Teya adds bill payments and cashback cards to business account

Teya has launched an upgraded Business Account that adds automated supplier bill payments, multi-user business cards and faster access to card takings for local businesses across Europe. The financial services provider said the changes are designed to cut administrative work for merchants and improve day-to-day cash availability by bringing invoices, cards and payments into a single app.

The rebuilt account allows businesses using Teya card machines to receive transaction proceeds in seconds, according to the company. That settlement model shortens the interval between a customer card payment and the merchant’s access to funds, reducing reliance on standard settlement cycles for working capital.

Teya said the account can also process supplier invoices received through several channels. Business owners can scan documents into the app, upload files or forward email attachments. The system reads the invoice details and prepares a payment for review, while the owner retains approval authority before any money leaves the account.

The bill-payment function can be used by authorised staff or an accountant to add invoices, Teya said. The company described the control structure as owner-led, with delegated preparation of payments but no automatic payment without approval from the account owner.

Cards, cashback and access controls

The upgraded account includes physical and virtual cards for team members. Teya said owners can issue multiple cards, assign spending limits to individual cards, change limits from the app and freeze cards when needed.

Spending on the cards earns 0.5% cashback on everyday business purchases, according to Teya. The feature is aimed at replacing shared company cards with controlled access for employees who need to buy goods or services for the business.

The app also introduces role-based permissions for owners, staff and accountants. Teya said businesses can assign preset roles including Admin, Manager, Employee and Accountant. For operators with more than one location, access can be limited to particular sites.

Only the verified account owner can decide who is allowed to move money, the company said. Accountants can receive access to financial records, while staff see information tied to their assigned duties.

Hospitality user cites administrative savings

Fogo de Chão Soho, one of the Brazilian steakhouse group’s two UK locations, has been using the new account, according to Teya. The restaurant serves 1,700 customers a week.

Leonardo Previato, partner and general manager at Fogo de Chão Soho, said the account has reduced the time spent on invoice payments after service. He said invoices can now be sent to the Teya App for processing, leaving the business to review and approve prepared payments, while also earning cashback on existing spending.

Teya said the redesigned app gives businesses a real-time view of payments, bills and cards. The system connects with accounting platforms including Xero and QuickBooks, which Teya said is intended to keep point-of-sale activity and accounting records aligned without manual reconciliation.

Alessandra Giner, Teya’s chief product officer, said feedback from local business owners showed that paying bills was taking too much time and had become more difficult than necessary. She said the upgraded account was built to keep owners in control while reducing the manual work attached to routine payments.

Teya said the Business Account upgrade is the first in a planned series of product launches for local businesses, with further releases expected later this summer.

This story draws on original reporting from Finextra Research.