Corporate PayMaster Accounts

Our Corporate PayMaster accounts support new businesses, international businesses operating in the UK, and forward-looking businesses who are built on virtual or outsourced back-office provisions.

We provide a combined bank account, accounts-payable and managed payment service, delivering a one-stop shop for approvals, payments and reconciliation for our clients.

How does it work?

Once we've carried out our mandatory compliance exercises, we open a treasury account (which is held at the Bank of England) in which we hold the business's funds in anticipation of its ongoing costs.

We work with the owners or management team to establish the business's ongoing operational payment requirements and likely cash flows, then consolidate these into periodic lump sum payments - in essence, the account is 'topped up', and then payments are made from it to discharge the business's payment responsibilities.

Each department, cost centre and team-member can be given different levels of spend authority, and we can build incredibly complex approval workflows to support the business's exact requirements, providing transparency, accountability and audibility at every stage of the payment cycle process.

We operate two payment runs a day, morning and evening, so as soon as a payment is approved you can consider it paid.

PayMaster Use Cases

There are many use-cases for our Corporate PayMaster service, and for each of our clients the focus tends to be a little different.  The most popular use-cases are set out below.

Rent & Premises

We settle ongoing rent, council tax, electricity, broadband and gas bills, as well as insurance (corporate and vehicle) and mobile phones/internet.

Corporate Payroll

We can work with your payroll team or outsourced provider to manage the monthly staff payroll runs, ensuring that all of your staff are paid promptly on time.

Corporate PayMaster Account Benefits

The primary benefits are felt by either small office teams or by offices forming part of a larger international network, whereby we can take the strain on ensuring that the UK obligations are satisfied promptly and with a full audit trail.

Audibility & Accountability

Each payment must be originated by an authorised member of the team, with an accompanying invoice or pro-forma payment request and details of what it is for.  Depending on the agreed approvals matrix, our system will then orchestrate all of the required permissions and consents (including any from the 'main' overseas back office, where applicable), before coming to us as an authorised payment.  

All of this information, including the invoices and supporting documents, is available to our clients at all times.

Speed of Payments

We operate two payment runs a day, so it is never more than 12 hours from authorisation before a payment is made.  In addition to this, we can operate emergency ad-hoc payment runs to meet tight deadlines.

Reporting & Accounting

We provide detailed ongoing reporting through our portal, but can also agree with you the format, frequency and content of bespoke reporting to ensure that all of the expenditure is tracked, categorised and accounted for in the way that suits you best.