This article is part of a collection of articles regarding your free upgrade to an improved Spendesk (Spendesk Financial Services).
You might have questions regarding your upgrade!
Don't worry, we've got you covered. You can find our FAQ below ⬇️
Terms and Conditions 🔦
Why do I need to approve new T&Cs? What has changed since the previous version I agreed with?
Why do I need to approve new T&Cs? What has changed since the previous version I agreed with?
Account owners will have to review our Terms and Conditions.
We will be replacing current third-party providers, Okali (ex-SFPMEI) and Transact Payments Malta Limited (“TPML”), with Spendesk Financial Services from early 2024 to evolve our payment services offering in € (EUR) for EEA Customers.
We included the following main changes in this new version of the terms and conditions:
The structure has been updated to make the terms and conditions easier to understand and navigate;
Some articles have been inserted (confidentiality clause, third-party claims) and other articles have been clarified or simplified (dematerialization service, liability, etc.);
The terms and conditions of Spendesk Financial Services (Payment services framework contract) have been included in Annex 1, replacing Okali and TPML terms.
These new terms and conditions of Spendesk will become effective on the date when we notify you of the opening of your Spendesk Financial Services payment account(s), and at the latest on 30th June 2024.
In addition, we will also ask you to grant us a temporary mandate as part of the upgrade, that allows us to perform a limited and defined set of tasks on your behalf, so you can benefit from the evolution of our services.
This mandate allows us to perform the following tasks on your behalf, so you can benefit from the evolution of our services:
Terminate the contractual relationship with Okali and TPML;
Take all strictly necessary steps with Okali to transfer your data, history, and any other KYC information to Spendesk Financial Services SAS;
Once you are fully operating via Spendesk Financial Services SAS, and if necessary before the closure of your Okali account, transfer any remaining funds from your Okali account to the new payment account(s) opened with Spendesk Financial Services.
More details here.
Card replacement 🗂️
Why do we need to replace physical cards?
Why do we need to replace physical cards?
Account owners or Admins will be able to select which cardholders will need to have their cards renewed with our brand new cards (free of charge). The banking partner associated with your company's entity will change. Unfortunately, it's not possible to link an existing card to another banking service provider. All Mastercards will be blocked.
Instead, you can provide your employees with Visa cards. There are two main changes to highlight:
The Visa Premium cards will have country-specific numbers and will therefore enjoy a higher acceptance rate across a wider set of merchants;
They will be Business Premium cards with a wider range of benefits. Straight away, your employees will have access to Visa’s Global Customer Assistance Services in case their card gets lost, and they will soon be able to get a replacement card within 48 hours at no cost. In the future, we will implement additional benefits.
We want some cards to be delivered at the office, but others to specific addresses, how should we proceed?
We want some cards to be delivered at the office, but others to specific addresses, how should we proceed?
You will be able to choose each card's delivery address and update it manually if needed.
Cards can be shipped to : France, Germany, Austria, Bulgaria, Poland, Hungary, Czech Republic, Romania, Slovakia, Slovenia, Estonia, Ireland, Finland, Sweden, Denmark, Norway, Lithuania, Latvia, Iceland, Greece, Spain, Italy, Malta, Cyprus, Portugal, Croatia, Belgium, Netherlands, Luxembourg, Liechtenstein and the USA.
What type of card will users receive?
What type of card will users receive?
Our brand new cards will be Visa Premium Business cards.
The card scheme will be Visa and the card processor will be Marqeta.
Will they be UK-issued cards?
Will they be UK-issued cards?
Our cards will have country-specific numbers. This increases the acceptance rate of your Spendesk card with more merchants.
Where can the cards be shipped to?
Where can the cards be shipped to?
Cards can be shipped to: France, Germany, Austria, Bulgaria, Poland, Hungary, Czech Republic, Romania, Slovakia, Slovenia, Estonia, Ireland, Finland, Sweden, Denmark, Norway, Lithuania, Latvia, Iceland, Greece, Spain, Italy, Malta, Cyprus, Portugal, Croatia, Belgium, Netherlands, Luxembourg, Liechtenstein and the USA.
Legal
What's a legal representative?
What's a legal representative?
A legal representative is a person who is responsible for the company. This person has the authority to execute legal documents and to take decisions such as opening a bank account for the company.
Key information to complete the process:
The legal representative must be identifiable personally, otherwise, it will automatically lead to rejection;
The legal representative list must be complete;
An incomplete shareholding structure (nothing declared, partially declared, or false) will be rejected.
What do I need to do and when? 📅
Only Account owners and Admins are involved in the Upgrade steps.
What are the steps to upgrade?
Part 1: Set up for success
Part 1: Set up for success
You have to complete three actions:
Accept new terms & conditions (5 min)
Validate your Visa cards' order (5 min)
Review your company information (5-15 min)
Check out this article for a detailed overview of this part.
Part 2: Fund your new payments account
Part 2: Fund your new payments account
Once you have upgraded your account, you will be able to fund your new Spendesk payments account by two means:
Transfer funds from your current payments account;
Or, use instant SEPA to fund your new Spendesk payments account (except on week-ends and holidays).
To avoid any disruptions to your operations, we will close your old payments account only once all your new physical cards have been activated and your subscriptions renewed (if you have any). If any funds remain on your old payments account at that point, we will automatically transfer them to your new payments account.
Part 3: Follow your progress
Part 3: Follow your progress
There are three key actions in this final step.
Activate your new Visa cards
The cardholders you selected in the first step will receive their new physical cards. It will be possible for them to activate cards from their Spendesk mobile app.
Once activated, their previous Mastercard will automatically be cancelled.
If you would like to order cards for more employees, you will be able to do so once you have upgraded.
Review and renew your subscription cards
Subscription owners will be asked to review which subscriptions they want to keep and renew them. Their current status (active or paused) will be kept.
Any unselected card will be deactivated.
Once renewed, please update your new card information on the merchant's website to avoid any payment failure, and keep your subscription active.
💡We will add a direct link to the merchant's website to speed up the renewal.
Update your bank journal code
If you are using the Spendesk bank journal, you will be asked to update the code of your new Spendesk payments account.
Can I try the upgrade flow before I proceed?
Can I try the upgrade flow before I proceed?
If this is a special requirement from your Legal team, feel free to reach out to our support team with their official request.
Can I upgrade multiple entities in one go?
Can I upgrade multiple entities in one go?
Unfortunately, you can't, however you will see all of the eligible entities on your left on the upgrade page.
Banking questions ⭐
How long will my virtual cards be valid for?
How long will my virtual cards be valid for?
Subscription cards will be valid for 2 years and single-use cards until the last day of the following month (ex: March 31st for a card generated in February).
Will I have access to the current month's account statement?
Will I have access to the current month's account statement?
Only on the 1st of the next month. The month M-1 data and balance will be displayed and exportable. However, you'll have daily account statements available for your transactions.
Will my IBAN be from the country I'm based in?
Will my IBAN be from the country I'm based in?
Your new IBAN will be a French IBAN.
Which methods will be available to fund my payments account?
Which methods will be available to fund my payments account?
SEPA transfers and Instant SEPA transfers will be available. (Only available during business days – Monday to Friday) No need for a card top-up anymore! 🎉
Which countries can I send wire transfers to (Invoices/Expense claims)
Which countries can I send wire transfers to (Invoices/Expense claims)
You can send wire transfers to the EEA (SEPA only).
Will I have visibility on pending transactions?
Will I have visibility on pending transactions?
Yes. You can contact our support team for any question.
Will I have visibility on failed transactions?
Will I have visibility on failed transactions?
Yes - via email. If you need more information than the one that we send by email you can contact our support team.
Questions?
We have worked hard on making this upgrade effortless for you but if you have any additional questions, you can leverage the following resources:
Our Help Center,
Or, contact your Customer Success manager or our support team at support@spendesk.com if you can't find the answer you need.
On the upgrade interface directly (Account owner view) you can find our internal template to simplify communication to your company.