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Why use a prepaid travel money card for business trips?
Prepaid travel money cards make it easy for you to manage business trip expenses, while ensuring that your staff never have to pay out of their own pocket. They put an end to the days of endless admin from travel, and give you complete control over how staff spend.
A card for anyone
You can manage and track spending on a prepaid currency card with ease, and funds are ring fenced from your company account. So creating a new card doesn’t mean creating admin, or risking your company funds.
The transparency and accountability that come with prepaid overseas cards make misuse next to impossible. And if a card is lost or stolen, you can disable it instantly to prevent fraud.
You can top up any Soldo account instantly using our web console, and adding funds is completely free. This means that you’ll never leave a team member out of pocket while they’re travelling.
Prepaid travel cards track activity automatically. Staff no longer have to return from business trips with a suitcase full of receipts. And you no longer have to trawl through the receipts for reconciliation.
What are cash passports and how do they work?
Cash passports is another term for prepaid travel cards. They work by enabling you to give each staff member access to their own spending account and card that they can use while they are away on business. That means that your team can manage their own spending – while increasing their accountability,saving you time and giving you complete control.
Traditionally, there have been two approaches to company trip expenses: asking employees to pay then reimbursing them, or handing out company credit cards. But there are issues with both of these options.
Business trips can require significant spending across accommodation, food, transport, entertainment and more. Asking staff to cover these costs with their own money can land them in personal financial difficulty and isn’t good for morale.
Credit cards, meanwhile, come with their own unique problems. They don’t come with fit-for-purpose tracking or controls, which can lead to misuse and overspending. Because you can’t track activity on each card, you can’t give one to every team member, creating an admin nightmare as you try to work out who’s spent what. That leads to staff sharing cards, which further reduces accountability.
Neither option is transparent or flexible enough. With both, you need staff to learn your expense policy by heart or risk overspending. And the process for reimbursals is usually arduous.
Prepaid travel cards solve all of these issues. Staff can manage their expenses, but you set specific rules and budgets that dictate what they can spend company funds on. Every team member can get an account, and you can see exactly what they’re spending and when – so there are no surprise statements.
Soldo: the best prepaid travel card and more
5 stars – Soldo’s become an invaluable tool for my business, saving us a significant amount of time managing employee expenses. Now that I’m using Soldo, I can’t imagine business without Soldo.– Gus Ferguson, Co-founder, Salience
Soldo is a complete business spending solution. They provide you with prepaid business cards that work for travel, entertainment expenses, media buying and more – plus a web console for controlling each account and integrated apps that make your employees’ lives easier.
Track spending in real-time
When someone spends on their Soldo card, you’ll see the transaction pop up instantly on your web console. You’ll therefore always know what company funds are being spent on, and you can quickly question transactions that don’t fit your policy.
If Soldo spots a transaction that looks irregular, you’ll be notified immediately, reducing the risk of fraud.
Plus, you can create comprehensive reports and use filters to drill down to every detail. So if you want to get complete oversight over what’s being spent – and when – Soldo is the answer.
We’re all familiar with the traditional expense management process. Staff must keep every receipt from their trip, and itemise them all in a report so you can double-check and reimburse accordingly – or reconcile transactions on your statement at the end of the month.
Soldo automates this entire process, for your staff and you. All team members have to do is snap a picture of their receipt when they make a purchase, and Soldo will do the rest. And because every transaction is recorded in real-time and attributed to an account, reconciliations take seconds.
You can even integrate Soldo with your accounting solution, and export transactions in two clicks – or just one if you’re using Xero.
Low FX fees
Some company credit cards charge exorbitant fees for foreign transactions, with extra hidden costs to add a sting in the tail. Soldo comes with a fixed 1% FX fee, with no additional charges for foreign transactions.
Only planning on using the card for domestic trips? Transactions in the UK are all completely free of charge.
See Soldo’s complete plans and pricing.
With Soldo, you get total control over how every account is used. You can decide when each card is active, set rules on spending and use budgets to outline precise limits for different expenditures.
You could give staff separate budgets for living expenses, fuel and entertaining, for example. They’ll be able to track what’s left in each pot using their phone, and if you need to top up a card you can do so using the web console in seconds.
More than a travel card
Soldo’s prepaid accounts are perfect for travel expenses, but they can also do so much more. Customers use our cards to manage learning and development budgets, give departments their own budgets or as general business expense cards – with so much flexibility, there are countless possible uses.
You can even set up virtual accounts for online spending. They work exactly like physical cards, but without the plastic.
What is a prepaid travel card?
A prepaid travel card is a type of cash account that’s used to manage spending on business trips. Instead of using a card that’s tied directly to the company account, you give staff individual accounts that you preload with funds to cover their expenses.
Prepaid cards come with numerous benefits over other solutions: including increased accountability, visibility and control.
Which is the best prepaid travel card?
Choosing the best prepaid travel card for your company usually comes down to two factors: functionality and price. With Soldo, you get advanced features such as accountancy integrations and granular spending controls – and we have a plan to suit businesses of any size.
Is it worth getting a travel money card?
Whether it’s worth getting a travel money card for your company depends on how much business travel you and your team do. If managing spending on trips – including processing expense reports – is getting tiresome, then it might be time to step up to a prepaid solution.
With Soldo, you get much more than just a travel money card. You get a suite of prepaid accounts, a web console and integrated apps that give you total control over spending. So even if your staff never travel, Soldo can save you time and increase employee satisfaction.
How do I get a prepaid travel card?
To get a prepaid travel card, you just need to sign up with a prepaid card provider. Soldo provides prepaid cards to businesses of all sizes and types – you can sign up entirely online, and get started on the same day.
Are travel money cards worth it?
Whether travel money cards are worth it for your company depends on how you currently manage trip expenses. However, the significant time and cost savings that prepaid cards bring mean that they’re worth it for most companies – and it’s easy to try one for a few months to see how you get on.
Simplify your travel spending with prepaid cards
Access lower fees while saving time spent on accounting by joining Soldo today.