The business technology company, Teya, announced today its latest product called the Business Account, a wallet and debit card offering designed for Teya members. In collaboration with Visa, a world leader in digital payments, the Business Account will allow Teya members to receive settlements directly in a Teya account and spend with a Visa Platinum Business Debit Card. 

The Business Account marks a significant milestone in Teya’s commitment to providing a comprehensive financial ecosystem for small and medium-sized businesses. The product enables them to receive next-day settlements directly into their Teya account and make payments with ease. Members will also receive a free Visa Platinum Business Debit Card which provides cashback of £1p for every £2 spent on all card transactions. In addition to cashback, the Business Account offers virtual card, direct debit, and Google Pay functionality. All features, including customer service support, are available directly on the Teya Business App – the unified app experience launched in December 2023. 

Joining Teya’s fleet of products, including Acquiring and Cash Advance services, the Business Account amplifies Teya’s goal of reducing the friction of running a business and bringing joy to members. 

Siddhartha Ram, Product Director at Teya, commented: 

“We are incredibly proud to launch our Business Account product in the UK, which provides small and medium-sized businesses across the country an account that meets their daily needs. Through our partnership with Visa, our members have access to a Platinum Business Debit Card linked to the account which offers cost-savings through cashback of 0.5% on all card spend. The addition of the Business Account to Teya’s existing Acquiring and Cash Advance products creates a powerful combination of financial services that supports our members to operate with ease, giving them the time to focus on what matters most: delighting their customers.”

Jason Hilton, Head of Visa Commercial Solutions, UK&I, commented: 

“We are delighted to join forces with Teya to support their goal of helping enable small and local businesses to thrive. Together, we are delivering a convenient, secure, and reliable payment method that caters to the ever-evolving needs of both businesses and customers.”

Paymentology, a leading global issuer processor and part of the Teya group, is powering the Visa debit card, which is processed through the company’s platform.

Jeff Parker, CEO of Paymentology, added: 

"At Paymentology, we are committed to reshaping the landscape of how individuals and businesses conduct transactions. That’s why we are delighted to announce our support of Teya’s latest Business Account for merchants. Through this collaboration, merchants will benefit from a range of flexible payment solutions, including tokenized tap-to-go virtual and physical Visa cards, thereby streamlining the payment process, enhancing convenience, and maximising capital for businesses."