Gosolo.net pricing, Reviews, and Alternatives

What is Gosolo

We want to make it easy to Become and Be an entrepreneur. About a third of the working population want to start their own business at some stage of their career, with the work-life balance being the key reason. Despite all the advances in technology and education, starting and running a company is still not straightforward, preventing many people from taking this step and going solo.

We believe we can create a digital banking multi-tool platform that will significantly simplify starting and running a business in all aspects: formation, banking, admin, reporting, tax, cash forecasting, getting paid, etc. We will enable more people to open their businesses and succeed in their business passions.

How Does GoSolo Work?

GoSolo is an organization that is license through the FCA to manage electronic money, similar to PayPal, Mastercard, or Stripe. Their authorization permits the company to make transactions for a business.

However, GoSolo is more than just an account for your company to store your electronic cash.

They can also register your business for you and provide easy invoice templates to send to your customers, record the payment for these invoices and even follow up with slow-paying customers! Their primary goal is to help businesses function with the least hassle feasible.

GoSolo does not permit to offer of FSCS* deposits or loan guarantees. It also does not manage physical cash, either in cash or in cheques. The FSCS ensures the security of customer deposits up to PS85k when a financial institution fails and must cease trading.

Eligibility

The process of registering your business on GoSolo is simple. Make sure you've checked the following before starting being a UK resident who is over 18 years of age, possess a valid ID, an official UK address for your business, and make sure your business is not engaged in any of the prohibited commercial activities listed in the GoSolo Terms & Conditions.

These include financial services that aren't regulated, such as pyramid schemes and binary options hawala, gambling cryptocurrency trading, arms, sanctioned companies, and other businesses that conduct bank transactions offshore.

Is GoSolo Safe?

Even though it's not license as a financial institution, GoSolo employs high-level security to secure your data and account. All GoSolo accounts come with Two-Factor Authentication as the standard.

The Mastercard network manages all transactions that you conduct using your card. Transactions entirely secured under Mastercard rules.

While they don't offer FSCS deposit security, all your money is held in a secure account. GoSolo places your money into a "ring-fenced" account managed by PayrNet Limited, a tier-one UK bank with which they've joined forces.

Ring-fenced is the term use to describe a situation where someone doesn't have access to it and isn't able to move or use it elsewhere. You are always in control. The agreement you have with payment is available here.

Pros and cons of GoSolo

Pros

● There is no monthly fee for accounts.

● Free limited company establishment

● You can directly pay your invoice through the GoSolo account page

● Accounting and bookkeeping functions that are robust.

● Zero cost on card transactions within the UK or overseas

● Manage your card through the GoSolo account page

Cons

● There are no international money transfers

● No direct debits

● Can't deposit cheques

● There are no overdrafts or business credit cards on offer

GoSolo business account fees and limits

One of the most important selling points is the cost-effective fees. The most significant charges that customers have to pay are:

● A 20p cost for all transfers to the account or out of the GoSolo account. Transfers among GoSolo customers are free.

● A PS1 cost on each cash withdrawal

● There is a PS5 card replacement fee charged if the card is lost or stolen within 12 months from the account opening

● There are no charges when you make card payments inside the UK or overseas.

It is important to note that you are not able to make transfers of funds to accounts that aren't in the UK via the GoSolo bank account online.

The first 500 customers who open GoSolo accounts. GoSolo accounts are eligible for no fees for any cash withdrawals or transactions.

Share Structure

At the time of registration, GoSolo's initial sign-up of your company through GoSolo set the default share structure to 100 shares to give PS100. PS100. The shares issued by GoSolo are not redeemable. They are equal in terms of voting rights (one share equals one vote), the right to participate in all dividend distributions approved, and the right to participate in any capital distribution upon the company's closing.

Gosolo Alternatives:

Revolut:

Our first alternative to gosolo is revolute. Revolut is a British financial company that provides the services of banking. It was founded in 2015. They provide features in their services: currency exchange, debit cards, virtual cards, Apple Pay, crypto, etc.

The leading service that Revolut provides is banking services which include EUR bank accounts, peer-to-peer, etc. They also provide a free account where users try its limited services.

Cashplus:

Cashplus is a brand for Advance payment Solutions. It was founded in 2005. Cashplus provides prepaid Master cards and current accounts for consumers, small businesses, etc. It was the first prepaid credit card to be launche in the UK.

In 2008, it was the leading service that provided prepaid Master Cards. To get full features of that company, you have to pay 9 Euro per month.

Airwallex:

Airwallex, founded in 2015, is a multinational financial technology company. The company provides services that include SaaS. It also provides the service of foreign exchange transactions. It also provides bank accounts. They did not take any charges on transactions. The company was initially based in Australia.

Tide:

Tide is a UK-based financial company that provides mobile banking services for small and medium-sized enterprises. It was initially founded in 2015. People can download mobile apps and use master cards and debit cards for their business transactions. They have different plans for making an account.