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.
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.
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.
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?
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.
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.
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.
Issuing a new Soldo virtual card costs just £1, 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:
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].