Spend Account FAQs
FAQs startWhat is ScanPay Spend?
ScanPay Spend is a business spending solution that includes a Spend Account, where payment funds settle, and Spend Cards for business purchases. It is built for service businesses to manage money inside the ScanPay app, from collecting payments to paying for business expenses.
Is ScanPay a bank?
No. ScanPay is a financial technology company, not a bank. ScanPay partners with Stripe Payments Company for money transmission services, with funds held at Fifth Third Bank N.A., Member FDIC. ScanPay Visa Commercial cards are powered by Stripe and issued by Celtic Bank.
How is ScanPay Spend activated?
ScanPay Spend appears in the Balance tab. To activate it, KYC or KYB verification must be completed and an external bank account must be linked. Once both steps are complete, the Spend Account can be activated with one click.
What is included after activation?
Activation provides a business account with routing and account numbers for payment settlements and the ability to create unlimited Spend Cards immediately. Everything is managed through the ScanPay app.
How does the Spend Account work?
The Spend Account automatically receives funds from ScanPay payments and holds them for spending or transfers. The balance is visible in real time, and funds can be transferred to external bank accounts or spent directly using Spend Cards.
What transfer options are available?
Free ACH transfers to U.S. bank accounts are available, wire transfers cost $15, and instant free transfers can be made to other ScanPay accounts. Funds can also be spent directly using Spend Cards.
Can funds be received from other sources?
Yes. Full account and routing numbers are provided, allowing ACH transfers, vendor autopay setup, and other business deposits.
What does ScanPay Spend cost?
There are no monthly or annual account fees, no fees for creating cards, free ACH transfers to U.S. bank accounts, free card replacements and shipping, and no inactivity or maintenance fees.
Are there any fees to be aware of?
Wire transfers cost $15 per transfer. International card usage includes a 1 percent foreign transaction fee. There are no other fees.
Can everything be managed from a phone?
Yes. ScanPay Spend is mobile-first. Balances can be checked, cards created, limits set, cards frozen, transactions reviewed, and money transferred directly from the ScanPay app.
Is the money protected?
Spend Accounts are eligible for FDIC pass-through deposit insurance if certain requirements are met, up to $250,000 per depositor, per financial institution, for deposits held in the same ownership capacity. All card transactions are protected by Visa’s Zero Liability Policy.
How can help be reached for ScanPay Spend?
Support is available by emailing support@goscanpay.com for questions related to the Spend Account, cards, transactions, or general assistance.
FAQs end