Payhawk is business software that helps you manage your employees’ usage of company funds, with the touch of a few buttons.
There’s no need to switch bank accounts either. You can link Payhawk with business bank accounts in 30 countries across the world, with the best exchange rates.
How to set up Payhawk
Payhawk comes with three account levels, each with a monthly account fee and a fee per debit card. Once you’re registered, your first step is to link it with your business account.
From there, you’ll be able to order your debit cards and create the restrictions for each card. The range of unique restrictions you can add is what makes Payhawk stand out from its competitors.
You can do the following:
- Create virtual or physical cards
- Assign cards to teams or individuals
- Set spending limits
- Limit where the card can be used
- Decide whether ATM withdrawals are allowed
You can add extra cards or change the limits of a card whenever you like, all with a few touches of a button on your Payhawk software.
What else can Payhawk do?
With Payhawk, you can empower employees to request funds to be added to their cards. You can add a limit for an automatically-approved top-up and a separate limit for payments to be approved by a superior staff member. Payhawk lets you configure who can approve top-ups for specific staff members too.
Whenever someone on your team makes a payment, Payhawk will create and store a digital receipt for you. No need to chase staff members for receipts ever again.
You can also pay bills or make reimbursements automatically using Payhawk.
This should make your bookkeeping effortless, especially when you consider that Payhawk links with several third-party brands of accounting software.
Who this would be useful for?
If you’re a business owner who is finding it difficult to keep up with team members’ spending, Payhawk will help you.
There are other business bank accounts that offer good levels of control on employee spending, but these accounts might not necessarily offer over benefits.
With Payhawk, you get complete control and transparency over your spending, on top of the benefits that your existing account already offers.
Pros and cons
- Gain complete control of all your employee’s spending.
- Set restrictions on individual spending with intricate detail.
- Receipts are generated and stored automatically whenever a payment is made.
- Pay bills or make reimbursements effortlessly through the software.
- A sizeable monthly fee applies, plus a fee for each card ordered.
- You’ll pay a higher monthly fee to access all of Payhawk’s features.
This is an incredibly useful piece of business software, although it would appear to be on the expensive side compared to some business bank accounts that already offer a decent level of control over employee spending.
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