When thinking about how to configure your Friday Pay account, start by identifying what structure you want. Who do you want to make payments from your account? Is it you as the founder or ultimate beneficial owner (UBO) of your organization? Or do you want to grant someone else in your organization the right to make payments on your behalf? Let's walk through some scenarios and the proper structures for the specific use cases for your company.

Currently, only the member who starts the verification flow is able to make and approve transactions. All other administrators of your workspace are able to prepare the payments, but not actually execute them, i.e. they need approval from the person who created the Friday Pay account and went through the verification process.

So the first question to ask yourself: who takes care of paying the bills at your company? Identify who you want to have this ability and then look at the following options for your account setup.

Account Setups and Permissions

Scenario 1: The ultimate beneficial owner (e.g. CEO or founder) of your organization has the power to prepare and execute payments

In this scenario, the ultimate beneficial owner of your company will create your Friday Pay account, go through the verification flow, and then be able to prepare and approve payments. In this case, your team members (with an Administrator role) can prepare payments, but the Friday Pay account owner (i.e. ultimate beneficial owner) must approve all of them in order to execute the payment. Below you'll see what is possible in this scenario:

  • The ultimate beneficial owner of your company goes through the Friday Pay account verification flow

  • The ultimate beneficial owner only can prepare and execute payments

  • The ultimate beneficial owner can give permission to team members with the Administrator role to Friday Pay account via Accounts > Permissions. Those team members will then be able to prepare transactions for the ultimate beneficial owner to approve and execute the payments. The transactions that are pending approval then need to be confirmed within 20 minutes of execution via phone.

Scenario 2: Team members who are not an ultimate beneficial owners can execute payments in the name of the company without approval.
In this scenario, the UBO of your company does not want to be involved or have the ability to execute payments, so they give permission to the person initiating the creation of your account to some team member. A user can fill out the template attached here for the power of attorney right, which gives the rights to the non-UBO to open an account on the owner's behalf. The non-UBO finishes goes through verification themselves and will thus be able to prepare and execute payments. Here's what's possible in this scenario:

  • The ultimate beneficial owner of your organisation can give other team members access (non-owners) and the right to make payments on their behalf

  • This team member must go through identity verification before gaining this right

  • During the process the team member must upload the signed letter to be given the power of attorney right

  • The team member has to go through the ID verification process

  • The end result is that team member that has been given the power of attorney can make payments without the need to ask for approval

Important: Please do not hesitate to contact Friday Finance's support team should you experience any issues or require additional support.

Just use the chat function on the Friday Finance homepage or in the Friday Finance App (the speech bubble symbol in the lower right-hand corner) or send an email to: help@fridayfinance.com.

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