A guide to virtual cards for businesses

Learn how companies are using virtual cards to better manage online spending. This is your five-minute guide to virtual cards for business.

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What is a virtual card?

Virtual cards are payment cards that only exist online. Firstly, they’re perfect for ecommerce transactions and managing other online payments, such as subscriptions or advertising spend – however, they can’t be used in-store or for cash withdrawals. You still need a physical card for these kinds of transactions.

Secondly, these types of cards can be created and used immediately, so there’s no need to wait for cards to be produced and sent in the mail.

guide to individual virtual cards
guide to individual virtual cards
virtual card spending rules

How do virtual cards work?

Virtual cards work in exactly the same way as a normal plastic card for any online transaction. The main difference is that instead of getting the 16-digit number, expiry date, and CVV from a card in your wallet or purse – you log into your account and get the details from there.

virtual card spending rules

What can you use a virtual card for?

Any online transaction! Some merchants (like Google) don’t support prepaid cards, so specific solutions (like the Soldo virtual Google Card) are available for these particular applications, so you get full coverage of spend across all kinds of merchants.

guide to virtual cards mobile app
guide to virtual cards mobile app
guide to virtual card payments

What are the benefits of virtual cards?

You can create virtual cards immediately and use them straight away. You won’t need to wait a week to receive a card, and you can create as many cards as you need for your business.

If you create cards for specific merchants, internal departments, or cost centres, you can better control what is being spent, where, and by whom.

Spend with ecommerce merchants like Amazon? Why not create a specific card that’s on file with Amazon to make reconciliation a cinch at month end?

guide to virtual card payments

Soldo is a comprehensive payment solution

With Soldo, you get every perk you’d get with typical virtual cards, but they’re supported by a complete spend management platform. Consequently, this also includes physical payment cards connected to a shared expense account and integrated apps.

You decide how each card is used, and track how your budget is spent without having to process and approve every request.

guide to virtual cards tracking
guide to virtual cards tracking
guide to virtual cards for employees

A platform to empower your people

You enable staff to make payments while making them accountable for what they spend – and your finance team saves time they can dedicate to tasks that drive your business forward. Meanwhile, you can manage all your company spending from end to end through Soldo, from anywhere, at any time.

Additional features help you speed through accounting and reporting, side stepping hours of manual admin your people typically waste on paperwork every month.

guide to virtual cards for employees

Soldo automations make accounting easier

Soldo integrates directly with Xero, QuickBooks Online and NetSuite, so your accounting system automatically captures any spending across virtual cards. Instead of seeing transactions jumbled together on a single statement, you see them clearly allocated to each card on the account.

guide to virtual card accounting
guide to virtual card accounting
ordering virtual cards

Soldo is easy to order & ready in an instant

Issuing a new Soldo virtual card only takes a click, and you can control spending with custom budgets and rules. Getting them up and running takes seconds – and so does cancelling a card, if required.

Like all Soldo cards, you can order a virtual card immediately after you sign up for an account.

Once you do, log into the web console and:

  • Add a new user or company wallet (if needed).
  • Select ‘Cards’ from the left-hand menu, then choose ‘Create card’.
  • Choose a User Card or a Company Card, then follow the process.
  • Pick a Google card, then review your order and click ‘Place order’.

If you need any help with this or you’re new to Soldo, our friendly customer success team is always happy to lend a hand. Just drop us a line by emailing [email protected].

Order cards

ordering virtual cards

“When we switched to Soldo, it became obvious that it was quicker and more efficient. There’s a greater feeling of security; we have more confidence in Soldo than the traditional corporate credit cards.”

Mark Taylor
Director of Finance at Plymouth College of Art

“Petty cash and reconciling credit cards took a total of 6 days a month. Now it takes me half a day. It’s saving us time! It’s got great flexibility and it makes my life a lot easier”

Sandra Curran
Purchase Ledger Coordinator at Making Space

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.

1. Complete registration

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

2. Add funds

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

3. Start spending

Shop online or instore safely with your contactless card.

Let’s find the right Soldo plan for you

Choose a plan that fits the way your company spends. Apply in minutes, get going in as little as one working day, and cancel anytime.

Lock Bank-level security – FCA regulated & PCI compliant
 
Start
A basic plan giving you a taste of the Soldo platform.
£0per user/month
Up to 3 users and cards

Features include:

What’s included?

 
Pro
Get added flexibility to control funds and manage company spending.
£6per user/month
Minimum of 3 users

All of Start, plus:

What’s included?

Best for growing businesses
Premium
Get increased visibility, control and support for multiple currencies.
£10per user/month
Minimum of 3 users

Every feature from Pro, plus:

What’s included?

 
Enterprise
For medium and larger businesses, that need customisation, flexibility and dedicated support.
Custom pricing Unlimited users and cards

All the benefits of Premium, plus:

What’s included?

These prices exclude VAT. The Soldo software platform is operated by Soldo Software Ltd. The emoney business account and payment services are provided by Soldo Financial Services Ltd and are subject to additional fees such as, card issuance, cash withdrawals and others. See all the financial services fees here, and the typical limits here.

Learn more about prepaid cards

Discover how to choose the right spend management platform your business. These articles cover everything from cutting costs to streamlining processes.