What are corporate cards?
Many of us have been there at one time or another, sitting staring at our expenses sheet during the last penny-pinched week of the month, waiting for payday and cursing the company for making us pay for expenses out of our own pocket.
In fact, business expense related issues account for the most work-related complaints in the majority of offices, and yet so many businesses have yet to address the issue.
In addition to the inconvenience caused to team members from the requirement that they front money for travel, dinners, hotels and other business-related expenditure, there’s the amount of time spent navigating tricky technical, financial claims systems.
Not to mention collating paper receipts and other information every month, adding up to many valuable hours which could be better spent on more important work-related tasks.
Traditional corporate credit cards are not the solution
Some companies have sought to rectify their expense management by issuing company cards to employees, which are linked to a central business credit card account.
This certainly cuts down on the time wastage issues related to expense account systems and reduces potential loss from misplaced receipts. However, issuing corporate credit cards can also cost your business dearly in fraudulent card charges.
According to a recent study, fraudulent staff transactions account for 14% of all company credit card spending, so this is no small consideration. Also, by leaving your business open to unauthorised transactions, you risk exceeding your credit limit and ultimately damaging your firm’s credit score. It’s crucial you choose the right company card to suit your business spending.
The Soldo corporate prepaid card
Fortunately, there is now another option available following the advent of the new prepaid card from Soldo.
Our corporate cards offer a revolutionary way in which to manage your company spending and reconciliation processes via a prepaid business card, web console and mobile app, allowing you to maintain complete control and account for all company spending at the click of a button.
Individual workers, individual limits
You can issue unlimited cards to employees and set individual limits relating to spending, geography and time frame to each member of staff. These limits are easily and instantaneously adjustable by your web console administrator in real-time to allow for emergencies, and the cards are prepaid, so you never actually incur any expense, or risk affecting your credit rating.
If your employees travel abroad, you can replace their low-fee forex business card with a Soldo prepaid card. Your team can use their Soldo card both at home and overseas, eliminating the need for two separate cards.
Essentially, this is a business expense card offering the financial support required by your staff and the control that is so important for business stability, all without the potential drawbacks of traditional company credit cards.
Simple implementation and use
Our prepaid cards for business work in precisely the same way as a traditional card and may be used in most cash machines globally (depending on the rules you define). It also offers a contactless function for transactions up to £30.
Our cards can be used everywhere Mastercard is accepted, and virtual cards can be created by web console admins to take care of last-minute emergency online purchases.
By adopting the Soldo solution, you and your staff will be able to say goodbye to hours spent manually inputting data into spreadsheets and attaching supporting paper receipts.
Our technology assists you in automating your finances by simply taking a photo of the receipt at the point of purchase, upload them to our reporting platform instantly to ensure you avoid any potential loss.
Compatible with accounting and expense management systems
At Soldo, we understand that convenience is of the utmost importance for businesses of any size. If you feel that your current business expense process or corporate card provider could be improved upon, please don’t hesitate to contact us directly to discuss how we can help save your business both time and money.