FAQs

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.

Product

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:

  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 card 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. 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 features and number of transactions. For more information on pricing, reach out to us at sales@teampay.co.

Can your product replace Expensify?

When you use Teampay, you eliminate the need for reimbursement through the use of our approval flow and real time virtual card creation.However, one-off purchases may occur that require reimbursement.  For example, an employee may use their personal card they had on a file for an Uber ride or forget their Teampaygo card on a business trip. For those exceptions, employees can submit reimbursement requests through Teampay. 

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.

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.

Teampay Cards

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.

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.

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.

Accounting

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.

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, Intacct and Workday

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 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 support@teampay.co.

Regulatory Requirements

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 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.

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