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On 19th April, we are making changes to the way Soldo works. Read more to familiarise yourself with each optimisation and its associated benefits ahead of time.
Soldo is evolving, becoming a better fit for the way you do business. Read on to learn more about a new functionality that allows admins to change the way cards fund their payments by linking them to different wallets. These upgrades are designed to improve your experience of using Soldo to manage your company’s business spending, and to offer even more flexibility in doing so.
We are introducing an exciting and unique feature that allows you to increase flexibility in how you can control spending: every card will have the possibility of being configured to use money from any wallet to make payments. You will be able to link a card to a private and dedicated wallet like a prepaid card or to the main wallet of the company as you would with a bank debit card. Best of all, this can be changed at any time.
Depending on your needs, you might decide to configure the Soldo account in different ways:
Link User and Company cards to a Main Wallet to ensure these users have access to a single pool of funds. The money you deposit is immediately available to be spent by the cards linked to the wallet – only restricted by the limit you can configure for each card on a monthly, weekly or daily basis. You cannot reserve part of the money for use by a specific card; to do that, you should use a reserved wallet (see below).
Team or special project funds
Link User and Company Cards to different company wallets* dedicated to each team or department to manage their budgets separately. For example, you can create a Marketing company wallet or an IT company wallet to allocate money used by all the Users in that team, and to fund other expenses (e.g., their purchases) through shared Company Cards which the team users can use.
You can also create Company Cards to pay for specific types of payments, such as SaaS subscriptions, and link all of them to a company wallet dedicated to that category across the company.
a HR Company wallet to spend directly from their team allocated budget.
*Company Wallets are available in Premium plans
Reserved funds (User or Company Card)
If you need a card to be able to spend a dedicated and reserved amount of money, then you can.
- If it is a User Card, link it to the relative User Wallet
- If it is a Company Card, link it to the relative reserved wallet
This way, the card will be able to spend all and only the funds that are reserved to it, ensuring a high level of control over its budget.
With more flexibility of funding options, you can optimise your business cashflow with ease, and define access to money in the best way for your business.
What do I need to do?
When a new card is created, we will ask you where you want the card to be linked to, which you can change at any time. As of today, all existing User Cards will be linked to their User Wallets and Existing Company Cards will be linked to either a Company Wallet or a Reserved Company Card Wallet.
Explore the possibility of reconfiguring your card if your needs could be better served by a different organisation.
We look forward to releasing these improvements on the 19th April. In the meantime, we invite you to discover more about the latest changes by exploring this blog and the articles describing each feature in detail.
If you have a burning question or need help, don’t hesitate – send an email to [email protected] and our team will get back to you in a wink.
The Soldo Product Team