Spotlighting business spending with a 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.

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.

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.