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Questions?

Teampay does a lot, so it's natural to have a few questions. You can find answers to some common questions below, and if that doesn't help, feel free to reach out to us at support@teampay.co

Introduction

  • What is Teampay?

    Teampay gives your organization an intuitive workflow and reporting for purchases. This adds security, accountability, and easy approval while giving employees autonomy over their purchasing process.

    We give finance teams real-time visibility into, and frictionless control over, company-wide spend resulting in a clear trail of the entire purchase & payment process. They also have the ability to track vendor information on all purchases.

    We do this by seamlessly integrating into your employee’s existing workflows, issuing secure virtual cards, and reconciling all transaction data — as it happens — into your accounting software. Your entire organization will fall in love with your purchasing process.

  • What's required to sign up?

    The steps for signing up are:

    1. Complete onboarding for your company. This will include a KYB (Know Your Business) review.
    2. Once your Teampay account is opened you will add the bank information that will be used to fund your account, both at opening and then as transactions are processed. Funding can either be done by debit or ACH.
    3. Now you can start to invite your employees and set up the bank accounts you would want to be included as part of the account analysis process.
    4. Begin to use Teampay!
  • How much does Teampay cost?

    We have pricing to fit every size company's budget. Every month we save our customers days of employee time, yet our pricing plans start at a fraction of that. The cost varies based on the number of transactions. For more information on pricing, reach out to us at sales@teampay.co.

  • Can your product replace Expensify?

    Teampay is not a tool for employees to submit expenses for reimbursement. By using Teampay you eliminate the need for reimbursement through the use of our approval flow and real time virtual card creation.

  • Do I need a Slack account?

    No! Although Teampay's workflow is primarily Slack-based, we support a fully web-based workflow as well.

  • What if we use other cards besides Teampay?

    We allow you to link other existing physical cards to Teampay’s web app for data import and reconciliation. When those cards are charged, the person using it will get a notification on their phone to upload a receipt. When they do, it will automatically be pushed to your Teampay account and your accounting software.

How Teampay Works

  • What is the basic workflow?

    Although we work on the web, Slack is the easiest way to use Teampay. Your team will interact with our slack bot to request their purchase, submitting the information required concerning the purchase (during which they will categorize the request based on your company’s GL structure). They will submit their request and receive an approval/decline from a designated corporate approver. Teampay issues a virtual card for that purchase which is tied to the vendor and amount requested, and delivers it to the requestor. At this point they can also submit a receipt.

  • How does Slack work?

    Slack is used as a communication and workflow tool.

    • As a communications tool the slack bot “sits on your team” and you can almost think of it like an extension of your accounting team. Employees can chat with the slack bot.
    • As a workflow tool we run the request through a policy engine on the back. The policy engine will then route for approval.
    • Once approved we configure a virtual card number for the purchaser.
  • How do I fund my Teampay account?

    Your Teampay account can be funded via debit or ACH from your bank account. In addition, we have an exclusive partnership with SVB where we draw directly off your SVB credit line. For SVB specific questions please contact us at support@teampay.co.

  • What happens after an approval?

    At the time of approval, the funds must be available and will be reserved for that purchase. If funds are available the card will be issued immediately. If funds need to be added a transfer will be initiated and the card will be issued when they arrive. It is helpful to keep a sufficient buffer amount to anticipate any unplanned purchases.

  • What is my buffer?

    Your buffer is the amount of money available for unplanned Teampay purchases. In order to always make sure your purchases are funded, Teampay uses a proprietary algorithm to calculate your balance needs. However, our fortune-telling skills are still in beta, so we suggest you set up a buffer amount of funding that's available for your cards. This is configured during signup, and can be adjusted at any time.

  • What is a virtual card?

    A virtual card is a digital card that is funded by a checking account, or debit card that you connect. Virtual cards can be restricted by amount, vendor, number of transactions, and more.

  • Since your cards are virtual, does that mean it only works for purchases made online?

    While Teampay virtual cards can be used for online purchases they can also be linked to a person’s Apple Pay for POS transactions.

    In addition, the user will get a notification on their phone to upload a receipt when a purchase is made. When they do, it will automatically be pushed to your Teampay account and your accounting software.

  • Can anyone request a virtual card?

    Anyone who is a member of your team can request a card for a specific purchase that they would like to make; however, no one has the ability to receive a card without prior approval.

  • Can a virtual card be reused?

    Yes, if you'd like. Teampay supports both single-use cards as well as cards for recurring transactions (like subscriptions).

  • Are there controls on virtual card?

    Yes. Teampay supports both “velocity” controls that limit the number of times a card can be used and the maximum amount that can be spent, as well as “authorization” controls that limit the vendors at which a virtual card can be used.

  • How does an employee request a purchase?

    An employee can make a request via Slack or via the Web application.

    Through Slack the employee would simply ask the Teampay bot. For example, by telling the bot: “I need a new keyboard”. On the Web, an employee would go to the request button on the Teampay dashboard and enter their request information there.

  • How is the purchase approved?

    Once someone completes a purchase request, it will be routed to an approver based on groups/departments that you can configure at any time. If no one is configured, we’ll route it to the administrator.

Security

  • How is my data secured?

    Teampay uses 256-bit TLS encryption to keep all of your data safe in transit. We never store card numbers, social security numbers, or any other sensitive information. We're PCI-DSS compliant, the official security standard of Visa and MasterCard, and keep full audit logs of all activity.

  • Why does it ask me to login to my bank?

    You connect your bank account in order to add funding to your Teampay cards. Also, if you’d like, Teampay can import and analyze the transactions from your bank accounts. This analysis includes categorizing your purchases, discovering recurring subscriptions, tracking variances, detecting new vendors and more!

  • Why do I need to supply information about my company?

    In order to comply with the United States’ Patriot Act, we must complete a "Know Your Business" (KYB) review for the organization signing up for Teampay.

  • What information do I need to supply about my company?

    To complete "Know Your Business" (KYB) Teampay will need to verify your organization’s Tax ID / EIN (Employer Identification Number), date of incorporation, state of incorporation and your current address. In certain circumstances for newer companies, you may also be required to upload proof of your incorporation and incorporation state.

    In addition, as part of the Beneficial Ownership Regulation - 31 CFR 1010.230 Teampay will also need to verify, via “Know Your Customer” (KYC), all individuals that hold directly, or indirectly, 25% or more equity ownership in the company as well as an individual who has management control. This is a quick, automated process, and Teampay never stores any of your sensitive personal information like Social Security Number.

Other

  • Are Teampay cards credit or debit?

    Teampay branded cards function as a debit card. SVB branded cards on Mastercard work in conjunction with your SVB credit line.

  • Can I get a plastic card?

    Yes, plastic cards are currently in use with a handful of customers. For more information please contact sales@teampay.co.

  • What happens to taxes & fees?

    Users should ensure that the amount requested includes all taxes and fees. The amount approved should be the maximum authorized amount.

  • Which accounting tools can I connect to Teampay?

    Teampay currently supports bi-directional syncing with QuickBooks Online, Xero, NetSuite, and Intacct.

  • What banks do you currently support?

    We can connect with any bank in the US using ACH or Debit Card.