Trusted by over 60,000 businesses
Protect your business account
Your bank account is a crucial part of your company. It’s how you manage cash flow, pay suppliers, calculate tax and take profits. But basic bank accounts don’t come with all the features you need to run your business properly.
That’s why Soldo works hand-in-hand with your bank account to provide real-time spending updates, keep fees low and make managing expenses easy.
Keep the company finances safe
Provide employees with prepaid company cards, enabling them to make payments without giving them access to the company finances.
See transactions as they happen with instant updates on an intuitive web console. Turn data into comprehensive reports that give you actionable insights.
Soldo automatically tracks and reports who’s spent what, drastically reducing the admin from expense management.
Reduce your fees
Transfer money in the same currency for free, or use Soldo cards for international payments with low FX fees.
How do business bank accounts work?
Business bank accounts work in the same way as personal ones – enabling you to transfer money, pay for services and track spending. But they often also include a few additional features, such as a personal advisor and tailored introductory offers.
- Personal support. As a business customer, you’ll get a dedicated support team to guide you through the bank’s services. They’ll be able to provide advice as your needs change, and sometimes personalised offers.
- Introductory periods. Many banks won’t charge you for the first year or so after opening your account. Just be sure to do your research on what the fees will look like once this period is over. It can be difficult to change providers further down the line.
For many companies, though, these features aren’t enough. So they supplement their business cash account with additional tools that help them do more.
Soldo, for instance, enables you to give team members or departments their own funds while restricting access to your primary account. Instead, you give them prepaid business cards that work just like company cards: but with several notable benefits.
How does Soldo support your business bank account?
Make your online business bank account work harder
5 stars – Soldo has been a great addition to our functionality in the finance team; we’re able to empower trusted users to make spending decisions whilst maintaining oversight and control.– Martyn Sexton, Finance Manager, Secret Escapes
Soldo’s digital tools and prepaid business account give you the control you need to manage business spending. We help make your business bank account stronger by bringing added functionality, flexibility and oversight.
Giving staff access to the company account with debit cards – or letting them drive up debt with credit cards – isn’t practical as your business starts to scale. Tracking spending and keeping core company finances safe becomes a Herculean task.
With Soldo’s prepaid cards, any employee or department that needs a card can get one. You load up the account with funds whenever required, and rest easy knowing that staff spending is siloed from the company funds. Your staff, meanwhile, get the freedom to spend autonomously – without having to pay out of their own pocket.
You can even create instant virtual business cards for online spending as and when you need them.
No credit check needed
Switching business banking providers can be an arduous process. Many will require an interview, so you’ll need to come prepared to explain every aspect of your business.
They’ll also often want to check your personal credit history. A poor credit history isn’t necessarily a blocker to opening a business account, but it will mean providing extra detail on your company’s plan, financials and forecasts.
Improving your existing business bank account with Soldo, meanwhile, takes seconds. You can get everything sorted online, and there are no credit checks needed at any point.
Control spending before it happens
With Soldo, you decide precisely how each card is used. You can set spending limits for each member of staff, select where transactions are made and even limit time periods when each card is active.
That means any Soldo card can be used as an FX card, fuel card, expenses card and more. You could, for example, give one to every salesperson for when they’re on the road. You can set their daily limits, as well as budgets for entertainment expenses and travel expenses. And when they’re not on the road, you can disable the card at the click of a button.
Create a business spending ecosystem
Soldo isn’t the only app that can boost your business bank account. Accounting software such as Xero is a great way of taking accounts online, supporting automatic bank feeds, invoicing and more.
Soldo natively integrates with Xero, and you can export transactions to any other accounting system in two clicks. You’ll be able to reconcile transactions in a couple of clicks and say goodbye to missed VAT deadlines and inaccurate records.
Can I open a business bank account with bad credit?
Yes, you can open a business bank account if you have a poor credit history. You may have to provide a bit more detail on your company though: including a detailed plan, financials and forecasts.
Supercharging your existing company account using Soldo doesn’t require any credit checks – and you can get started in minutes.
How do I open a business bank account?
Different banks will have different procedures for opening a business account. Often, you’ll need to go into a branch for an interview after starting your application online. Prepare for the interview by ensuring you know your business inside and out.
What do I need to set up a business account?
You’ll need proof of identification for every named company director – usually a passport, driving license or ID card. You’ll also need proof of address, such as a utility bill or recent personal bank statement. Some banks will also ask to see proof of your current financial situation.
What’s the easiest way to open a business account?
In the UK, opening a new business bank account is a relatively straightforward process. You’ll usually need to fill out an application with your business address, contact information, Companies House number and estimated annual turnover – then you might have to go into a branch for an interview.
Adding Soldo’s prepaid cards to your online business banking is even easier – and you can get started entirely online.
Which is the best bank account for my small business?
There are lots of banks to choose from for a small business bank account, including Lloyds, Natwest, HSBC, Barclays and a number of newer Challenger banks. Which is best for you depends on your specific requirements and circumstances.
Get more out of your business bank account
Soldo is the multi-user expense account that complements your business bank account.