Automatically Generated Statements

Payrow FAQ

• How can I receive regular statements?

  You can receive automatically generated regular statements by e-mail with a configurable regularity. 

• 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.

• 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.

• 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.

• 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.

• How do I set up automatic statements in Payrow?

  Within your Payrow account dashboard, click on the “Create” button to open a window for scheduling regular statements. Here, you may select several fields:

  • Account – the account for which the automated statement will be created.
  • Periodicity – the frequency of the automated statement.
    

  You can schedule daily, weekly, monthly, or quarterly statements. Choose the other criteria as you see fit, such as file format and a delivery email.