hp_cta
Score
8.2
Key Features
  • Free deposits and withdrawals
  • Control your business spendings with a multi-user expense account

Soldo Review

Score
8.2
Score
8.2
Score
8.2

Soldo Review

Introduction

Briefly, Soldo is a multi-user expense management account that helps businesses manage and control their company’s expenses efficiently. 

The account offers prepaid debit cards that companies can issue to employees to control and track their real-time spending. Seamless integration with major accounting softwares helps companies automate the accounting process to deal with expense reconciliation, thus reducing their workload. 

Soldo is a solution that businesses of all sizes need if they’re facing challenges in managing their business expenditure and want to perform more efficiently in that area. It’s significantly essential for companies that have employees using the company’s expense account for business because it allows real-time tracking and control of their activity.

Debit Card
Soldo Card
Languages
  • DE
  • EN
  • ES
  • FR
  • IT
  • NL
Plans
  • Plans from €/£5/m
TrustPilot

Banking Features

Soldo Contactless Card

Contactless Cards

To track and manage your employees’ expenses, you can issue prepaid Mastercard debit cards to your staff and contractors. You have total control over the usage by the cardholder. You can set spending limits and change them when you see fit. Cardholders can use these cards for contactless card transactions subject to authentication requirements. Payment Services Directive (PSD2) covers how to manage these transactions under Strong Customer Authentication.

Soldo Expense Management

Expense Management

The Soldo platform tracks spending in real-time. When a cardholder incurs an expense, the app instantly notifies you with details about the spender, the nature of the payment, and the amount. For accounting purposes, the cardholder can use the app and take a snapshot of the receipt with their mobile phone as proof of payment. There’s no time-wasting in getting the receipt to the accounts department and then having it updated. The reconciliation process, which may have taken several days per month to complete, can now be done in hours. This system also makes the audit process more straightforward.

Custom Spending and Rules

Custom Spending and Rules

You have total control over your employees’ expenses because you can set individual limits for each prepaid card and specify card usage rules. There’s also the added flexibility of creating daily, weekly, and monthly spending limits. You can allocate different expense amounts for each cardholder and change them when necessary. For instance, you can assign a budget for travelling, meals, and more. With Soldo’s mobile app, which works on Android and iOS, you can respond to urgent spending needs while on the move.

Soldo Accounting Software Integration

Accounting Software Integration

Soldo has seamless integration with all major accounting systems such as QuickBooks Online, Xero, and Netsuite, making expense reconciliation effortless. This feature allows transferring transaction data, including receipts and categories, to be quick and accurate with just one click. It’s a time and money saver because you no longer have to do the transfers manually, which is tedious and prone to errors. You can export your transaction data in different formats such as XLSX, CSV, QIF, and OFX, so it’s compatible with any accounting software. Soldo’s complete API connection with Xero means that you can transfer transactions automatically daily, keeping your accounting records up-to-date for timely reporting.

Soldo Receipt Capturing

Receipt Capture

Besides uploading transactions in real-time, the mobile app allows cardholders to use their smartphone to capture a snapshot of the receipt. The system will automatically attach the image of the ticket to the transaction. The whole process takes a few clicks. This feature’s benefit is that there’s no need to keep track of physical receipts and match them with the right transaction. It also enables the accounting department to have updated records without waiting for employees to submit their claims. Timely and accurate reporting is essential for management purposes, so this Soldo benefit is invaluable.

Soldo Top Ups

Automatic Card Top-ups

Soldo allows you to automatically add funds to a card to ensure that the user doesn’t run out of money. This saves a great deal of time over doing this manually. You can set up the auto top-ups for each user from the web console. All you need to do is select the user, specify the company wallet the money will come from, and the card balance that will trigger the top-up. While this feature means that your users will not run out of funds, you can also set a limit to ensure the total transfers for a specified period.

Soldo Accounts and Fees

Soldo offers 4 types of accounts, “Soldo Start”, “Soldo Pro”, “Soldo Premium” and “Soldo Custom” As detailed in the table below.

Soldo Start (in IT only)Soldo ProSoldo PremiumSoldo Custom
Price per monthFree€/£5€/£9Custom
Card FeeVirtual – €/£1
Plastic – €/£5
Virtual – €/£1
Plastic – €/£5
Virtual – €/£1
Plastic – €/£5
Virtual – €/£1
Plastic – €/£5
Prepaid Mastercard cards up to 5up to 20unlimitedCustom
Free transfers to employee cards
Integration with accounting software
Cards availability in €
Attach receipts via whatsappX
Automatic transfers to employee cardsX
Dedicated CS managerXX
Integration with expense reports management softwareXX
Soldo Start (only in IT)
Price per month
Free
Card Fee
Virtual – €/£1, Plastic – €/£5
Prepaid Mastercard cards
up to 5
Free transfers to employee cards
checkmark
Integration with accounting software
checkmark
Cards availability in €
checkmark
Attach receipts via whatsapp
minus
Automatic transfers to employee cards
minus
Dedicated CS manager
minus
Integration with expense reports management software
minus
Soldo Pro
Price per month
€/£5
Card Fee
Virtual – €/£1, Plastic – €/£5
Prepaid Mastercard cards
up to 20
Free transfers to employee cards
checkmark
Integration with accounting software
checkmark
Cards availability in €
checkmark
Attach receipts via whatsapp
checkmark
Automatic transfers to employee cards
checkmark
Dedicated CS manager
minus
Integration with expense reports management software
minus
Soldo Premium
Price per month
€/£9
Card Fee
Virtual – €/£1, Plastic – €/£5
Prepaid Mastercard cards
unlimited
Free transfers to employee cards
checkmark
Integration with accounting software
checkmark
Cards availability in €
checkmark
Attach receipts via whatsapp
checkmark
Automatic transfers to employee cards
checkmark
Dedicated CS manager
checkmark
Integration with expense reports management software
checkmark
Custom
Price per month
custom
Card Fee
Virtual – €/£1, Plastic – €/£5
Prepaid Mastercard cards
unlimited
Free transfers to employee cards
checkmark
Integration with accounting software
checkmark
Cards availability in €
checkmark
Attach receipts via whatsapp
checkmark
Automatic transfers to employee cards
checkmark
Dedicated CS manager
checkmark
Integration with expense reports management software
checkmark

Security

Data security is of prime importance. Soldo does not share your personal or financial information with anyone. Refer to their Privacy Policy for more details.

Soldo is secure. Soldo Financial Services Ltd. has to follow strict compliance rules because the FCA regulates it under the Electronic Money Regulations 2011.

Your funds are safe under the UK Electronic Money Regulations 2017. They are independent of Soldo’s business assets. This security feature means that Soldo creditors cannot claim them.

Using the Soldo account abroad

Your Soldo card is accepted at over 30 million Mastercard outlets worldwide. 

You can also use it at 1.5 million cash machines. Fees may apply for ATM transactions. Your virtual Soldo card has the same flexibility since most online merchants accept Mastercard®.

There are limits to your purchases and cash withdrawals to secure your funds. Soldo sets these restrictions so you won’t face a situation of being unable to buy what you need.

Soldo Support

Soldo offers support via email and live chat. This service is available from Monday to Saturday from 09:00 to 18:00.

Pros
  • Makes managing your business expenses effortless
  • Transfer transaction data to any accounting software with a few clicks
  • Real-time tracking and control of employee spending
  • Reduces accounts processing time
  • Flexible plans for any business, regardless of size
  • No fee for domestic transactions
  • Safeguard limits to purchases and cash withdrawals
  • Protects deposits under the UK Electronic Money Regulations 2017
Cons
  • Soldo is not a bank. You’ll need to keep your regular business bank account
  • You’ll have to pay additional transaction fees on top of the monthly plan fee

Conclusion

Soldo is a match for you if you have employees who use your business debit card regularly. If you are the only one responsible for corporate spending, then a regular bank account will suffice.

Does it cost your company time and money to manage your business expenses? If that’s the case, consider Soldo. It’ll help you perform the duties relating to expenditure reconciling and reporting with a few clicks.