I’m still here talking about e-commerce. I hope you’re findinging it useful :) This time we’re going over two common concerns; taxes and payment processing. You’ll need a clear plan for both if you want to collect your money and stay out of trouble.
More Solutions to Common Concerns: Taxes and Payment Processing
- This can be difficult to set up properly, and costly if you make a mistake
- Know the rules for both where you are based, and the places you sell to
- Tax calculation apps can help
- Consult a business tax professional for your geographic area
- That’s not me :)
- Talk to them about what you are using and what they recommend for your business
- This is a third party who collects payments from your customers and gets that money to you
- Features and costs vary
- There are lots of options. Here are some of the most popular
- Low transaction rate
- Easy to use
- They are not a bank
- And follow their own rules
- But popular with shoppers
- If you already have a Square reader
- Can help sync in person and online sales
- Designed for larger companies
- More efficient at larger scale
- Many, many more
- Compare processing fees
- Around 3% is standard
- Do they work with your bank?
- All the above should work with most banks
- What currencies are handled?
- Are you selling internationally?
- If so, what are their exchange rates?
There’s always more to say when it comes to both these subjects but this should provide a solid overview. Coming up we’ll go over shipping and inventory management. I love talking about e-commerce so please get in touch any time with questions.