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 product changes to 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.
Wallets are the resources that hold money in any of the supported currencies in the Soldo system. In the new version, we are simplifying Wallet management and naming, making it clearer which wallets to use for what.
In the next version of Soldo there will be four types of wallets.
The current Soldo wallet type called ‘Company Wallet’ will be renamed as ‘Main Wallet’ to indicate its role of being the base wallet for the Soldo account.
Like it is today, an account can have one Main Wallet per supported currency, and they are the only wallets into which you will be able to deposit money from your bank account by using the Soldo dedicated IBAN or sort code and account number.
The funds in a Main Wallet can then be transferred to other wallets as well as being directly spent by multiple User or Company cards using the new Funding Source functionality. Learn more here.
Company Wallets are a new type of wallet that will be available in the Premium plan that are meant to support the need to segregate funds for various uses inside the company (these wallets cannot receive money from other bank accounts, use the main wallet for that).
For example, they can be used to provide a budget for a project, funds to a department or a team or perhaps support a specific type of spend like subscriptions or specific online advertising spend for media like Google or Facebook.
An account will be able to have as many company wallets as needed and in all the currencies that are supported. From a company wallet, funds can then be transferred to other wallets as well as being directly spent by multiple User or Company cards using the new Funding Source functionality. Learn more here.
Please note: if you had configured Expense Centres in your Premium account, those Expense Centres Wallets will become Company Wallets or Reserved Wallets and be even more flexible than before. Any Expense Centre Card will become a Company Card that will continue to be funded by the corresponding wallet.
For more information about the changes in Expense Centres, learn more here.
User wallets contain funds allocated to a specific user, and these funds can only be spent by the user’s card. A user can have a User Wallet in any of the currencies supported by their Soldo account.
When a User Card is linked to its user’s wallet it can be used like a prepaid card that can only spend the money made available to that user.
Reserved Wallets (for Company cards)
A reserved wallet is a new type of wallet intended to provide a dedicated (and specified) amount of money for a Company card.
A Company Card can be linked to its own reserved wallet in the configuration of its funding source and can be used like a prepaid card that can only spend the money made available to it.
Alternatively, you can instead link the card to a Main or Company Wallet to access funds shared with other cards.
Learn more about the funding source of a card here.
What do I need to do?
Nothing. Administrators will just need to remember that the names of some resources have changed. Users will continue to have access to their own wallets and cards as before and all the functionalities of the account will continue to work as they are doing now.
After you have become familiar with the new version of the product you should start exploring how the new functionalities can help make a better use of the Soldo platform.
Explore how you can, for example:
- Create Company Wallets* to organise business spending across teams and departments
- Configure the funding source of a User or Company Card to use a shared Main or Company Wallet* if you want to avoid having to dedicate money to each card individually (learn more about the funding source of a card here)
* Company Wallets are a functionality available on the Premium plan.
User Interface preview
Discover the new functionalities of Wallets in the user interface preview available here and familiarise yourself with the new look and feel ahead of time.
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 that describe every 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