Pay someone gives you more payment options than ever before. With Pay someone you can make outbound bank transfers to pay others, like employees or suppliers, right from the Soldo platform. Perfect for when card payments aren’t an option.
Payment options to help with day-to-day business spending:
- Easy reimbursement: Reimburse employees for out-of-pocket expenses with ease. As part of our Pay someone capability, we have developed a dedicated, embedded workflow into our existing expense management process. This means that reimbursement can be initiated swiftly in Soldo, without switching to other systems.
- Make payments to any third-party: Pay any person or organisation quickly through Soldo. When it’s not possible to use your Soldo card, Pay someone can be used as an alternative to pay supplier invoices or make one off external payments. You can even set up and save regular payees to make future payments efficiently.
- Proactive cash flow management: Easily transfer funds back from Soldo to your business bank accounts to help you manage your ongoing cashflow.
Getting started with Pay someone is easy.
First,
Then, you can:
FAQs
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.
Note: The image above is for representation only. Your limits will be based on your based on your business risk profile.
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.