Should I work through a limited company?
Many independent payments professionals do, but some start as a sole trader. It depends on your situation, so talk it through with an accountant. The member platform keeps a record of whichever you choose.
Starting fractional payments work
You already know payments. Setting up independently is the new part.
After years at a bank, acquirer, PSP or fintech, you know the industry inside out. What's new is everything around the work: the company, the insurance, the contracts, the invoices. This page walks through the common questions.
My Practice
ExampleSet-up: 3 of 5 done
- Limited company details
- PI insurance
- VAT status
- Accountant
- CV and photo
The questions most people ask first
What insurance do I need?
Most clients will expect professional indemnity (PI) insurance. A broker can advise on the right cover. The member platform stores your certificate and reminds you before it renews.
How should I organise client contracts?
Keep a signed copy of every contract, NDA and statement of work in one place, along with the start, end and renewal dates. That's exactly what My Clients and Documents are for.
How do I keep track of invoices?
Record each invoice when you send it and mark it paid when the money arrives. You'll always know what's outstanding.
When should I think about VAT?
VAT registration depends on your turnover and circumstances. An accountant can tell you when it applies to you. The member platform keeps your VAT status in your business details.
How do I find suitable fractional work?
Most early work comes from people who already know you. Payment Faculty may also publish selected opportunities to members, though this isn't guaranteed.
These are general pointers, not legal, tax or accounting advice. For decisions about your own setup, speak to a qualified adviser.
Where Payment Faculty fits in
The member platform is where you organise and manage all of this. Your business details, insurance, contracts, clients and invoices live in one place, and it reminds you before anything is due.
Things to do
Example- Renew PI insuranceYour policy ends on 21 November14 days
- Send invoice to Northstar Retail LtdOctober workFriday
- Add your accountantBusiness detailsWhen ready
Worth knowing: Members can also access fractional, project and payments opportunities when they arise. Membership does not guarantee work or a minimum level of opportunities.
Ready to take the next step?
One membership. £49 per month.