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Omega for Business
Blog Categories
About Us
Glossary

Fintech Glossary of Terms

Plain-English definitions of the banking, payments and startup terms
UK business owners come across.

Results for “”

A

Angel InvestorAn angel investor is an individual with a vested interest in developing your company by providing seed money in its early stages.

B

BACS PaymentBACS payments, short for Bankers’ Automated Clearing System payments, are bank-to-bank transfers within UK grounds.Batch PaymentsBatch payment processing enables multiple payments to multiple vendors to be grouped and processed from the same bank account.BeneficiaryA beneficiary is typically someone who is the designated recipient of the benefits from someone else’s property.Business NameSimply put, a business name refers to a phrase or word distinguishing your business from others in the market.

C

Cash Burn RateThe cash burn rate assesses how quickly a company spends money to determine how long a company can operate before money runs out.CHAPSCHAPS is a payment mechanism for high-value payments, conducted within the UK using pound sterling.ChargebackA chargeback refers to the amount of funds reversed to a card when a customer files a dispute over the transaction.

D

Deductible VATA deductible VAT is any business expense incurred for business use that you can reclaim (either in full or a fraction of the VAT).

H

High-risk JurisdictionsHigh-risk and monitored jurisdictions refer to countries that the FATF (Financial Action Task Force) have deemed to lack a solid strategic plan to combat money laundering, proliferation financing and terrorist financing.

I

Import VATImport VAT refers to the consumption tax based on the goods and services bought from another country outside the UK.Institutional InvestorAn institutional investor refers to a legal entity (i.e., a company or organisation) that invests funds for its members or customers to earn profit.

K

KYC (Know Your Client)KYC stands for Know Your Customer/Client and is a bank procedure that identifies and validates a client’s identity.

L

LLCThe most common form of what is a LLC company in the States is a private organisation with a small number of owners.LTDWhenever you come across a company with “LTD” in the name, you are looking at a business using a limited company structure.

O

Outward PaymentOutward payment refers to the money you send to someone’s bank account in their home country.

P

Pre-Seed FundingIn startups, pre-seed funding is essentially the very first stage funding, typically provided by family, friends or angel investors

R

Recurring PaymentRecurring payments are any goods or services you pay for on a typically regular or scheduled basis.

S

Seed Round FundingThe seed funding refers to the funds specifically to get the business up and running; think of it as a baby taking its first few steps.ShareholderShareholder is someone who owns a portion of the company with at least one share of the company’s stock or mutual fund shares.Sole ProprietorshipA sole proprietorship is a type of business structure in which the a business is not incorporated and is owned and run by one individual.Sort CodeA sort code is one of the two most important series of numbers you need to note when opening a bank account.

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A B C DEFGH IJK LMNO PQR STUVWXYZ

A

Angel Investor

B

BACS Payment
Batch Payments
Beneficiary
Business Name

C

Cash Burn Rate
CHAPS
Chargeback

D

Deductible VAT

H

High-risk Jurisdictions

I

Import VAT
Institutional Investor

K

KYC (Know Your Client)

L

LLC
LTD

O

Outward Payment

P

Pre-Seed Funding

R

Recurring Payment

S

Seed Round Funding
Shareholder
Sole Proprietorship
Sort Code

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