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 email@example.com
What is Teampay?
Teampay gives your organization an intuitive workflow and reporting for purchases. This adds security, accountability, and easy approval to a process that is usually hidden and opaque until the end of the month. We give you a clear trail of the entire purchase & payment process, as well as help group and track vendor information.
What's required to sign up?
In order to sign up for Teampay you must have the ability to add Slack bots to your organization’s Slack team, plus your organization’s EIN, State of Incorporation, and Date of Incorporation. In certain circumstances for newer companies, you may also be required to upload proof of your incorporation and incorporation state.
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. We bill on a monthly basis, and the cost varies based on the number of transactions. For more information on pricing, reach out to us at firstname.lastname@example.org.
Do I need a Slack account?
Currently Teampay’s workflow is primarily Slack-based. If you are interested in using Teampay without requiring Slack, we are currently Beta-testing the full web-based features. Feel free to contact us if you’d like to join.
How Teampay Works
What is the basic workflow?
First, someone asks the Teampay bot to make a purchase. Teampay then collects any additional information about that purchase that your organization needs, and routes it to an approver. Once approved, Teampay issues a virtual card for that purchase which is tied to the vendor and amount requested, and delivers it to the requestor. Finally, once the virtual card is used, the approver gets notified, and can request a receipt.
What happens after an approval?
At the time of approval, the funds must be available and will be reserved for that purchase. If you have enough funds in your account already, the card will be issued immediately. If you are short on funds in your account, a transfer will be initiated and the card will be issued when the funds arrive. It is useful 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 debit card number that is funded by a checking account, savings account, or credit card that you connect. Virtual cards can be restricted by amount, vendor, number of transactions, and more.
Who can be an approver?
Any US citizen can be an approver. However, all approvers must pass an automated “Know Your Customer” (KYC) verification before they can approve any purchases.
Can anyone request a virtual card?
Anyone who is a member of your Slack 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 used, 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 requests a purchase by simply asking the Teampay bot! For example, by telling the bot: “I need a new keyboard”.
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 who can easily forward it by typing “ask @username” in Slack.
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 personal information?
In order to comply with the United States’ Patriot Act and anti-money laundering laws, we must "Know Your Customer" (KYC) the administrator of the Teampay account. This is a quick, automated process, and Teampay never stores any of your sensitive personal information like Social Security Number.
Why do I need to supply information about my company?
In order to comply with the United States’ Patriot Act, we must "Know Your Business" (KYB) the organization signing up for Teampay.
Are Teampay cards credit or debit?
Currently Teampay works as a debit card. If you are interested in credit, we are slowly rolling that out in partnership with specific banks. Please contact us (chat icon, bottom-right) for more information.
Can I get a plastic card?
Teampay doesn’t currently support plastic cards.
What happens to taxes & fees?
The amount a user requests / the amount approved should be the maximum authorized amount; it should include all taxes & fees.
Which accounting tools can I connect to Teampay?
Teampay currently supports bi-directional syncing with QuickBooks Online, with support for NetSuite, Intacct, and Xero currently in testing.
What banks do you currently support?
We support hundreds of banks, including Chase, Bank of America, Silicon Valley Bank, Wells Fargo, Citibank, and many more.