Latest News from the Payrow team
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UK’s Response to Cyber Threats with the Product Security and Telecommunications Infrastructure Act

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Shared by Maria • June 14, 2024

In an age dominated by smartphones and IoT devices, the digital realm teems with both convenience and peril. Recent revelations of escalating smartphone identity theft underscore the urgent need for robust cybersecurity measures.

In response to the growing concerns surrounding digital security, the UK government has enacted the Product Security and Telecommunications Infrastructure Act. This legislation marks a significant stride in fortifying the nation’s digital landscape, addressing vulnerabilities in smartphones and IoT devices. This article delves into the Act’s objectives, key provisions, and its role in enhancing cybersecurity for both consumers and manufacturers.

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Five Years of UK FinTech During COVID-19 and Brexit

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Shared by Maria • June 11, 2024

The UK’s FinTech sector, a global leader in financial technology innovation, has experienced significant changes over the past five years. These changes, driven by the COVID-19 pandemic, Brexit, rapid technological advancements, legislative shifts, economic downturns, and considerable fluctuations in global FinTech investment, have reshaped the industry, presenting both challenges and opportunities. Aleksei Glukhov and Evgeny Mishchenko, co-founders of the British FinTech company Payrow, provided their expert insights into navigating this complex environment in an interview with thebusinessmagazine.co.uk.

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Enhancing Retail Management with Payrow’s FinTech Solutions: A Case Study from the Beauty Sector

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Shared by Maria • June 06, 2024

We are excited to announce that a detailed case study about Payrow’s influence on British retail through innovative FinTech solutions has been featured on the well-regarded site, The Retail Bulletin. Written by Aleksei Glukhov, founder and product owner of the FinTech company Payrow, the article highlights how the company is reshaping the British retail and e-commerce landscapes by integrating advanced financial technologies that enhance operational efficiency and customer satisfaction.

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Exploring Tax Breaks for Small Businesses in the UK

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Shared by Maria • June 03, 2024

Paying tax is an obligation that all businesses in the UK have to fulfil. However, it’s important to remember that small and medium-sized businesses now receive many incentives to develop. You don’t have to overpay, and your business can be very tax-efficient. Using UK tax incentives for entrepreneurs will help you optimise your cash flows, improve the monitoring and control of your finances, save on tax, and potentially increase your market position. To get all these benefits, you need to know about UK small business tax breaks.

In this article, we will look at tax break eligibility criteria, VAT relief measures, capital allowances, employment allowances, and research and development tax credits. You will also learn how to simplify tax management with Payrow’s services.

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Purchase Order vs Invoice: Similarities and Differences

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Shared by Maria • May 29, 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.


What Is a Bulk Payment? A Guide for Businesses

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Shared by Maria • May 23, 2024

If you run a business and often interact with financial flows, either on your own or with the help of your accounting team, you need to carry out transactions, make regular payments for services, and pay salaries. Bulk payments were created to facilitate recurring transactions to different people from a single account.

In this article, you’ll learn why using this method is good for business, why it improves security and speeds up management, and how digital bulk payments make accounting easier. Learn how to simplify your payroll management with Payrow.

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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.