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FAQs for Spend accounts

FAQs for Spend accounts

Spend Account FAQs

What is ScanPay Spend?
ScanPay Spend is a business spending solution that includes a Spend Account (where your payment funds settle) and Spend Cards for making business purchases. It's designed for service businesses to manage their money directly within the ScanPay app, from collecting payments to spending on business expenses.
Is ScanPay a bank?
ScanPay is a financial technology company, not a bank. ScanPay partners with Stripe Payments Company for money transmission services and account 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 do I activate ScanPay Spend?

You can see ScanPay Spend in your Balance tab, but to activate it you need to:

  1. Complete KYC/KYB verification, and
  2. Link an external bank account.

Once both steps are done, you can activate your Spend Account with a single click.

What do I get when I activate?
You get a business account with routing and account numbers where your payment funds settle, plus the ability to create unlimited Spend Cards immediately. Everything is managed through your ScanPay app.
How does the Spend Account work?
Your Spend Account automatically receives funds from ScanPay payments and holds them for spending or transfers. You get real-time visibility of your balance and can transfer money to external bank accounts or spend directly with Spend Cards.
What transfer options do I have?
You can make free ACH transfers to any US bank account, wire transfers for $15, or instant free transfers to other ScanPay accounts. You can also spend directly using your Spend Cards.
Can I receive funds from other sources?
Yes, you get full account and routing numbers, so you can receive ACH transfers, link the account for autopay with vendors, or accept other business deposits.
What does ScanPay Spend cost?

ScanPay Spend has transparent pricing with no hidden fees:

  • No monthly or annual account fees
  • No fees for creating cards (unlimited virtual/physical cards)
  • Free ACH transfers to US bank accounts
  • Free card replacements and shipping
  • No inactivity or maintenance fees
Are there any fees I should know about?

Only a few:

  • Wire transfers: $15 per transfer
  • Foreign transactions: 1% fee if you use cards internationally

That's it - no other fees!

Can I manage everything from my phone?
Absolutely! ScanPay Spend is built mobile-first. Check balances, create new cards, set spending limits, freeze cards, view transactions, and transfer money - all through your ScanPay app.
Is my money protected?

Yes, your Spend Account are eligible for FDIC pass-through deposit insurance if they meet certain requirements. The accounts are eligible only to the extent passthrough insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. The FDIC insurance applies up to 250,000 USD 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 do I get help with ScanPay Spend?
Email us at support@goscanpay.com for any questions about your Spend Account, cards, transactions, or general support.

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