This article provides answers to some of the most frequently asked questions about Payhawk and the spend management solution the company delivers.
Is Payhawk a bank? How can it issue cards?
Payhawk is not a bank. On 11 July 2023, Payhawk was granted a license for an Electronic Money Institution (EMI) by the Bank of Lithuania. On 13 January 2024, Payhawk was granted an EMI license by the Financial Conduct Authority (FCA) for operating on the UK market. The EMI licenses permit Payhawk to provide payment services, including the provision of credit, further accelerating the innovation of new products and features.
Payhawk is a principal member of Visa and also a registered agent of e-money institutions that have a license to operate in the EU/EEA and the UK.
In which countries is Payhawk available?
Businesses that are eligible for using Payhawk are the ones registered or incorporated in the following countries:
United Kingdom (UK) and United States of America (USA).
European Union (EU) and European Economic Area (EEA) member states, namely, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Cyprus, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden, as well as Iceland, Liechtenstein, and Norway.
Payhawk offers services in additional locations depending on your circumstances. For more details, do not hesitate to contact the company.
Is my money safe with Payhawk?
The short answer to this question is: yes, it is. These are the reasons why:
Payhawk and its partnering Payment Services Providers are required to hold client funds with dedicated safeguarding accounts at banks (sometimes referred to as “safeguarding banks”) located and regulated in the EU or the UK, as the case may be.
Safeguarding is a legal mechanism by which Payment Service Providers such as Electronic Money Institutions (EMIs) safeguard the funds they have received from their payment service users (clients). It is a regulatory requirement for all EMIs stemming from the PSD2 Directive, the UK Payment Services Regulations, and the various adoptions of PSD2 in EU/EEA member states.
The safeguarding mechanism consists of the following key aspects.
Separation of funds
EMIs are required to segregate the funds of their clients from their own operational funds. In other words, funds received from their clients are held in accounts that are distinct from the EMIs’ own accounts.
Protection of funds against insolvency
The safeguarding mechanism is also designed to ensure that client funds are protected in the event of the EMI's insolvency by isolating the safeguarded funds from any claims of EMI creditors.
E-money accounts (like the ones Payhawk supports) are not bank accounts and the deposit guarantee schemes available in the EU and the UK do not apply to them.
Supervision and enforcement
EMIs are under the supervision of their national regulators, who oversee their compliance with the safeguarding requirements and any deviation from those requirements is subject to regulatory action.
For further related questions, contact Payhawk at support@payhawk.com or through the chat.
What is a Payhawk user? Is there a limit on users?
A Payhawk user is anyone who has access to the Payhawk web portal or mobile app. There is no limit on users on the Payhawk platform.
If your company uses Payhawk's Growth Program but requires more than 20 users or cards as your needs expand, do either of the following:
Send an email to the Payhawk Sales Team at sales@payhawk.com
Call +44 20 3868 8704
Are all businesses eligible for Payhawk cards?
Certain industries and businesses fall outside of Payhawk's risk requirements. For more information about whether Payhawk can support your business, reach out to sales@payhawk.com.
How does Payhawk save me money or time?
Expense reports, reconciliation, and accounting can be time-consuming. By using Payhawk, employees significantly reduce the time they spend on reporting and transaction processing.
For more hands-on information, read the following resources:
Why should I choose Payhawk over a regular banking service?
With its holistic spend management solution, Payhawk provides key features that are unmatched by any conventional banking service.
For specific information, see the following resources:
What currencies does Payhawk support?
Payhawk supports the opening of corporate accounts and issuing corporate cards in EUR, GBP, USD, BGN, PLN, and RON.
Bill payments through bank transfers are available in EUR, GBP, and BGN. USD is available for US companies only.
For any specific requirements for currencies that are not yet supported, send an email to the Payhawk Sales Team at sales@payhawk.com.
Is Payhawk a prepaid card?
No, Payhawk offers VISA Commercial and VISA Platinum cards, which can be used for all types of allowed expenses, including travel, equipment rentals, rental cars, automated fuel pumps, and more.
Unlike prepaid cards:
Visa Commercial is accepted worldwide through one of the most accessible global card networks including car rentals, accommodations, and digital advertising platforms.
Visa Commercial debit and credit cards are accepted by more than 36 million merchants worldwide including car rentals and accommodations.
What are Payhawk's card transaction fees?
Payhawk aims to provide its customers with some of the most competitive card fees offered by card issuers and there are no hidden fees. Payhawk offers up to four times better exchange rates than the ones offered by banks and customers pay only for the issued corporate cards.
The summary of all fees is available on the VISA cards and fees Payhawk page.
What is the exchange rate on Payhawk?
On each transaction, Payhawk customers get the official Visa exchange rate, which can be calculated with the Visa converter calculator.
Payhawk charges additional currency exchange fees for transactions that are made in currencies different from the currencies of your corporate cards. To avoid currency exchange fees, issue a Payhawk corporate card in the same currency as is your transaction.
What is the Payhawk card expiration date?
The expiration date of the Payhawk VISA credit and debit cards is four years after their issuance.
Will Payhawk work with my accounting software?
Payhawk can be connected to most of the available accounting systems and supports direct integrations with Oracle NetSuite, Exact Online, Xero, QuickBooks Online, DATEV, MS Dynamics Business Central, and MS Dynamics Finance out of the box.
The supported CSV export functionality works for all other accounting systems.
How does Payhawk extract data from payment proofs?
The Payhawk solution uses a combination of machine learning and in-house developed algorithms to read and extract data from receipts, invoices, and credit notes.
The tooling solution extracts information such as document type, date, country, amount, VAT, and supplier-related information.