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What Any Startup Needs to Know about Accepting Payments

Businesses process payments have seen incredible change over the past couple of decades. In the UK, cashless payments have now overtaken the use of notes and coins. 52% of transactions made over the last year were made electronically and this number is expected to rise over the next ten years as the popularity of debit cards, contactless, and mobile payments continues to grow.

 

Credit and Debit Cards

 

Credit and debit have become to the preferred method of payment for most consumers now. Not only is it more convenient for your customers, though, recent statistics show that shoppers are more proven to indulge in so called “impulse buys” when using their card over cash. Fast-food giants McDonald’s also found that their average transaction rose from $4.50 to $7 when customers weren’t reliant on the amount of cash in their pocket. The easiest way for your small business to accept card payments is by investing in a PDQ terminal. Short for process data quickly, PDQ terminals are now available from suppliers such as Card Cutters in multiple forms, including low-cost, portable solutions. These machines can process up to 650 transactions on a single charge, and can easily be used for both mobile and stationary businesses.

 

Online Payment Methods

 

The number of online payments is increasing every year in the UK. For younger generations, this is becoming the de facto way to buy goods and, similarly, older generations are also becoming comfortable enough with technologies to also pay for items. PayPal is currently the world’s number one online payment system with over eight million accepting businesses. Because PayPal offers customers security that their transaction is protected against online scams, accepting payments through the online payment system is one of the first requests any new website will receive.

 

Near Field Communications

 

Finally, near field communications (NFC) is a new technology you can expect to see a lot more over the next few years. NFC allows smartphones and other similar devices to establish a radio communication with each other. Because this works throughy close-proximity, usually between 10cm or less, it’s also known as “tap and go” technology. Last year, Apple launched its own payment service, which is coming to the UK this summer that allows users to pay for goods through their iPhones and Apple Watches. Adopting the latest technology can get your company noticed. If you want your customers to be able to buy their goods via Apple Pay, you’ll need to invest in NFC-compatible payment terminals.

 

Payment processing is both a fast-moving and important section of any business. Making sure you can accept a customer’s preferred solution could be the difference between either a sale or the shopper looking elsewhere.

Three Top Cost-Cutting Tips for London-Based Start-Ups

It doesn’t take a rocket scientist to work out that London, the land of

opportunities, can pose a real challenge for start-ups. Although the location

offers a brilliant springboard for new businesses, it also requires more capital,

time and commitment than setting up anywhere else. Competition is fierce, and

the price of property is exceptionally high. Although there are a wealth of

chances for new enterprises, there are just as many trials and tribulations to

combat.

So how can you work around them? Cutting costs is a great place to start, so here

are three top tips to help you do just that…

Tip #1: Use a Virtual Office

One of the greatest challenges for London-based start-ups is the incredibly high

price of property. Renting and buying in the capital costs more than anywhere

else, and unless you have a very deep fund to dip into, this throws a serious

spanner in the works. This is where serviced offices can come into play. If you

have a business that you can conduct largely from home, then take advantage

and do exactly that. This will significantly cut your costs, and you can still benefit

from the perks of a top London postcode by using a virtual office. This will

provide you with a prestigious business address and telephone answering

service, without the associated costs of a physical office.

Tip #2: Use a Virtual Secretary

If you can’t cut costs by working from home, there are other ways to lighten the

monetary load, first among them a virtual secretary. This role is vital to most

companies, significantly relieving the pressure of running your own business at

the same time as fielding enquiries and dealing with the administrative side of

things. However, secretaries in London will need to be paid more than anywhere

else, thanks to the increased cost of living in the capital. The answer: a virtual

secretary. They’ll make your job easier, and cost you far less than employing

someone in an ordinary secretarial capacity.

Tip #3: Explore Outsourcing

Our third and final tip is this: always explore your outsourcing options. Although

most business owners assume that doing everything themselves will cut costs,

this simply isn’t true. Expansion requires money, so adding new departments or

arms to your business will always have a high initial outlay. If you’re not ready

for this, outsourcing can provide a great solution. It will give you access to

experienced professionals and high-end equipment, without the cost of investing

in these yourself.

Cut your costs today with these three top tips.

How does the Know Your Client – KYC look like?

Once you’re spetting up a comany or opening bank account, you might be asked to provide the following documents:

1.       Any corporation Agreements

2. Certificate of incorporation (notarized)

3. Certificate of Incumbency no older then 3 months (notarized)

4. Appointment of first directors (notarized)

5. Power of attorney (notarized)- if any

6. Scan of the passport (notarized) or personal ID

7. Proof of address (any utility bill or invoice carrying name and address of  the person (electricity, phone bill, bank statement)

8. Beneficial owner agreement if any plus  points 6 and 7

9. W8 form – if you provide any financial services

10. KYC (know your client) questioner

Please let us know if you need any help to collect any of these documents.

regards,

tom