Knowledge Base

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General
General Card Account

What is a user?

Users are employees of your business with access to the Payhawk web portal and mobile app. All users receive a physical or virtual card included in the monthly fee

Is there a limit of users?

No, there is no limit. For companies with more than 30 users, please contact sales to get a quote.

What currencies does Payhawk support?

Right now you can open accounts in EUR, GBP, USD and BGN. If you have specific requirements for currencies that are not yet supported contact sales.

Is Payhawk a bank? How can it issue cards?

Payhawk is a technical service provider under the terms of the Payment services (PSD 2) – Directive (EU) 2015/2366. We are registered as an agent to issuing banks that have passports to issue E-money in the European Economic Area (EEA) and are pursuant to license by MasterCard and Visa. Payhawk does not receive, hold, transfer or come into possession of your funds at any time.

Why should I choose Payhawk over a regular banking service?

Our key features are unmatched by any conventional banking service. The automated data entry and reconciliation, real-time expense and company cards management combined with our integrations with accounting and ERP systems provide a unique service.

How does Payhawk save me money or time?

Expense reports, reconciliation and accounting could be undoubtedly time consuming. By using Payhawkemployees reduce the time spent on reporting and transaction processing significantly. We have developed a calculator based on industry average data so you can easily estimate the accumulated savings by using Payhawk.

Can anyone be a customer?

Payhawk provides company cards. Companies organised and registered in the European Economic Area (EEA) may apply for a Payhawk account. Consumers, sole proprietors and other unregistered businesses are ineligible.

In which countries is Payhawk available?

The Payhawk platform and cards are available to registered businesses in all member states of the European Economic Area (EEA).

Is Payhawk a prepaid card?

No, Payhawk offers Mastercard® business debit
cards. Unlike prepaid cards, Mastercard® business debit cards are accepted by more than 36 millionmerchants worldwide incl. car rentals and accommodations.

Where are Payhawk cards accepted?

Payhawk issues Mastercard® business debit cards which are accepted worldwide via one of the most accessible global card networks. Mastercard® business debit cards are accepted by more than 36 million merchants worldwide incl. car rentals and accommodations.

How do I issue my cards?

You can issue new physical and virtual debit Mastercard® business cards to your employees from our web portal. Virtual cards are delivered in seconds to an employee’s mobile phone and can be used for online payments only. Physical cards are shipped to your office up to 10 business days. These can be used for any both online and offline payments.

How can I transfer funds to my Payhawk card?

To use your Payhawk cards your company needs to have funds in your E-money account maintained by an Issuing bank and opened as part of the Payhawk registration process. A standard way of funding the account is via bank wire. Your funds are securely held in Saxo Bank, Denmark for accounts in GBP, EUR and USD and DSK Bank, Bulgaria for BGN

Do I have to top-up every company card individually?

No, there is no need to load cards individually. All of your cards are attached to one account balance per currency. You can set spend limits on each card.

What is the exchange rate on Payhawk?

Payhawk customers use the official Mastercard® exchange rate. You can check the exchange rate on each transaction via the Mastercard® currency converter calculator, available here. We charge 1.25% currency exchange fees for transactions in different currency than your card currency. You can avoid currency exchange fees by issuing a card in the same currency as your transaction.

What are the card transaction fees?

Our goal is to provide you with the best possible card fees that we can provide from our issuers. For a detailed summary of all card fees see our Card Fees page.

How does Payhawk extract the data from payment proofs?

We, at Payhawk, are using a combination of machine learning and in-house developed algorithms to read and extract data from receipts, invoices and credit notes. Payhawk extracts document types, dates, countries, amounts, VATs, and supplier related information.

Will Payhawk work with our accounting software?

Yes, Payhawk can be connected to most accounting systems. We have direct integrations with Xero and Quickbooks. Our CSV export functionality works for all other accounting systems.

What if I receive a digital invoice or receipt via email?

Your company has a dedicated AI-assisted inbox to which you can forward all online generated invoices/receipts and we will automatically match them with transactions. This feature is in private-beta, contact our support for more information.

Is there an expense approval workflow?

Yes, Payhawk provides the capability to review and approve each expense.

Can I cancel my monthly subscription?

Yes, you can cancel your subscription at any time, however you will be billed for the remainder of the corresponding month. There is no annual commitment.

Can I change the amount of users? Do I need to wait for the next month to do so?

The amount of users can be changed at any time. The number of users added will be charged on a pro rata basis.

Is there a minimum amount I should transfer in my account?

Yes, the minimum amount per transfer to your account is €1,000, or your currency equivalent.

Ready to try Payhawk?