Frequently Asked Questions
Teampay is the first purchasing software built for modern, technology-enabled businesses. Our products enable companies to request, approve and track expenditures in real-time.
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.
How do I sign up for Teampay?
You can sign-up for Teampay in 4 easy steps:
- Complete onboarding for your company. This will include a KYB (Know Your Business) review.
- 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.
- 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.
- Start making purchases using 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 firstname.lastname@example.org.
Can your product replace Expensify?
Teampay is not a tool for employees to submit expenses for reimbursement. When you use Teampay, you eliminate the need for reimbursement through the use of our approval flow and real time virtual card creation.
Do we need Slack to use Teampay?
No! Although Teampay’s workflow is primarily Slack-based, we support a fully web-based workflow as well.
What banks are supported by Teampay?
We can connect with any bank in the US using ACH or a Debit Card.
Is Teampay operational outside the United States?
Unfortunately, we are not. Only the United States (for now). Teampay cards can be used internationally.
How does Teampay work on Slack?
Slack is used as a communication and workflow tool that hosts the Teampay bot, where employees can make purchase requests, approve purchases, upload receipts, and more.
The Teampay bot sits on your Slack team under Apps. You can think of the Teampay bot as an extension of your accounting team. When an employee needs to buy something, they chat with the Teampay bot on Slack. For example, an employee could say, “I want to sign up for marketing automation. And, I’m going to buy that from Hubspot.com and I’m going to spend around $100 a month.” At this point, the Teampay bot has all the information necessary to generate a purchase request. The employee will categorize the request according to your company’s GL structure and submit it to their approver.
The Teampay bot will run the request through a policy engine. The request will be routed to whoever has been set as the approver(s) for that employee’s purchase requests. You can also set-up auto approvals, multi-step approvals, etc.
The approver receives the request as a pop-up in Slack saying, “You have a Purchase Request from John Smith to buy marketing automation from Hubspot.com for $100 per month.” The approver can approve, reject, or come back to the purchase request later. They can change the category of the purchase request if needed.
Once the approver approves the purchase request, the Teampay bot will issue a virtual card to the employee for use on their purchase. After the employee has made a purchase using the card, the Teampay bot will notify the approver and request a receipt from the employee. The employee can upload the receipt and link it to the correct transaction within Slack.
What is the basic workflow for Teampay Web?
Your team will access Teampay’s dashboard via the Web. From the dashboard the employee will click the “request” button. Once on the request page the employee would click “new request” and then proceed to fill in the information for the purchase they are asking to make (during which they will categorize the request based on your company’s GL structure). Once completed they would click “submit” to receive and approval/decline from the designated corporate approver. The approval/decline notification will be sent via email.
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.
The bot is appearing for all employees of company as well as consultants. If this is not what we want how can we configure to limit who sees it? V.2 How can we configure the Teampay bot to limit who sees it?
The Teampay bot on Slack automatically introduces itself to new users so that they’re aware of where
to make purchases and can learn about it as a part of employee onboarding.
Currently, there is no other way to configure this setting.
How do I add people so they can use Teampay?
For employees already on your Slack team, invite anyone through the Teampay bot on Slack by typing “introduce @username”.
This message will make the Teampay bot appear in the invited user’s apps on Slack and walk them through a tutorial.
If you know an employee is ready to make a purchase, use “prompt @username” and the Teampay bot will reach out to them to prompt them to make a request.
Note: There is not a way to invite them through the web browser at the moment.
Why are our users unable to use the Teampay app?
One reason could be that although the user was invited with their Slack-based accounts they are logging in with their non-Slack based credentials. They will be able to successfully accept the invitations if they use the “Slack” login button.
In addition, if the user is invited as an “approver” and they do not use their Teampay login credentials, they will not be able to approve purchases.
Is there an instructional video on how Teampay works?
We do have a high-level overview video that shows how the product works, but the best way to teach your team how to use Teampay is to actually use Teampay.
If any user types the word “tutorial” to the Teampay bot, it will walk them through a demo for both requests and approvals.
Here is the link to the introduction video.
When an employee requests a purchase who sources the quotations and suppliers?
All quotes input are from the employee who is looking to make a purchase. Any purchase request sent from Teampay is by an automated bot that is trained to gather the requisite information to make a purchase request based on the information provided by the employee who obtained or sourced the quote. Once the information is gathered and submitted, it automatically routes the request to the employee’s approver.
Is it possible to cancel a request?
If the request was not approved, it can be rejected by the approver, which would then cancel the request.
If the request was approved, but unused, you can cancel or disable the card in the Web app.
Is a Teampay card a debit card or credit card?
Teampay branded cards function as a debit card. SVB branded cards on Mastercard work in conjunction with your SVB credit line.
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 to your Teampay account. Virtual cards can be restricted by the amount, vendor, number of transactions, and more.
Since your cards are virtual, does that mean it only works for purchases made online?
Teampay virtual cards can be used for online purchases. These cards can also be linked to a user’s Apple Pay for POS transactions.
The user will get a notification to upload a receipt when a purchase is made on that virtual card online or POS. Once the receipt is uploaded, it will automatically be pushed to your Teampay account and linked to 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 a 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.
Will Teampay be offering physical cards?
Yes, plastic cards are currently in use with a handful of customers. For more information please contact email@example.com.
How can Teampay virtual cards be configured to support different types of purchases?
Teampay offers a “Card on File” product that will allow you to keep a virtual card on file for a specific vendor (i.e. Amazon). Each time someone purchases from that vendor a virtual card is issued. Each transaction is entirely isolated to that purchase, and the virtual card cannot be reused.
Teampay also offers “Single” use virtual cards for those “one time” transactions your company may have. In addition, Teampay virtual cards can also be set up for subscriptions with recurring amounts.
Is there a credit limit for a Teampay card? Is there a limit on each transaction?
There is a security setting within the application so people don’t inadvertently issue cards that are too high. This setting can be adjusted for your account by our team, just contact firstname.lastname@example.org.
If I cancel a card, will it still receive the refund?
Yes, cancelling a card should not affect a refund.
How do I disable a card that was previously approved?
You will find this option on the “Requests” tab on the Web.
Once you select a request on the right you should see a “Card Details” tab.
Click on this tab and you will see your card and a “Disable this Card” link right under it.
Is there a way to disable a virtual card after use?
We can automatically close single-use virtual cards shortly after they’re used.
Whose name is associated with the virtual card when making purchases?
The purchaser should always use the approver’s name when making a purchase. The purchaser can always ask the Teampay bot or use the tutorial to obtain this information about a Teampay card.
What billing address is associated with a Teampay card?
The purchaser should always use the company’s address as the billing address for a Teampay card. The user can always ask the Teampay bot or use the tutorial to obtain this information.
What happens to taxes & fees?
Users should ensure that the total amount of their purchase request includes all taxes and fees. The amount approved should be the maximum authorized amount.
How is the purchase approved?
Once an employee 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, Teampay will route the purchase request to the administrator.
Is a user notified to upload a receipt?
The user will receive a notification to upload a receipt whenever a purchase is made. Once the receipt is uploaded and linked to the correct transaction, it will automatically be pushed to your Teampay account as well as your accounting software.
How do you remind people to upload receipts?
You cannot currently prompt users to upload receipts, it is an automated process within the application. If a person does not upload a receipt at the time of the purchase, the Teampay bot will periodically remind them to do so.
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 a purchase is made with a non-Teampay card, the cardholder will get a notification to upload a receipt. When they do, it will automatically be pushed to your Teampay account and your accounting software.
What accounting software do you integrate with?
We integrate with Quickbooks, Xero, NetSuite and Intacct.
Are the transactions sent to our accounting software as they are completed or do we need to initiate the data push?
The transactions are sent to your accounting software in near real-time. You can also export the transactions to Excel or other reporting tools as needed.
Are we are able to fund our account with a linked credit card instead of a bank account as the funding source?
Your Teampay account can be funded via a Debit Card or ACH from your bank account. In addition, we have an exclusive partnership with SVB where we draw directly from your SVB credit line. For SVB specific questions please contact us at email@example.com.
How can I reduce categories which are available for people to select when submitting requests?
You can send us a spreadsheet of categories that you want to disable, and we’ll take care of it for you.
Can you have more than one approver within the approval groups?
Our policy engine can handle complex approval processes, such as multiple approvers, secondary approvers, and more to fit the needs of your team.
For example, an employee’s purchase request can be routed for approval to the department lead, and then a secondary approval can be routed to the finance lead.
What is a buffer?
The buffer is the amount your Teampay account will be replenished to each night and is the “limit” your company can spend up to. It can be adjusted, based on your company’s spend, at any time on your bank accounts page.
We just approved a purchase, what are the daily limits and how do the daily limits relate to the buffer?
Teampay will always try to keep your available balance at what your buffer is set at. If there is one or more requests outstanding, those amounts will be totaled to determine if additional funds need to be added to keep your buffer at the amount it was set at.
Example: If you have a $1,000 buffer and you have one $173.17 request outstanding, and another for $249.00 Teampay will require $1,422.71 in the account.
Do we need to maintain a high buffer if we expect $10K per week of spend?
Yes. Our customers with high weekly transaction volumes tend to keep their buffers relatively high. We’ll regularly top up your buffer as you use it, but we would recommend setting it higher than your anticipated spend. You can always lower it if you determine it is too high.
Where do we change the buffer?
You can change it by clicking “Available Balance” from the accounts page here.
Are transactions blocked if we don't have the buffer?
If you run out of buffer and a purchase is approved, we will increase your next transfer by the amount of that purchase and issue the card once the funding arrives. No transactions for issued cards should be blocked because we hold funds for cards that have already been generated.
Your Teampay balance ends up being:
Buffer (The minimum amount of “available balance” you want at any given time)
+ Funds held for Approved (but not yet used) Purchase Requests
+ Funds held for Upcoming Recurrences from Approved Cards
How do I find out my balance?
If you ask the Teampay bot “what is my balance” it will give you a high level breakdown.
If you are using the web application you would find your balance on your “Account” page.
Where is the account page?
It is here: https://app.teampay.co/accounts/
If you click on the “Available Balance” icon, you can update your buffer there.
If we are expecting a refund from a TeamPay transaction (completed using a virtual card), how should we expect to see the refunded amount show up in our account?
You would see the refund added back into your available balance for spend.
How do I see the requested vendor vs vendor that was charged?
You can see both the vendor used in the purchase request as well as the actual charged line item vendor on the Transaction page on the Web.
Example: American Airlines (AMERICAN AIRLI AA PJWZBX)
Is there a way to bulk edit transactions to be recurring from one-off?
Currently there is no way to bulk edit.
Note: We try to be intelligent around updating the same vendor when possible.
Can we limit the number of times we sync (i.e. not everyday)?
We do have functionality where an accounting user can manually push the transactions that they would like to sync. This is typically used for our enterprise accounting integrations, please contact firstname.lastname@example.org for more information.
How can we utilize the different Accounting settings in the tool?
Right now the settings (i.e. Departments and Classes) are only applicable to our enterprise accounting integrations (Intacct/Netsuite); however, we have the other accounting tools we support on the roadmap. Is this ready? Still on roadmap?
Will Teampay support organizations that do not have SSNs for their team (i.e. volunteers)?
Only the company will need to be verified so volunteers can be issued cards as needed without obtaining SSNs for the individuals.
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 need to connect to your bank account in order to add funding to your Teampay cards. Teampay can also 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 a Social Security Number.