With numerous challenger banks in the fintech world, offering digital business accounts, soldo offers to bring banking and accounting features together on one platform without opening a digital account. If you are someone already having a conventional business account, and you are not in a mood to switch to any challenger bank, then soldo is for you to manage your business spending.
Firstly, soldo is not a real bank or don’t offer any accounts. It is a platform made explicitly for managing spending in your business. It aims to be super easy to its customers and manage all the expenses of the company and employees on one central hub. This financial service provider was launched in 2015 for the UK based companies and European economic area.
Soldo serves as a third-party service provider to companies looking for smart solutions in managing their spending and finances.
What is soldo made up of?
Not being a proper bank account, soldo provides three essential features to its customers:
A formulated account to allocate money to the employees for their expenses, hence, providing with a facility to automate the top-ups every month.
A card is given to the employees with a limited amount of money for the expenses without the facility of credit or debit card. You can order as much card as you want. And can automate your employee’s expenses through it.
A managing app
An app that will help you to manage your company and employees by keeping a look on the company’s spending and employees expenses. The app can be downloaded by both ios and android users. Time to time notification with the facility to make up to date amendments is one great feature of the soldo app.
The app is useful to employees as well. The employees can benefit from the app by digitally attaching receipts of their purchases and setting a spending limit always to keep an eye on the remaining balance.
The working strategy of soldo
After setting up with the accounting process, you can distribute your prepaid MasterCard among your employees. Through soldo, each distributed card can be logged in to the system, as a bonus you can get a notification of every time your employee uses his card.
You can easily uplift or down lift the amount you need to credit in the prepaid MasterCard of a specific employee. Soldo platform also gives the details of the money spent from the MasterCard. You can easily know the person making transaction and when and where the money is going.
Soldo platform has created many simpler and easier ways to manage your business finances.
Pricing of soldo
Soldo offers three pricing plans to its customers:
Start a free plan
Except for a few features, the free plan is good to do its job. It is beneficial to try free plan first to understand the basics and working of the app prior to buying the plans
With five euros per month, you can have almost all the features of the app, including the foreign currency cards. Still It only limits with the few spending control and reporting features.
With nine euros per month, you can get access to all the brilliant features of the app.
Extra charges may apply to a few of the things in soldo, for example,
Fees for the new card every time you purchase of five euros for a physical card and one euro for virtual cards.
Cash withdrawal charges are one euro for UK customers and 2 euros for customers using abroad.
Currency exchange fees are fixed at 1% of the transaction amount.
A transfer fee of six euros for SEPA money transfer and sixteen euros for international traders.
Although it is not a bank, it is under financial conduct authority and holds an electronic money license. The money kept in soldo is safe and sound. The ability to block/unblock the MasterCard is instantly available in the app.
Pros of using soldo
- Purchase as many user cards as you want
- Make banking expense management more comfortable and simpler.
- Brilliant tracking feature to keep you notified for all the activities carried out in your company by your employees.
- Basic free plan to understand the working.
- Easy transfer of data to the accounting softwares.
- Virtual card facilities for shopping online, safe and sound.
Cons of using soldo
- A lot of extra charges for multiple features apart from subscription.
- International transactions can cause a loss if the business deals with foreign currencies.
- The regular business account is mandatory for many other business purposes.
- Not protected by FSCS
If your business deals with foreign transfers and foreign currency exchange, then I doubt that soldo will be useful to you. But if you are someone who runs a small enterprise locally, then you can benefit a lot from the app.
Soldo has provided with much simpler solutions and programs to multiple startups and help them build the path of success without much hassle. The automation of the finances helps you to focus on the other aspects of your business to grow and prosper.
Slide through every detail of soldo and your business requirement before considering it as your option.