MissionPayrow is a payment solution built by a team with a strong background in finance and startups. Our mission is to grow the number of entrepreneurs and help them develop their businesses by providing access to relevant, affordable and paperless global money-management tools. Payrow is well aware of all the needs and challenges young companies usually face, and we consider them when offering financial and payment instruments.
SupportAs a startup, we are on the same page with our clients. Managing business represents a high cost: owners must pay accountants, manage multiple software platforms, and pay banking fees. Payrow helps you optimise many daily tasks and saves time and money for significant decisions. Moreover, while traditional banks are only sometimes ready to provide services to young companies with complex structures, we can suggest flexible and custom services.
SecurityWe help you do this by bringing together cutting-edge security standards, a tech stack purposefully built for entrepreneurs, and the excellent customer support they deserve. Payrow Payment Systems Limited (Payrow) is authorised by the Financial Conduct Authority (FCA) (Firm reference number 903004) as an EMD Agent for PayrNet Limited (Principal Firm reference number 900594).
Does Payrow provide business cards?
We’re working hard in the background to bring more functionalities to life. Business cards are very close on the horizon (ETA Q4 2023). We know every business needs cards – we are working on a very cool and modern card programme to include virtual cards for maximum flexibility. Stay tuned!
How are my funds protected?
Payrow’s main license holder is Railsr. Railsr’s 100% owned regulated entity, Payrnet, is an E-Money Institution regulated by the FCA. Payrnet will hold the money you put into your Customer account in safeguarded, and segregated customer accounts at credit institutions such as The Bank of England or Barclays. This means that 100% of your funds are fully protected under E-money regulations and, therefore not covered by the Financial Services Compensation Scheme.
How fast are Payrow transfers?
GBP and EUR transfers are processed via Faster Payments or SEPA. These two systems are among the quickest and most reliable payment networks available.
Some payments can be processed almost instantly, while others may take a few hours to process. There are many factors that can influence the speed of a transaction, such as technologies used by the receiving banks, meeting compliance requirements, or the time and the day when the transaction takes place.
Payrow endeavours to process transactions as quickly as possible - you can always use [email protected] or the live chat to bring slower transactions to our attention.
How much does it cost to open a Payrow business account?
Our free plan is, of course, free, including the account opening. For other plans and their benefits, please check our pricing page.
Is Payrow safe?
Payrow Payment Systems Limited (Payrow) is authorised by the Financial Conduct Authority (FCA) (Firm reference number 903004) as an EMD Agent for PayrNet Limited (Principal Firm reference number 900594). The FCA register entry for Payrow can be found here.
The FCA authorisation is a sign of trust and meeting the required regulatory standards.
Does Payrow work with businesses with complex ownership structures?
Payrow has launched financial service support for businesses with complex ownership structures. Leveraging its extensive experience in the market, Payrow has begun offering maintenance for businesses with a complex ownership structure in the United Kingdom. Learn more.
How long does it take to open a Payrow business account?
Filling out our short online form is easy and intuitive. This should take around 10-15 minutes but could be slightly longer for more complex setups.
After submitting your application, our onboarding team will review it and may contact you to confirm a few details.
What do I need to open a Payrow business account?
Tell us about your business.
You’ll need to share details like your company name and registration number, where you’re located, and the industry you’re in.
Tell us about yourself and your partners.
We'll need some personal details (such as full name, DOB, and address) to verify your identity and, if applicable, the identity of your partners (usually, these will be shareholders in your business).
Tell us if you act on behalf of someone.
If you’re not a director or shareholder of the company, you may need to provide your authorisation to act on behalf of the business.
What do I need to verify my account?
Payrow follows the mandatory regulatory process of identifying and verifying a client's identity when opening an account, commonly known as KYC (Know Your Customer). KYC is a short process focused on identity and address verification. Modern technologies make KYC quite straightforward.
Furthermore, businesses must also undergo verification in a process commonly known as KYB (Know Your Business). KYB usually means understanding the management and ownership structure of a business, plus a good understanding of what a business does.
Сan I access Payrow outside the UK?
You don't have to let us know when you're planning to travel. You will need your phone to pass 2FA Authentication when required, so make sure you have access to the number you registered your account with Payrow.
What businesses can open a Payrow account?
Payrow can support
- Sole proprietorship
- General partnerships
- Limited liability partnership
- Limited partnership
- Limited liability company
- Business corporations
For now, Payrow is unable to open accounts for non-profit organisations, charities, funds, private foundations or trusts, the public sector, or cooperatives.
Sectors of activity
Payrow is unable to support some sectors of activity due to regulatory, risk, and reputation restrictions. These sectors are dynamic and may change over time.
Our onboarding team is expertly trained to identify restricted sectors of activity and will keep you closely informed throughout the application process. If you have any questions about sectors of activity before submitting an application, you can always use [email protected] or the live chat.