Trusted by more than 60,000 businesses
Supercharge your online business bank account
Soldo works alongside your company account to give you much more control and oversight over day-to-day spending. Using Soldo’s prepaid cards, integrated apps and web payments console, you can manage expenses with ease.
You don’t need to pass a credit check to get started with Soldo. You can apply entirely online, and get up and running the very same day.
Silo staff spending
Traditional company cards give staff access to company funds, or let them drum up debt. With prepaid cards, employees get their own separate spending accounts – that you control.
Enhance your tracking
See every transaction as it occurs in real time, including which card was used to make it. Plus, Soldo will notify you of suspicious transactions instantly.
Online bank accounts can reduce admin in lots of ways, but expense management is still an arduous process. With Soldo, it’s entirely automated.
Online business banking: why is it important?
With online business banking, you’re able to:
- Digitally pay invoices and accept payments
- Easily keep company costs separate from personal ones
- Identify deductible expenses and file taxes more easily
You can also order business credit cards or debit cards and allocate them to members of staff or individual departments. This does mean, however, that they’ll have direct access to your bank account – so you’ll need to think carefully before you decide who you want to share cards with.
While a useful upgrade from traditional business banking, online bank accounts do come with significant limitations. You won’t be able to review transactions in real time, for example, or identify which card was used to make a payment. And your employees will need to hang onto their receipts so you can reconcile their expenses at the end of the month.
Prepaid company cards solve all these issues. You can give employees the flexibility to buy what they need, without risking your primary funds. And unlike credit and debit cards, they’re linked to a separate expense account, which means the cardholders only have access to as much money as you give them.
You’ll get complete visibility over who’s spending what, and the entire expense process is fully automated.
Three ways to enhance your online business banking with Soldo
5 stars – I absolutely love Soldo for my business. It has really helped me to track all our expenses and saved us a lot of time when reconciling our accounts! I love how easy it is to use and how I can manage money easily from one card to another. I recommend Soldo to all businesses!
Joining Soldo can take your online business account to the next level – giving you a level of functionality and freedom that’s unmatched by any other provider. And with a plan to suit companies of any size, it’s easy to get started today.
1. Give prepaid cards to anyone that needs one
Soldo’s prepaid cards are fully flexible and give you complete insight into spending on each account in real time. So unlike traditional company cards, handing out a new account doesn’t create any additional work for you or your finance team.
That means you can create a card for any use. You could give one to each member of your sales team to manage their travel and entertainment expenses, for example. Or empower departments to manage their spending for supplies, or learning and development.
There’s no risk of overspending, and you can set rules that govern precisely how each card is used. You can even create virtual accounts to facilitate online spending – they take seconds to set up, and are available immediately.
You won’t have to pay any fees for adding funds to cards or domestic transactions, and our FX fee is capped at just 1%.
2. Streamline admin with integrated business banking apps
As well as a prepaid Mastercard® card that enables them to manage their own spending, your staff get an integrated app that reduces admin and increases accountability.
Your team can use the app to track their transactions, instantly seeing how much they have left in the budget – and how long it has to last for. If they need additional funds for a particular expense, they can request a quick top up. And if they’re worried about security, they can disable their card at the touch of a button.
But where the app really comes into its own is managing expenses. Instead of asking staff to keep hold of every receipt then itemise them in a report, it automates the entire process. So all your team has to do is snap a photo of the receipt at purchase, and add any notes or tags as needed. Soldo will do the rest.
3. Take control with our web console
Soldo’s web console enables you to manage spending across every account on a granular level.
Using budgets, rules and limits, you can control spending before it happens. You could, for example, set separate weekly limits for travel, expenses and entertainment – with rules that dictate where the card can be used for each budget.
You’ll also be able to track all transactions in real time, with every transaction linked to an account. So you’ll never have to ask around to identify a mystery payment again. And you can take a closer look at outgoings with comprehensive reporting tools.
Soldo’s web console even integrates with your accounting system, so you can export transactions in just two clicks.
What is online business banking?
Online business banking is a type of company account that you manage via the internet. Online banking providers offer many of the same services as traditional company banking, but with no branches. You can track transactions and make payments using your web browser or a mobile business banking app instead.
This brings several benefits over traditional providers – including increased transparency and flexibility. But online business accounts still come with some notable limitations, which is why more and more companies are using prepaid providers such as Soldo to enhance their functionality.
Which online business bank account is the best?
When trying to find the best online business banking account for your needs, you’ll want to pay attention to which fees and charges you might have to pay, which perks you can get and whether there’s a free introductory period. Most providers offer similar functionality.
Soldo brings extra functionality to your online business bank account that enables you to do more: including real-time tracking, automated expenses and siloed spending.
Is Soldo an online business bank account?
Soldo provides online expense accounts that sit alongside your business bank account, instead of replacing it. You can use your Soldo cards to silo staff spending from your main company funds, as well as accessing powerful new features that aren’t available with any banking provider.
Who can apply for an online business bank account?
Any company can apply for an online business bank account. You’ll probably need to provide documents such as ID and proof of address for every company director, your Companies House number and possibly proof of your financial situation. If your account includes a credit facility then you may have to pass a credit check.
How do I switch online business bank accounts?
You’ll need to apply with a new provider and let them know that you’re moving from an existing business account. Your new and old providers should then communicate and let you choose your switchover date.
If you’re moving because you’re frustrated with your current provider, then you may want to consider enhancing your account with Soldo instead. Learn more about how we can help improve your business banking.
Enhance your online business banking today
You can get up and running with Soldo in minutes – to get started, all you have to do is pick a plan.