But a physical card may still be necessary for some use cases. As soon as receipts are received, they can be reconciled immediately via embedded accounting systems that now include Xero, NetSuite, Intacct and Workday, in addition to QuickBooks.Īs Teampay grew, Hoag recently saw a need for executives to have a different kind of card for corporate purchases that fall outside of the norm. When cash payments are unavoidable, uses can upload receipts.

Teampay’s expense-management services may also be accessed via a web browser, where requests, approvals and reconciliation are automatically processed. “The corporate card really hasn’t changed in 20 years, but technology has made it possible to put all these features together,” he said. “Right now we’re in this strange environment where most workers are still remote but we’re beginning to see travel and other work-related expenses ramping up again,” said Andrew Hoag, Teampay’s CEO.Ĭatalyst by Teampay also gives card users access to World Elite Mastercard benefits - concierge services, car rental and travel insurance - through the app, Hoag said. This is meant to help with onboarding, as companies hire more remote workers who quickly rack up travel and office-equipment expenses. The digital-driven product, called Catalyst by Teampay, makes a card number immediately available within the user’s digital wallet for spending. Most Teampay users make expense requests via a Teampay Slack app, specifying the vendor and purpose, which are automatically approved or routed to a manager for approval, depending on parameters the company sets. Teampay has a longtime relationship with Silicon Valley Bank (SVB). The focus on executives’ travel-and-entertainment spending is new for the 5-year-old Teampay, which got its start by leveraging Slack and QuickBooks to streamline workflows for routine employee expenses, primarily using virtual prepaid debit cards issued by Teampay that tie into users' bank accounts.

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