The easy solution would be to join forces with different third-party payment solutions. However, having a complex payment stack is not only difficult to manage, but it can be extremely resource and labor-intensive, often hindering business agility.
Implementing global payment methods differs in process complexity and costs. Credit cards are a great example, as currency conversions between customer accounts, card schemes, and acquiring banks frequently require extra development efforts.
And let’s not forget that creating localized shopping afghanistan telemarketing list experiences with the help of a payments provider must include additional features such as regional pricing, tax considerations, and compliance management.
This leads us to the obvious conclusion: A payments platform like the Merchant of Record, operating as the control room of your payment infrastructure, will help you answer customer preferences through local and popular payment methods wherever you might sell, considerably reducing operational costs and workload.
SaaS platforms need to start leveraging payment-related functionalities to ensure business growth in different corners of the world.
The very nature of SaaS and software products has made them the perfect fit for hyper-growth. But this is only in theory, unfortunately, because once these offerings became taxable, many businesses got caught in the tax compliance web.
Should you wish to expand globally, keep in mind that there are 195 countries in the world, each with its own set of regulations, all of which you must be in compliance with.
Once you start accepting payments, domestically and globally, ensuring tax and compliance management is now an obligation rather than a growth strategy.
Selling in the US alone exposes you to 45 regulation sets with different registration or tax reporting processes. And there is a need to ensure correct tax calculations for more than 13,000 sales tax jurisdictions. Sometimes these tax jurisdictions can have more than one tax rate, which may also change frequently.
