What is ScribePay? Is ScribePay a bank?

What is ScribePay? is ScribePay a bank?

You tap to release your ScribePay Virtual Mastercard® from your phone to pay for a subscription online. Your friend notices you don’t take out a card from your wallet and you have no worries about subscribing to a service. They ask: Why are you using this card to pay for your subscription? You respond: I use the Scribepay virtual card to pay securely and always be in control of my money. That’s when you ask yourself – What is ScribePay? is ScribePay a bank?  You can use your virtual card to subscribe to any goods or services online, receive payments from friends into your unique bank account, set up standing orders from your bank into your Scribepay wallet, and manage your money when you’re with ScribePay. You remember seeing that scribePay is the UK’s #1 subscription management app. But this leads you to wonder: What is ScribePay? If ScribePay isn’t a bank, what is it? Is it an app? It’s a head-scratching question, no doubt.  If you’re wondering what exactly Scribepay is, we’ve got answers. We’ll shine a light on the ins and outs of how ScribePay works and how ScribePay protects your money when you shop or subscribe to services online. Is ScribePay a bank? You might be wondering, “What bank is ScribePay?” ScribePay is not a bank but a financial technology company founded on the premise that subscription payments and management should be stress-free. We want our members to have the freedom to trial new subscription services and leave the worries of auto-renewals and cancellations to us. We partner with leading card issuing and e-money providers to offer our members the best financial products. This enables us to innovate and serve customers that aren’t well served by traditional banks when it comes to subscriptions. In our words, the traditional bank cards were simply not built for the modern-day way of paying for goods and services. What bank does ScribePay use? ScribePay is not a bank but a financial technology company. We partner with Modulr Finance, authorised and regulated as an Electronic Money Institution by the FCA (Modulr FS Ltd, FRN: 900573) and by the Central Bank of Ireland in the EU (Modulr FS Europe Ltd Institution Code C191242). And Tribe Payments for the issuance of our Virtual card.   ScribePay helps these partners: ScribePay isn’t involved in the flow of funds. In other words, ScribePay doesn’t receive or hold money on behalf of its members or partner banks. The partner banks provide bank accounts and virtual card. Is ScribePay legit? As a fintech company that works with regulated partners, ScribePay is a secure and legitimate place to protect your funds. ScribePay provides helpful, easy-to-use products and features to manage your money 24/7, on your phone or online.  Your money is not covered by the Financial Services Compensation Scheme which protects funds up to the value of £85,000. IMPORTANT: THIS IS NOT REQUIRED AS THE MONEY HELD IN YOUR SCRIBEPAY ACCOUNT IS NEVER LENT TO ANYONE. Your money is safeguarded under the UK Electronic Money Regulations 2011. Is ScribePay covered under the Electronic Money safeguards regulation? The Financial institutions that ScribePay partners with, cover the legal obligations of electronic money institutions and are designed to protect money held in electronic money accounts like your ScribePay Account. This is called safeguarding and helps to protect everyone’s money. If the E-Money Issuer were to become insolvent, the funds are protected and repaid from their ring-fenced accounts. Learn more about how your money is protected in customer terms and conditions. How does ScribePay make money?  ScribePay makes money from the product fee (£4.99) we charge to our members on a monthly basis to use our virtual card and app for subscription management. Now, most people think we make money from interchange fees, but with the interchange fees capped at 0.20%… there is no money to be made or to be shared between ScribePay and the financial partners. So if you want Scribepay to be here, simply pay the monthly membership fee. This way we can innovate and constantly provide new solutions to make subscription management stress free. Will I ever be charged an overdraft fee? No. If you do not have sufficient funds in your ScribePay account, then your ScribePay Virtual card will be declined. There is no fee for declining transactions. How do I sign up for ScribePay ? Signing up is easy if you’re not yet a ScribePay Member. You can open a ScribePay Account in just a couple of minutes.  Here are step-by-step instructions:  As part of ScribePay Premium, you’ll need to enter your name, address, phone number, and payment card to take your first membership fee. That might seem unnerving, but it’s necessary as we are now providing you with a financial product and need money to keep up with the innovation. After providing those details, you will instantly get your virtual card and dedicated e-money wallet. You can top up your wallet using FasterPayment. You get a dedicated account number and sort code, so any money you transfer is guaranteed to enter your account. How do I speak to a live person at ScribePay?  Help is available between 9am – 8pm Monday to Saturday. You can get help in the following ways: We’re standing by to answer any questions you may have. ScribePay isn’t a bank, but we’ve got your back .