Teya, the financial services provider supporting local businesses across Europe, launches a major upgrade to its Business Account, allowing business-owners to automate spend management, earn cashback on all their team members’ day-to-day spending and manage everything through one app.
The rebuilt Teya Business Account does the heavy lifting for local business owners, by reading and expediting payment of their supplier invoices, while providing cashback on team members’ personalised card spend. Through the Teya App, business-owners can also see all their incomings and outgoings in one place. The new app also has redesigned roles and permissions: ready-made roles for staff and accountants and location-by-location access for multi-site businesses – so everyone sees what they need, and only the owner controls who moves money. Teya has redesigned these products for the people who, until now, were still closing the till, settling bills and jumping between three apps long after the doors shut.
Fogo de Chão Soho, one of two UK locations of the renowned global Brazilian steakhouse, serves 1,700 customers a week and has been using the new Teya Business Account to streamline its operations.
Partner – General Manager Leonardo Previato says, “Nobody gets into the hospitality industry for the admin, but until recently, I used to routinely be up past midnight paying invoices, after a long day on the floor. Now I forward them to the Teya App, it sorts everything, and I just check and approve. I’ve got my evenings back – and on top of that, we’re earning cashback on all the spend we were already doing.”
The new Teya products rebuilt around the needs of local businesses includes:
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Instant Settlements – with the new Teya Business Account. Business owners can receive funds from their Teya card machine transactions in seconds, even before a customer has even left the store. It gives owners near-immediate access to the money they have earned, so they can keep the business moving without waiting on settlement cycles.
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Bills, handled – with the new Teya Business Account. Business-owners can send on their invoices however they arrive – e.g. scanning them into the app, uploading files or forwarding email attachments – and Teya reads them and instantly prepares the payment for review and approval. Staff members or an accountant can be authorised to add invoices, with nothing getting paid without the owner’s approval.
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Earn cashback on multiple business cards. Owners can issue as many physical and virtual cards as they need across their team with personalised, per-card spending limits – set, changed or frozen instantly from the app – so staff can buy what the business needs without anyone passing around the company card. Every card earns 0.5% cashback on everyday business spend.
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The right access for every member of the team. Owners can invite staff and accountants with ready-made roles – Admin, Manager, Employee and Accountant. For businesses with more than one site, access can be scoped to specific locations – and only the verified account owner decides who can move money. Staff see what they need to do their job, the accountant sees the books, and the owner stays in control.
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The whole account in one transformed app. Every payment, bill and card in one real-time view, with role-based access for owners, staff and accountants, meaning clean feeds for the accountant and no more chasing receipts. It connects natively to leading accounting systems like Xero, and QuickBooks, so the till and the books stay in sync without manual reconciliation.
Alessandra Giner, Chief Product Officer at Teya, said: “When we sat down with local business owners, the same thing came up again and again – paying bills takes too much time and is harder than it needs to be. So we built an account for business, where owners stay in full control: eyes on, hands off.”
The new Teya Business Account is the first in a series of new Teya products giving local businesses the tools they need to thrive, with further launches to follow later this summer.
Image provided by Teya
