The file they charge for is the file you need
The standard logo maker gives you a preview, then a PNG with something across it, then asks for money for the vector. That is not an accident of pricing. A printer, a sign writer or an embroiderer will ask for the vector, which is why the vector sits behind the wall.
Both files here come out at full size with nothing written on them.
Your SVG still has text in it, and that is the catch nobody mentions
An SVG containing a wordmark does not contain letter shapes. It contains the characters, and the name of a font to draw them with.
On your machine, with that font installed, it looks right. On a machine without it, the browser or the print software picks something else, the letter widths change, the spacing goes, and the logo you approved is not the logo that gets printed. This is why a design comes back from a supplier looking subtly wrong and nobody can explain it.
The fix costs nothing and takes a minute. Open the SVG in Inkscape, which is free, select the text, and use Path then Object to Path. The letters become outlines. From that point the file describes shapes rather than instructions, and it looks identical everywhere.
This tool uses system font stacks rather than anything exotic, which limits the damage, and it does not pretend that removes the problem.
The PNG has the opposite trade
Letters in a PNG are pixels, so it renders identically everywhere and never substitutes anything. It also gets soft the moment somebody scales it up, and there is no route back.
So: PNG where the size is known and fixed, which covers most of the web. SVG for anything that gets made physical, where the size is decided by somebody else later.
Initials are a judgement, not a first-letter rule
Taking the first letter of every word turns The Vale Fabrication Company Ltd into TVFCL, which is not a monogram, it is an acronym for the paperwork.
The words that are not the business get skipped: the, and, of, ltd, limited, company, group, holdings, services. What is left is usually two letters, which is what you want. A single-word name takes its first two rather than sitting there as one lonely capital.
Design it at sixteen pixels, not at five hundred
The place most people will see your logo is a browser tab, a phone notification or a comment avatar. All of those are tiny, and all of them crop to a circle.
That is why there is a small preview next to the big one. Two letters in a solid shape survive it. Four letters, a thin serif or anything with fine detail does not, and you find out after it is everywhere.
Check it reversed before you commit
Everything looks fine as dark ink on white. What catches people out is a dark header, a photograph, or one colour printed on an invoice.
Reverse the colours and look again. If it only works one way round, you will end up paying somebody to make a second version later, and it will not quite match.
A logo is not a trade mark
Making one and owning one are separate jobs. Using a logo in trade builds up rights in the UK through passing off, and those are real but awkward to enforce, because you have to prove reputation and confusion rather than point at a certificate.
Registering with the Intellectual Property Office is the other route, and it starts with a search in your class rather than with the design. Doing that search before you print anything is cheaper than doing it afterwards.
Common questions
Is the SVG really free, or is that the bit you charge for?
Really free. The vector file is the thing most logo makers hold back, because a printer or a sign writer needs it, not a watermarked preview. A free preview, a watermarked PNG, then a charge for the file that works: that is standard practice elsewhere. Both files here come out at full size with nothing on them.
Why does my logo look different on somebody else's computer?
Because the letters in an SVG are still text with a font named next to them, so anywhere that font is missing the browser substitutes another and the shapes change. This surprises almost everybody who downloads a logo, and almost nobody explains why. The fix is free: open the SVG in Inkscape, select the text, and use Path then Object to Path. The letters become outlines and the file stops depending on anything being installed.
Should I use the SVG or the PNG?
PNG where the size is known, which is most of the web: a header, a social profile, an email signature. SVG for anything that gets scaled or made physical, so print, signage, vinyl, embroidery and laser cutting. A PNG blown up goes soft and there is no way back, and a vector stays sharp at any size because it is instructions rather than pixels.
How does it choose the initials?
It skips the words nobody means. The Vale Fabrication Company Ltd gives VF, not TVFCL, because the, company and ltd are not the business. A single-word name gets its first two letters rather than one lonely capital, and hyphenated names split. You can override it with anything you like.
How many letters should a monogram have?
Two or three. The test is whether it survives being sixteen pixels wide in a browser tab, because that is where most people will meet it. Four letters in a circle turns into a grey smudge at favicon size, which defeats the point of having a monogram rather than the full name.
Does this give me a trade mark?
No, and the two get confused. Making a logo is a design job. Owning one is a legal one: a search to check nobody in your class already has something confusingly similar, then an application to the Intellectual Property Office. Using a logo for a while gives you some rights in the UK through passing off, but they are harder to enforce than a registration.
Can I use it as a favicon?
Yes, and the square canvas is there for exactly that. Download the PNG at 512, and check the small preview on this page first: a favicon is about sixteen pixels, so anything with fine detail or more than three letters disappears. A monogram in a solid shape is the shape that survives it.
What about a transparent background?
Turn off the solid background and the PNG comes out transparent. Check it against a dark background as well as a light one before you commit. Dark ink on a transparent square looks fine in the preview and vanishes on a dark header, and that gets noticed after it goes live rather than before.