Our Household PayMaster accounts support family offices, principals and house managers in planning, recording and executing payment transactions for all of the household's ongoing expenditure.
Particularly helpful for smaller family office teams, or households belonging to overseas principals, or multi-property households, our managed third-party payment service takes responsibility for paying all of the household's bills centrally.
We work with the principal or their team to establish the household'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 household's payment responsibilities.
Each supplier, property and team-member can be given different levels of spend authority, and we can build incredibly complex approval workflows to support the household'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.
There are many use-cases for our Household 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.
We settle ongoing council tax, electricity, broadband and gas bills, as well as insurance (household and vehicle) and mobile phones.
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.
From ongoing maintenance contracts to ad-hoc refurbishment and upgrade projects, we support your household management team with all of their expenditure. This can be as diverse as paying food/drink suppliers, car leases, laundry suppliers, party planners and the like.
We handle school fee invoices, extras (school trips, music lessons, tuck accounts and the like) and can also handle allowances and emergency pocket money top-ups.
The primary benefits are felt by either small family office teams or by households forming part of a larger international network of residences, whereby we can take the strain on ensuring that the UK obligations are satisfied promptly and with a full audit trail.
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' family office overseas, 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.
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.
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.
We can assist with the application for licences to support sanctioned households in discharging the basic ongoing requirements (keeping the lights on) and can also assist sanctioned clients who have licences permitting us to act in meeting their required compliance and reporting obligations to the relevant authorities.
dospay is a trading name of DOS & Co. Ltd, a company registered in England and Wales with company number 08294966.
DOS & Co. Ltd. is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN: 833374) for the provision of payment services.
All of our escrow and third-party managed accounts are segregated and safeguarded at the Bank of England.
