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Applying for Payhawk credit lines and credit cards

Learn about Payhawk credit lines, credit card parameters, required company documents, and application and risk assessment processes.

Lyudmila Vodenicharska avatar
Written by Lyudmila Vodenicharska
Updated over a week ago

Payhawk offers Visa Credit Cards for UK-, EEA-, and US-based businesses.

Benefits

  • Higher acceptance rates than traditional credit providers.

  • Avoid personal credit checks, with no personal guarantees required.

  • Simplified credit application process for Payhawk customers.

Basic parameters

  • For UK-based companies, the credit lines are available in GBP and EUR and can be a maximum of GBP 500,000 or EUR 500,000.

  • For EEA-based companies, the credit lines are available in EUR and can be a maximum of EUR 500,000.

  • For US-based companies, the credit lines are available in USD and can be a maximum of USD 1 million.

  • The amount customers receive is based on credit assessment.

  • Late credit payment fees apply.

Eligibility

  • Limited companies registered in the UK, EEA, or USA, or having registered entities in the UK, EEA, or USA.

  • Applicants must have filed Year 1 accounts at the very least.

  • UK and EEA applicants must have a minimum annual turnover of GBP or EUR of 250,000.

  • US applicants must have at least USD 250,000 for a parent entity in a group or USD 100,000 for each subsidiary entity in a group in one or more US bank accounts and in the name of the applying entity.

Required company documents and actions

When applying for credit, you need to submit the following documents to the Compliance team at Payhawk:

  • The latest audited or filed accounts (showing Income Statement and Balance Sheet).

  • The latest Management Accounts (showing Income Statement and Balance Sheet) (any format) with the latest entries no older than three months.

  • (For UK and EEA) Your consent to undertake a credit check on the applying business entity.

Application process and time

When you apply for a Payhawk credit line, you need to:

  • Define the credit amount and the currency (GBP, EUR, or USD) you are interested in.

  • Submit the required company financial statements so that Payhawk can start the credit underwriting process.

Then, the risk analysts at Payhawk will review the submitted documents and evaluate your credit application. Note that as a result, Payhawk may approve your application in full, approve it for part of the requested credit amount, or reject it altogether.

The Payhawk Customer Success Manager or Account Executive will get in touch with you and inform you about the outcome of the assessment. If your application is approved, see the article on managing your Payhawk credit funds.

The credit evaluation process takes 24 business hours starting from the moment all valid documents have been submitted and accepted. This period excludes the compliance verification process.

Basic terms on monthly installments

  • The credit billing period is a calendar month, meaning, credit statements will be issued at the beginning of the following month.

  • The utilized credit must be paid by the 8th calendar day of the following month.

    • If the 8th is during the weekend, then the credit is due on the next business day.

    • If the 8th is a bank holiday, then the credit is due on the next business day.

  • If the credit is not paid by the 8th calendar day of the next month, Payhawk will suspend your Payhawk debit and credit accounts until the credit is paid back to Payhawk.

  • GBP and EUR credits can be paid over bank transfers from the customer’s bank account or active Payhawk debit account (if any).

  • For USD credits, Payhawk uses an ACH pull to automatically repay the financial obligation.

Credit card terms and conditions, and card fees

  • For the terms and conditions that apply to the Payhawk credit lines issued in the UK, see the Visa credit card information.

  • For the fees applied to cards, see the Visa card information for GBP, EUR, USD, and other currencies.

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