Payhawk, the fast-growing spend management platform combining company cards, reimbursable expenses, and accounts payable in one solution has announced the launch of a business credit card in the UK.
This new release quickly follows its launch of credit cards for US businesses in September this year, as well as year-to-date revenue growth of 520% and an employee headcount growth of over 250%.
With this new product launch, Payhawk becomes the only spend management solution to offer UK businesses a choice between smart VISA credit cards and debit cards. This card choice gives businesses looking for a card or a broader spend management solution even more options to optimise their cash flow. Payhawk also provides up to 1.5%* cashback on all card payments, capped at the customers’ subscription.
Carolina Einarsson, Finance Director at Essentia Analytics, a Payhawk customer, says, “It’s super useful to use company credit cards via Payhawk. It means we don’t have to tie up cash in the expense management platform and anything that can increase the cash flow is a good thing for the business. It also gives me one place where I have both control and visibility over all of our cards and also one place where we upload all of our receipts.”
In addition, Payhawk credit cards provide enterprises with a smarter and more widely-usable alternative to traditional business credit cards. With Payhawk’s cards, businesses can easily implement spending governance and control at scale with built-in spend policies and automated approval workflows. For example, with Payhawk’s credit cards, spend policies can be customised based on the employee level or department and fine-tuned with controls such as daily or single transaction limits. Additionally, since Payhawk’s cards are VISA credit cards, merchant acceptance rates are much higher in the UK and Europe compared with some traditional providers.
Finally, by using Payhawk’s credit cards instead of traditional business credit cards, finance leaders can use the platform to automate manual accounting processes and get real-time visibility into company spending. Payhawk makes this possible with native integrations to most accounting and ERP software and automatic reconciliation of card payments.
Hristo Borisov, Payhawk CEO and Co-founder says, “As we began serving more UK enterprises, we discovered that many businesses prefer credit over debit cards for cash flow reasons. Until now, many were forced into a decision between smart debit cards like Payhawk, or traditional credit card products that do not benefit from any enterprise tech and might face lower acceptance rate.”
With the addition of the new credit card and its existing debit card solutions, reimbursable expenses, and accounts payable, Payhawk’s clients now have access to a unique platform that allows them to manage global spending better.