International payments provider World First has teamed up with VAT and sales tax advisory firm Meridian Global Services to help cross-border ecommerce merchants access competitive exchange rates and global tax compliance advice in new markets and territories.
The sheer pace of globalization and technological change naturally presents huge opportunities for cross-border trade, especially for online sellers, but the move into new markets and territories is not without barriers – currency transfers and tax complications are two such hurdles.
World First offering online sellers access to overseas bank accounts and competitive exchange rates when repatriating sales revenues – the savings could be up to 4% compared to an international bank transfer or the default transfer method offered by international online marketplaces. With access to an overseas bank account, online sellers will also have a convenient way to pay their international tax directly in the local currency.
Similarly, online businesses selling in overseas territories will be faced with the unenviable challenge of trying to understand local VAT and sales tax regulations for each market, with many sellers deliberately attempting to restrict revenues to stay below the threshold where tax becomes payable. Meridian has more than 20 years’ experience of guiding clients through the minefield of global VAT regulations.
The benefits of this partnership will be communicated on an on-going basis to both sets of customers. As long as online sellers target growth, World First’s international payment solution and Meridian’s tax services will be of value.