You then have to pay this amount back over an agreed period, but interest can accumulate on that figure, which can be a slippery slope for small businesses looking to minimise costs. Credit cardsĬredit cards work by allowing you to pay for things which you may not be able to, or would prefer not to, with funds from your business current account. So your account balance must be able to cover the purchase otherwise it won’t go through, unlike credit cards. A debit card is connected to your business current account and any transaction carried out by yourself or an employee is funded directly from that account. Debit cardsĮxactly the same as a personal debit card, but for business use only. Whether you’re paying online or in-store, virtual cards are a very secure way to pay. Virtual cards minimise the amount of personal information shared when you process a transaction, and you can easily top them up remotely. Virtual cards may share the same card numbers as your physical one, but they can hold unique details, making your funds even more secure. Virtual cardsĪ virtual card is simply an online version of a plastic bank card. Virtual, prepaid, credit, debit: What’s the difference?īefore we dive into virtual cards and how they work, let’s clear up some definitions, because there are a number of card types thrown around that may sound very similar if you’re not familiar with them. Integrate business processes and access your dataĭiscover the features in every Soldo planįor simple businesses that need fewer than 20 cardsįor larger businesses managing team and departmental spendingįor complex businesses managing spend across hundreds of cards Real-time reporting for all your company spendĬonnect your finance apps and automate workflows Review and validate expenses made using SoldoĬonfigure Soldo to mirror your organisation
Manage repeat payments with dedicated virtual cards Spend policies with approvals, limits, category controls, and alertsĪpprove spending and create single-use virtual cards Hold and manage funds across multiple currencies Plastic and virtual cards for your employees and teams
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