This feature gives you the option to pay individuals, suppliers, or organisations using bank transfers.
You can use Pay someone to reimburse employees who have made out-of-pocket business expenses or pay supplier invoices when card payments aren’t an option. You can also transfer funds from Soldo into your business bank account.
Reimbursing employees for out-of-pocket transactions
How to add a new payee
Before you can use Pay someone, you must first add payees. Add your company business account as your default payee first, so Soldo can return your money if required.
- Navigate to Pay someone on the left-side menu of the web app.
- Click Add Payee or Make a payment > Add a new payee
3. Add the payee name and the payment type, i.e. Faster Payment or SEPA payment.
4. Add the payee type: e.g. Suppliers, Clients, Employees, or My accounts.
5. Review the payee details and go through a security check using your Soldo mobile app or an SMS code.
6. Soldo will then verify your payee details to help ensure a secure payment. Once confirmed, you can continue to make a payment following the steps below.
How to make a bank transfer to a third party
For any time when card payments aren’t an option, Super Admins can make bank transfers to any person or organisation, e.g. supplier invoice payments, directly from Soldo.
If you Select an existing payee, you can easily choose an existing payee from the list to make a payment quicker as you don’t need to provide their full details.
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Navigate to Pay someone on the left-side menu
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Select your payee: click Make a payment next to the payee in the list, or click Make a payment > Select an existing payee
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Select the wallet from which you’re making the payment.
4. Enter the payment amount and reference.
5. Review the payment details, and then go through a security check using your Soldo mobile app or an SMS code.
6. Confirmation of payment.
How to reimburse employees for out-of-pocket transactions
Super Admins can now easily reimburse employees who have used their own money for expenses directly in Soldo.
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Navigate to Expenses on the left-side menu. See our guide for setting up Expense review here.
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Go to Expense reports. Once an out-of-pocket expense has been reviewed in Expense review, you can view and manage your expense reports here.
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Using the search bar or filter options, find the transaction(s) you want to reimburse and click Reimburse now. To reimburse multiple expenses at once, select the transactions and click Make a payment
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Follow the ‘How to add a payee’ steps above to add payment details for users if needed. If the users are existing payees, the payee details and payment amount will be pre-filled with the approved reimbursement amount.
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Select the wallet, and input or edit the payment reference.
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Review and confirm reimbursement(s).
How to transfer money into your company business account
Super Admins can move their money from Soldo back into their business bank account, without needing to contact customer support.
Before you make your first payment using Pay someone, set up your first payee as your business bank account. This will be your default ‘My accounts’ payee.
Then simply select this payee when making a payment to transfer money.
FAQs:
How to change my default ‘My accounts’ payee?
- Go to Pay someone and select the payee that you wish to set as your default payee.
- Click on the three dots on the top-right and select Set as default payee.
Who can make payments?
Super Admins can add new payees and make payments while Admins can only add payees.
How much do I get charged for each bank transfer?
Pricing details can be found here.
Are there any payment limits?
There is a limit on how much can be paid in a single transaction. The limit is based on your business risk profile for each account. The payment limits for GBP and Euros can be found in View Payment Limits at the top right-hand corner of the Pay Someone page.
Can I make international payments?
Pay Someone supports Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) bank transfers. Money can only be transferred in the currency of the main wallet.
What if I send money to the wrong bank account?
If you mistakenly send a payment through Faster Payments (FPS), it's important to note that Soldo cannot recall or cancel these transactions. In such cases, directly contacting the payee to request a refund is recommended.
For errors involving SEPA payments (both Instant and Credit), please contact your Customer Success Manager or email businesssupport@soldo.com. We'll investigate the payment promptly.
What are the potential future improvements for this feature?
This is only the beginning of the Pay someone functionality, with plenty of future improvements to come. For now, it’s not currently possible to:
• Schedule payments to go out on a specific date and time.
• Do outbound direct debit payments.
• Payments in bulk
• Support the open banking system
• Make payments outside the currency of your main wallet. Therefore, GBP transfers can be made from a GBP wallet and EUR transfers can be made from a Euro wallet.
• Support USD transfers.
• Support SWIFT bank transfers
• Make inter-currency payments from a Euro (€) wallet to a Pound Stirling (£) bank account, or vice versa.
Who can use Pay someone?
At present, Pay Someone is only available for eligible customers. If you are interested in using this feature, please contact your Customer Success Manager or email businesssupport@soldo.com.