Online sellers who ship orders internationally have several challenges: translation, delivery, taxes and returns often top the list.
But what about the fundamental issue of receiving the income from sales they’ve made? For many marketplace sellers, just getting their money back home is not a problem: Amazon and eBay (through PayPal) will send funds to a bank account in your own country, conveniently converting currencies along the way.
So why would sellers use a third-party company like World First to handle their foreign exchange needs? What do they have to gain from doing that?
World First, a fast-growing company with its headquarters in the UK, has won numerous awards and established an outstanding record of customer feedback here on Web Retailer. In the apparently simple business of changing money from one currency to another, what could it be that sets them apart?
To find out, I spoke with World First’s Chief Commercial Officer Alex Sullivan. We talked in-depth about the company and their services for online retailers.
This post is by Radoslav Albrecht, the founder and CEO of Bitbond. Based in Berlin (Germany), Bitbond is a peer-to-peer lending platform that specializes in providing loans to online sellers and small businesses. The platform uses bitcoin as a payment network and is therefore available to everyone who has access to the internet. Previous to starting Bitbond, Radoslav was advising banks at Roland Berger Strategy Consultants and has worked for Deutsche Bank in London.
As an online seller you want to spend your time optimizing and growing your sales. Your products and the service you provide to your customers are at the center of your attention. Other administrative activities that don’t relate to making sales directly are often regarded as chores.
Frequently, this also applies to the financing of a retailer’s activities. As a financial product, loans and credit lines are often untried territory for online sellers. To someone who is not familiar with financing, the associated terms and costs might look opaque and not easily understandable.
This post is by James Thomson, Partner of Buybox Experts, a consultancy supporting brands selling on Amazon and other marketplaces. James is also president of PROSPER Show, a continuing education conference focused on developing training and best-practice materials for early-stage online sellers.
Why is it so hard to get your pricing right on Amazon?
You want to win the sale, but you also want to make profit. Any decent MBA student will tell you that no matter how skilled a business owner is at building, marketing and distributing products, only those efforts around pricing will bring revenue (and hopefully profits) into your business.
Correspondingly, no matter how attractive the Amazon marketplace may look to a third-party seller, long-term success is not possible without a comprehensive understanding of how to price products profitably. Unfortunately, the vast majority of retailers/sellers – whether online or brick and mortar – under-invest in building effective pricing strategies. But we can fix that right here, right now.
This post is by Mark Faggiano, founder and CEO of TaxJar – a service built to make sales tax compliance easier for multi-channel ecommerce sellers. Even if you’re not based in the U.S., there are some international implications of sales tax you should be aware of!
When you started selling online, chances are you got into it for the thrill of selling your handmade product, making a profit on a thrift store find, or the joys of online arbitrage.
When lost in the thrill of the sale, it’s easy to overlook the nagging administrative details you’ll face. And one of the most vexing of those can be sales tax.
This in-depth guide will walk online sellers through the basics of sales tax, help you determine where, when and how much you’re liable for sales tax, and detail some common scenarios and problems.
Read on for more information. Or if you have a specific question, feel free to skip ahead.
This post is by Claire Taylor, CEO of SIMPLYVAT.com – a company which helps ecommerce businesses trade across borders in compliance with complex European VAT legislation.
If you sell online you need to understand which international tax laws will be relevant to your business. Just because your business is online, doesn’t mean it isn’t governed by the normal rules of taxation.
And if you sell to buyers in European countries, even if your business is based in another part of the world, you need to know about VAT.
So what do ecommerce businesses need to think about? What exactly are the different rules and regulations? What do you need to do to ensure you are compliant? And what happens if you don’t comply?