So, your not actually a bank, right? plus other queries i have too


#1

i im sure i heard in a video online somewhere that your not legally classed as a bank.

1a.) is this correct?

1b.) if so, does this mean that my companies credit rating will not improve in the time i hold my account with you?

2.) on another note, the faster payments you process, could you let me know how long they take to appear in a Barclays account? IE: if i pay myself, will it arrive in my personal account the same day, or 1, 2, 3 days later?

3a.) are you able to offer an invoice template where i can take deductions off of the invoice total? EG: i like to show the 20% CIS deduction on my invoices to give a true amount that i am owed by people because i work in the construction industry.

3b.) can i add a custom foot note to invoices such as my UTR number?

3c.) can i upload a company logo to my invoices?


#2

Hi @BerkshireBaldwin, thanks for your questions!

1a.) You are correct in saying that Tide is not a bank. Rather, we are a business current account with your deposits kept in a segregated account at Barclays under an FCA-regulated e-money license by PrePay Solutions (PPS), a leading European prepaid services company servicing.

1b.) With regards to your question about your companies credit rating, this will not be affected when you have an account with Tide for now.

  1. We recently sped up our Faster Payments processing times, taking up to 2h30 min to be processed. Further information around processing times can be found here. I would also note that we have scheduled maintenance, which will affect normal processing times.

3 a & b.) At this stage, you are unable to take deductions off the invoice using our invoicing feature. This deduction would there have to be calculated manually before adding it into the template. Likewise, we are unable to customise the invoice by adding a footnote. However, our invoicing features are in their early stages and we’re always looking to improve this experience.

3c.) You are able to upload your company logo to your invoice. Instructions for doing so can be located in our guide.

I hope I’ve answered your questions clearly. Please do get in touch should you require further help. Thanks :slight_smile: