An award-winning alternative to corporate credit cards trusted by thousands of businesses
Business credit cards vs prepaid cards
Prepaid cards (sometimes referred to as prepaid credit cards) are growing in popularity as an alternative to corporate credit cards. Here’s how both options compare across control, oversight, accessibility and security.
With credit cards, your credit limit is the only way you can restrict spending. With Soldo prepaid cards, you control spending before it happens with customisable spending limits.
Prepaid cards update transactions in real-time. With credit cards, you have to wait for a statement to see what’s been spent.
Giving a credit card to every employee isn’t practical – keeping track of spending would take far too long. With prepaid cards, it’s easy. And Soldo will do the tracking for you.
Prepaid cards empower employees to spend without risking your company funds. Credit cards drive up debt with poor accountability.
How do prepaid credit cards work?
Prepaid credit cards work a little bit differently to traditional corporate credit cards. Most importantly, there’s no credit involved. So instead of running up debt when they spend, your staff get an account that you’ve preloaded with funds.
This provides several benefits over standard credit cards. Firstly, you get much more control over how staff spend. You set limits, rules and budgets – and if a team member needs a bit extra for a one-off purchase, you can top up their account instantly. You’re therefore not restricted by credit limits.
Having that extra control means you can give a card to any employee or department that needs one, without risking overspending or excessive expense admin. So your staff get the freedom to decide where their budget should be spent.
Plus, you can easily track activity as it happens, instead of waiting for a statement to discover how much staff have been spending. You can even generate comprehensive reports for a complete view of business expenditure, identifying trends to plan ahead more effectively.
Prepaid credit cards for travel
Do you need to manage staff travel expenses overseas? Prepaid cards can offer a powerful alternative to FX credit cards, with lower fees and more flexibility. Soldo’s FX fee, for example, is fixed at just 1%.
More features than any business credit card
5 stars – With Soldo, we’ve cut spending in half. We can control what people spend – and they actually like it. We’ll never go back to the old credit card!
Soldo is the UK’s leading provider of prepaid cards – over 60,000 businesses use us over outdated company credit cards. Whether you’re looking for an FX card, business fuel card or expenses card, we’ve got you covered.
Expense management can be an arduous task, but Soldo makes it easy.
With Soldo’s integrated apps, your staff can snap a photo and add details at purchase. You’ll never have to chase down a physical expense receipt again, or waste hours on detective work identifying who’s responsible for what on the monthly statement.
You can even download expenses as CSVs, then upload them into your accounting software in two clicks – or integrate your expenses natively with Xero.
Control spending before it happens
Soldo’s web console gives you a new way to manage spending within your business, with unprecedented control. As well as setting individual spending limits, you can decide where transactions are made and when each account is active.
Plus, you can set up virtual business cards for online spending – an easy way to manage media buying, subscriptions, or enable departments to reorder their own supplies online.
That flexibility gives Soldo cards limitless uses, from managing entertainment expenses to creating a one-off account for an individual online purchase.
No credit checks needed
Getting set up with Soldo is simple. You choose your preferred plan, create as many cards as you need and load them up with funds. There are no credit checks – because there’s no debt involved.
So if you’ve got a poor credit history, or you’re just starting out and haven’t built up a credit score yet, you’ll still be able to control your spending with Soldo.
Plans for any business: from SMEs to enterprises
The Soldo Pro plan is ideal for smaller teams, giving you access to all of Soldo’s core features. This includes:
- Prepaid cards, integrated apps and the web console
- Limits, rules and budgets for each user
- Free deposits and withdrawals from domestic accounts
- Accounting integrations
- On-the-spot receipt capture
- Instant fund transfers to users – for free
Or if you need more advanced functionality, you can upgrade to a Soldo Premium plan to get:
- Customisable cards for company expenses, teams and projects
- Configurable roles for users, including managers, admins and more
- Advanced reporting
Got a question? All Soldo’s plans come with access to our dedicated support team and comprehensive how-to guides, so you can find an answer immediately.
What is a prepaid business credit card?
A prepaid business card is a way to manage spending in your company without the hassle that comes with shared debit and credit cards. You give a card to any staff member, team or department that needs one, load it up with funds and set budgets and limitations to control their spending.
Soldo’s prepaid cards come with lots of advanced features, from automated expense reporting to accounting software integrations.
What is the best credit card for small businesses?
There are two main options for small businesses who want to move away from petty cash:
- Traditional company credit cards work just like personal ones. Your employees spend credit, which you pay off each month
- Prepaid credit cards give you more flexibility and control. You preload them with funds, so you don’t have to pay off debts
How do I get a business credit card?
To get a business credit card, you’ll usually need to already have an account open with a business bank account provider. You can then apply for a credit card in branch or online. Because they’re a form of unsecured lending, you’ll probably have to pass a credit check before you can proceed.
You can apply for a prepaid card in seconds, with no credit check needed — and Soldo’s cards work with any UK bank account.
How can I get a business credit card with bad credit?
If you’ve got poor credit, then getting a business credit card can be difficult. And if you do manage to get one, then you might have to deal with an impractically low credit limit. There’s no credit check needed to get started with prepaid cards, making them a useful alternative for a company without a strong credit history.
Are business credit cards personally guaranteed?
Not all of them – but most credit cards for small businesses will require you to personally guarantee the debt on them. That means you’ll be liable if the company can’t pay back the debt on the account.
Take control of your business spending
Upgrade to Soldo’s prepaid Mastercard® cards, web console and integrated apps today.