Every merchant requires a business bank account to comply with the relevant UK regulations and manage their business finances more efficiently. However, the process of opening such an account can often be difficult and time-consuming. Fortunately, many online banking platforms and payment service providers have emerged to provide small businesses with many options. Yet, amid…
If you stay on track with your online banking and regularly check your recent bank and credit card accounts, you probably also keep an eye on your balance or available funds, recent transactions, and upcoming credit or debit card payments. In some cases, you might notice a purchase or payment marked as pending in your…
If you have a VAT-registered business in the UK, you must comply with the rules and regulations for adding VAT to your sales prices. In this regard, we offer an in-depth guide on VAT to help you stay on the right side of the law. In the following sections, we explain what VAT is, what…
As a business owner, it’s essential to be up-to-date with the entire sales process. That will help you run your business in compliance with all legal requirements, manage finances precisely, and track the revenues your business is owed or has received. One crucial thing to do is manage and monitor your sales invoices and payment…
Accepting online payments for goods or services is what makes businesses survive and thrive. In our modern world, sole traders, VAT registered businesses, and other types of business owners use invoices as official documents to provide payment terms to their customers. Invoices are usually sent to a customer once a service job is completed. An…
If you’ve always been thinking of becoming your own boss and you love making coffee, there’s an attractive industry in the UK that may be the right choice for you. We talk about coffee shops. Coffee is among the most popular foods and beverages in the world. It undoubtedly creates opportunity-rich markets for business enthusiasts….
In the world of business, global borders are rapidly shrinking. This means you may be located in one country but sell in several others, usually through an online or e-commerce store. In such cases, you need to be able to accept payments from your customers in their local currency, which is different to yours. For…
Merchant accounts are accounts provided by a payment provider. It enables businesses to accept credit cards, debit cards, and digital payments and access their funds through online payments. However, not all merchant accounts are the same. Part of the reason behind this comes from different business sectors, some of which are considered high-risk businesses. For…
An in-depth understanding of your sales performance is crucial whether you’re selling products or services in a physical location or online. Among other metrics that portray how much your company earns, it’s essential to assess your sales turnover. In the following sections, we explore in detail what sales turnover is. We’ll explain what sales turnover…
Cash payments are gradually phasing out in today’s business environment, both in the UK and globally. More and more customers set eyes on secure alternatives, like card payments, mobile payments via digital wallets, and other payment methods. As a business, you must partner with a reputable payment company to collect consumer funds successfully and provide…
Small businesses in the United Kingdom (UK) are defined as having a turnover of £10.2 million or less and having less than 50 employees. Despite these criteria, they make up 99.9% of UK businesses. With a limited staff base and considerably lower turnover, these businesses need the right solutions to accept payments and remain competitive….
The business world is full of jargon and terminology that may be confusing because it’s used in multiple different ways by different people and businesses. One such concept is the term “payout”, which has varying meanings depending on the nature of the business using it. In this post, we unpack the “What is payout?” question…
As the payments industry grows and evolves, there’s a rising need for a global standard to enable unified and highly structured processes. It has ultimately led to a transition for banks and financial institutions worldwide. Instead of relying on the SWIFT messages exchanges network ISO 15022, the financial industry has now begun adopting the new…
In today’s digital era, the world of financial transactions is rapidly transforming. With technological innovations and the rising need for seamless payment experiences that become a significant factor, the online payments industry must adapt to meet new expectations. One key element at the heart of this transformation is the Uniform Resource Identifier or URI. In…
The UK is steadily heading in the direction of cashless payments. When it comes to payments made online or at brick-and-mortar stores, the need for a secure payment gateway has never been so crucial. Merchants who run UK businesses and want to accept payments need to cater to their customers’ payment expectations to remain competitive….
