This article is part of a collection of articles regarding your free upgrade to an improved Spendesk (Spendesk Financial Services).
The last step of your free upgrade is the closure of your old payment account.
When will it be closed?
Your old payment account will be closed two months after the opening of your new payment account.
Why will it be closed?
We are launching Spendesk Financial Services (SFS), a payment institution licensed by the Autorité de contrôle prudentiel et de résolution (ACPR) attached to the Banque de France.
Spendesk Financial Services (SFS) replaces our current third-party solutions: as your old payment account is linked to our third-party solution, it will be closed.
Your new payment account will be held by Spendesk Financial Services.
How will you confirm the closure of my old payment account?
When completing Step 1 you will receive an email confirming the funds transferred/funds rerouted, account closure date and more information.
You enter Phase 4 (Account closing phase) when:
75% cards are activated if <10 cards
50% cards are activated if >10 cards
or,
by reaching the migration deadline for phase 3.
What will this look like on the platform?
In platform we will encourage you to make the next steps in order to ensure a smooth upgrade of accounts.
- we will prompt you and your employees to activate 100% of cards
- we will prompt you to renew and activate all subscriptions with your new account details
Will I be able to access the statements from my old payment account, once it will be closed?
We will display both account statements in the Settings tab (old payment account and new payment account), until only one account (the new payment account) is active.
What about the billing?
You will only be billed for one account.
What about my cards?
Once the old account is closed, your Mastercards and any subscriptions linked to the old payment account will be blocked, and cancelled.
What if I receive a late return or a transfer on my old payment account?
Late transfers and refunds from card transactions performed on your old payment account will automatically redirect to your new payment account.
How will the account closure work?
We will move any remaining funds to the new payment account
We will transfer card refunds to your new account automatically
Old Mastercards and subscriptions that have not been renewed at this point will be cancelled
New account statements will be available at this stage.
The history of previous statements, payments and purchases will always be available on your interface.