For online sellers shipping orders overseas, there are plenty of challenges – from translation to delivery, taxes to returns.
But there’s one major issue that sometimes gets overlooked, and overlooking this fundamental issue could be costing online sellers hundreds, even thousands, of dollars.
We’re talking about the way online sellers receive income from the sales they’ve made on international marketplaces. When it comes to repatriating their marketplace revenues, that’s not a problem: Amazon and eBay (through PayPal) will send funds to your home bank account, converting into the right currency. But through your marketplace – and indeed your bank – you won’t get a competitive exchange rate. That’s where World First comes in.
World First’s Chief Commercial Officer, Alex Sullivan spoke to Web Retailer – a leading website for online marketplace sellers – about how World First is able to help online retailers.
Your questions answered
If a business wants to start using World First, what’s involved in the process? Is there a lot of admin to get through?
How should a seller decide when to bring money back into their home currency and bank account?
Are there any foreign exchange issues that are unique to ecommerce businesses?
What changes do you think are on the horizon for online sellers who trade internationally?