit card

Businesses often end up sharing one card amongst a whole team, meaning it can be tricky to track down who spent what, and charges might not become evident until statements come through at the end of the month.

With these vulnerabilities, you have to be very selective in who you allow access to the credit card details. But however wise your choices are, there’s still no way to guarantee you won’t have any surprise payments. And much like a policy of reimbursements, the reconciliation of credit card payments relies on the retention of receipts.

Business owners can either control spending with tedious reimbursement processes or keep teams productive with credit cards and risk overspending. No matter what you choose, admin is lengthy and painful. Thankfully, there’s an easier way.

Business credit cards

The Soldo solution for employee expense management

Soldo’s software is designed to make expense management easy. We know the issues with other management systems, which is why our system simplifies every step of the way, from the point of purchase to the reconciliation.

  • First, managers assign budgets to the prepaid cards they’ve issued, so you always know how much is being spent and by whom. This fund is customisable, so you can choose the expense types the card can be used for, and whether the budget is automatically topped up at the start of a certain period.
  • As employees make purchases, they simply take a photo of their receipt and upload it to Soldo via the mobile expense app. This way, all of the spend data gets compiled in the same place.
  • Via the desktop expense management console or the expense app, Soldo’s expense tracker lets you view spending across every card. This allows for incredibly detailed expense analytics, from most-used vendors to biggest spenders. You also have the ability to transfer additional funds remotely, or switch cards off in a click should one go missing.
  • During reconciliation, Soldo creates expense reports automatically. There’s no need to search through piles of paper receipts, as they’re all stored digitally. All spend data can also be easily transferred to your preferred accounting software. We have seamless integrations with Xero and QuickBooks, but it’s no problem if you use another program, as our reports can be downloaded in an easily exported.

There’s a Soldo plan to suit every business, and each one includes these core functions. Take control of your business finances and switch to smarter spending by signing up to Soldo today.

The Soldo solution for employee expense management

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Apply online in minutes and start spending in as little as one working day.

No credit checks, no hidden fees, no fixed contracts. Cancel anytime.

Complete registration

We need to confirm your identity and address. Upload a few documents and you’ll be done.

Add funds

Load money to your account to order your Soldo card. Receive it in 2 working days.

Start spending

Shop online or instore safely with your contactless card.

Complete registration

We need to confirm your identity and address. Upload a few documents and you’ll be done.

Add funds

Load money to your account to order your Soldo card. Receive it in 2 working days.

Start spending

Shop online or instore safely with your contactless card.

All Soldo plans include

Everything you need to get started

Soldo Mastercard® cards

Get as many cards as you need for employees and departments. Our contactless cards are accepted by millions of merchants worldwide.

Web console and mobile app

See spending in real time on the web console. View balances, capture receipts and manage cards on the employee app.

Accounting integration

Export transaction data to every major accounting software, in two clicks. Connect expenses to Xero and QuickBooks.

No charge for deposits

It’s free to add funds, and money is available to spend instantly. Allocate funds to cards when your team needs it.

Free & unlimited transactions

Soldo Mastercard® cards have no fees for domestic transactions and our foreign exchange fee is fixed at just 1.5%.

Dedicated support

Need a hand? Our friendly customer success team is at your service, providing support whenever you need it.

Create a Soldo account and get started now

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Your Questions. Answered.

Contact us if you have any other questions.

How does Soldo work?

With Soldo, you control all business spending and – thanks to the integration with your accounting system – you can reconcile expenses quickly and easily. You can equip some or all employees, entire teams, or even external collaborators with Mastercard® Soldo cards, deciding who has access to company money and the rules by which to spend it.

How secure is Soldo? What guarantees do I have?

Soldo Financial Services Ltd is an electronic money institution, authorised and regulated by the Financial Conduct Authority (FCA): 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 2011 and cannot be claimed by Soldo creditors.

What size company is Soldo suitable for?

Soldo isn’t just for small business, it’s for all business. Soldo scales from one card to any number, matching the structure of your organisation with wallets for departments or individuals, which fund cards for teams, employees or contractors.

Though our software is intuitive and easy to use, powerful reporting is made possible by smart filters and granular transaction data. So, whether your business has two employees or 20,000, Soldo can help you gain visibility and control over spending, while simplifying expenses and helping you gain the advantages of financial planning in your business.

Is Soldo a business bank account?

No. Soldo provides extra spend management features that work alongside your business bank account, instead of replacing it. You can use your Soldo cards to separate staff spending from your main company funds, as well as access powerful features that aren’t available with any banking provider.

Does Soldo integrate with my accounting software?

Soldo integrates with leading accounting platforms to reduce manual data entry, cut errors, and save you time. See our full list of integrations here. If you’re not sure how your software works with Soldo, visit our support page.

What if I want to leave Soldo?

We’re sure you’ll be happy with our service, joining thousands of satisfied businesses. But if you ever want to leave, you can close your Soldo account at any time and all the funds available on your account will be transferred back to the account from which they were initially deposited.