Archa is an Australian fintech company that has partnered with Mastercard to offer businesses a line of credit, cards for employees and expense management tools.
It uses technology to offer a faster application process compared to some similar products from major banks, and lets you instantly issue cards for employees without all the paperwork you'd typically expect.
Archa combines features of business credit cards with spend management facilities. When you sign up for an Archa plan, you'll get a line of credit and a Mastercard with 30-day repayment terms and no interest charges. This is similar to other business charge cards, rather than credit cards (which attract interest).
You can instantly issue additional cards for your employees, which cuts down on time managing expense claims and reimbursements. The Archa app uses clear visuals to break down spending, plus a direct link to Xero accounting software.
Pros and cons
Pros
- No foreign transaction fees. This can save you around 2-4% compared to other cards that charge a foreign transaction fee.
- Rewards. Archa has its own rewards program offering 1 Archa point per $1 spent, with 2 Archa points equal to 1 Velocity Point when you link it to a Velocity Business account.
- Complimentary travel cover. If you pay for the entire cost of your flights on your Archa card, you'll get access to travel insurance covers, including overseas medical expenses, travel accident and travel inconvenience cover.
- Spend management tools. You can set up additional cards for employees, update spend limits for cards and track spending instantly through the Archa app. Archa also offers integration with SAP Concur for expense claim management.
Cons
- Limited accounting integration. Archa only offers integration with Xero at the moment. So if you have established accounting processes and/or use other software, you may want to consider other options.
- Higher credit limits can cost more. Archa's Essentials plan has the lowest monthly fee ($50) but only offers a $5,000 credit limit. The Professional plan offers a higher $20,000 credit limit with a $150 monthly fee, and the option of increasing the credit limit for a $20 monthly fee per additional $5,000.
- Features still in development. Archa plans to offer virtual cards, custom card limits, receipt capturing, a desktop platform and more integration with accounting software in the future, but these features are not currently available.
Archa offers plans to suit different types of small- and medium-sized businesses, with slight changes in the features depending on which one you choose.
Essentials
This plan is suited to sole traders and includes the following features:
- Physical card. This plan gives you up to 2 Archa cards you can use anywhere Mastercard is accepted.
- No FX fees. You won't pay a currency conversion fee when you use an Archa card for overseas payments. This can save you around 3% compared to some other cards.
- Credit limit. This account offers a credit limit $5,000, subject to the credit assessment.
- 30-day repayment terms. The full amount that you spend with an Archa card will be repaid every 30 days by direct debit from your chosen bank account.
- Account management. Your account shows detailed transaction data and can be linked to Xero accounting software or SAP Concur to help with accounting tasks. You can also export data in .CSV format for applications like Microsoft Excel.
- Travel cover. You can get complimentary travel insurance cover when you pay for the full cost of your flights using an Archa card. As with any insurance, remember to read the policy document for full details of the cover available.
- Mobile payments. The Archa card can be added to your Apple Pay and Google Pay accounts for contactless, mobile payments.
Essentials plan pricing
Monthly fee: $50
Professional
If you have employees and want a single account for business spending, this plan includes the following features:
- Physical cards. Get Archa cards for yourself and your employees, linked to the one account.
- Instant card issuing. You can quickly set up new cards for your employees at any time through the Archa app.
- Credit limit. This account offers credit limits up to $20,000, subject to the credit assessment.
- 30-day repayment terms. The full amount that you spend with an Archa card will be repaid every 30 days by direct debit from your chosen bank account.
- Account management. Your account shows detailed transaction data and can be linked to Xero accounting software to help with accounting tasks. You can also export data in .CSV format for applications like Microsoft Excel.
- Mobile payments. The Archa card can be added to your Apple Pay and Google Pay accounts for contactless, mobile payments.
Professional plan pricing
Monthly fee: $150 ($19 per additional cardholder after 5 members)
Custom
If you want something different to the Essentials or Professional plan, this plan gives you a way to get a more customised account. Some possible features include:
- Dedicated account manager. You'll have contact with the same person for all your account management and questions, which could help you save time on admin and other tasks.
- Personalised onboarding. Get training for yourself and employees so you can make the most out of Archa without spending lots of time figuring it out for yourself.
- Physical cards. You'll get Archa cards for yourself and your employees, linked to the one account.
- Instant card issuing. You can quickly set up new cards for your employees at any time through the Archa app.
- Credit limit. This account offers flexible credit limits, with the Archa website currently saying it can offer up to $250,000.
- 30-day repayment terms. The full amount that you spend with an Archa card will typically be repaid every 30 days by direct debit from your chosen bank account. With this plan, you could also talk to your dedicated account manager about how to manage payments in a way that works for your business to see what's possible.
- Account management. Your account shows detailed transaction data and can be linked to Xero accounting software to help with accounting tasks. You can also export data in .CSV format for applications like Microsoft Excel.
- Mobile payments. The Archa card can be added to your Apple Pay and Google Pay accounts for contactless, mobile payments.
Custom plan pricing
Customised
You can sign up for Archa online in a few minutes and will get a response within 48 hours.
Eligibility
- Business registration. Your business must have an ABN or ACN.
- Business history. You need to have been operating your business for at least 6 months before you can apply for an Archa plan.
- Monthly revenue. Your business needs to have an annual revenue of at least $300,000.
Required documents
- Business bank details. You need to give Archa access to 6–12 months of business bank statements.
- Business information. This includes your business website, LinkedIn or other social media profiles, as well as background on what your business does.
- Phone number. You need this to complete the application and set Archa up on your phone or another mobile device.
- Personal ID. Your driver's licence or passport details are needed to help verify your ID and the ID of any employees who will be responsible for managing the account.
Fintech (financial technology) companies like Archa and Volopay are becoming more common in Australia. But because they are not as well-known or established as a bank, you might want to know more before you apply.
So, here are some other details to keep in mind when you're looking at Archa for your business:
Referral program
Archa has a referral program for existing members, which gives you a $50 eGift voucher when you refer a friend and they get an Archa plan. Plus, your friend will get their first monthly subscription fee waived.
Business credit history
Archa will submit your repayment history and some other details to credit-reporting bureaus in Australia, which gives you a way to build up a good credit score for your business.
Security
Archa uses multi-factor authentication for your account, auto-locking for the app and data encryption. It also has fraud monitoring for the account and zero liability for fraudulent transactions through Mastercard.
Financial licence and responsibilities
Archa is an independent company with its own Australian Credit Licence. It also provides information to the credit-reporting bureaus in Australia.
Contact details
Archa has a contact form on its website, as well as a support email address: help@archa.com.au. It is based in Cremorne, Victoria (a suburb of Melbourne).
Archa business history
Archa was originally launched as a neobank but moved its focus to business banking in 2020 and has a principal partnership with Mastercard.
It also has backing from investors and business founders, including Wisr CEO and founder Anthony Nantes, THE ICONIC and Hatch co-founder Adam Jacobs, BetaShares founder and CEO Alex Vynokur and former Macquarie Capital executives John Prendiville and Link Chairman.
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Referral program
Business credit history
Security
Financial licence and responsibilities
Contact details
Archa business history