Latest News from the Payrow team
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Navigating Proof of Address for Banking Verification

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Shared by Maria • May 20, 2024

Banks need to know who their clients are. This is necessary for the safety of the bank itself and the people and businesses it serves. Therefore, you will be asked for identity verification documents, such as a passport, when you open an account. In addition, banks will usually want to verify your address. This involves requesting the client to share verifiable residence documents that prove their current address, separate from verifying their identity.

In this article, we’ll explain why proof of address is critical, what documents count as proof of address, what the UK-specific requirements are, and what alternative methods of address verification are available. Learn about the address verification process and stay compliant.

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What Are SWIFT and SEPA International Money Transfers?

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Shared by Maria • May 14, 2024

International payments are not always necessary when doing business, but if your customers, suppliers, or business partners are located all around the world, you will likely need to perform international banking operations. When making such payments, you may encounter terms such as SEPA, SWIFT transfers, and BIC.

It is important to understand various overseas remittance services before opening a bank account because the type of account in a financial institution directly affects the geography of possible incoming and outgoing transfers, as well as the currencies involved. This article compares the SEPA vs SWIFT systems and explains their features.

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A Full Overview of VAT Codes: Every Code Explained

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Shared by Maria • May 10, 2024

Value-added tax (VAT) is a critical component in business transactions and consumer pricing. It is an indirect tax, an extra charge on the price of a product, levied at every stage of the supply chain where value is added. For businesses, knowing the VAT registration threshold, VAT filing deadlines, and other VAT-related specifics is essential to legal compliance.

In this article, we’ll focus on the meaning of VAT and look into VAT codes and rates. You will also learn about methods to keep VAT records and simplify tax reporting using modern software like Payrow. Let’s dive in.

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Is Payrow Right for Your Business? Key Sectors That Stand to Gain

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Shared by Maria • May 07, 2024

At Payrow, we partner with British SMEs to accelerate business growth through efficient, automated payment solutions. Our suite of financial tools includes automatic invoicing, transparent international transactions without hidden fees, and robust anti-fraud systems. While we provide services that cater to a broad range of needs, we rarely discuss the diverse array of sectors that can specifically benefit from our offerings. Let's correct that and explore the various business categories that stand to gain significantly from using Payrow.

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Revenue vs Turnover in the UK: Breaking Down the Basics

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Shared by Maria • May 03, 2024

An entrepreneur who is just learning basic business concepts may be confused about economic terms. To help you figure them out and manage your company’s budget efficiently, we’ve compared some of the most frequently confused terms — revenue and turnover — and explained the difference between them.

In this guide, you can learn formulas for calculating turnover/revenue, UK taxation peculiarities, and legal considerations, as well as typical pitfalls and best practices for money management. Learn how to assess and improve your company’s performance and business financial health with Payrow.

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FinTech Tools for UK Startups

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Shared by Maria • April 30, 2024

Startups often grapple with the complex challenge of managing diverse financial tasks while operating with limited resources, particularly in their early stages. As they evolve, the intricacy and scale of these tasks increase considerably.

Payrow is dedicated to easing these financial burdens for UK startups, streamlining their business processes effectively.

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UK SMEs Hit by ‘Debanking’ and Poor Value from Major Banks

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Shared by Maria • April 26, 2024

Currently, many SMEs in the UK are experiencing issues because of ‘debanking’. This means that their business accounts are being closed, they are receiving substandard services from the country’s leading banks, and their current and savings accounts have lower interest rates. Let’s analyse why this is the case and how smaller firms could benefit more in financial matters.

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Purchase Order vs Invoice: Similarities and Differences

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Shared by Maria • April 23, 2024

Managing purchase invoices and orders is commonly part of financial business activity documentation processes. Filling in and saving these essential documents with data about your business transactions is necessary for compliance and organisation of financial records.

Purchase orders and invoices serve distinct purposes while sharing some similarities. In this article, we’ll explain their features and their value for businesses. You’ll learn how to issue purchase orders and invoices in the UK and how modern digital services help do this automatically to save you time and effort.

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Advancing Cybersecurity in Digital Education

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Shared by Maria • April 18, 2024

We are delighted to share with our readers that Payrow’s collaboration with EdTech platforms has been recognised in a Forbes article by David Balaban, a prominent voice in contemporary cybersecurity and online privacy issues.

By ensuring the safety of financial transactions and securing critical financial data, Payrow addresses key concerns within the EdTech industry. These platforms require robust payment systems that adhere to stringent regulatory standards, such as those set by the Financial Conduct Authority (FCA) in the UK.


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Tax Tips for Small Businesses to Make Filing Easier in 2024. Part I

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Shared by Maria • April 15, 2024

Small and medium-sized business owners always have a lot on their minds. While figuring out how to pay employees for their work and suppliers for raw materials is easy, novice entrepreneurs often find themselves confused when it comes to business taxes in the UK.

No one wants to pay more tax than they have to. In this Payrow article, we will explain how to pay business taxes, how much and when, as well as how to avoid frequent mistakes and simplify your financial management.