International Recurring payments (How We Handle It for We Manage It For) -

If you are managing international recurring payments, there are three overarching aspects to consider:

1. Staying current on tax laws and the regulations for transactions
2. Making it really simple for consumers to complete their first purchase and then sign up for monthly installments
3. Ensure that each subsequent payment is processed

Although it might seem easy but there are a lot of issues to consider to achieve those three goals including:

• Currency conversion rates
• Types of preferred payment
• Payment processing
• Tax collection and payment of taxes for every nation or state in each country, state or territory.
• Payment failure handling
• Fraud prevention
• Subscription management
• Translations of the site
• Chargebacks
• The Dunning Process
• Plus much more

The majority of recurring payment companies can assist in just a few of these categories , leaving the others for you to work out. For example, certain payment options will assist to process your payment for foreign currencies, however they won't help you pay taxes to those nations.

In this piece we will discuss the meaning of the Merchant of Record in detail and how :

•       Collects and pays sales taxes (including GST, VAT and VAT as well as GST.) to you
•       Stays in compliance with local legislation and rules
•       Reduces churn with pre-emptive payment retries and notifications
•       It makes it extremely simple for consumers to purchase
•        The controls the recurring payments for you.
•       Everything you require in one place for one price

What is it that you Be a Merchant of Record

An Merchant of Record (MoR) is a company that provides services or goods to the buyer. The MoR is accountable for each part of the transaction including collecting and processing information about payment including security, taxes, compliance concerns and audits. Chargebacks, audits, as well as audits, chargebacks, etc. If something is not working or is done incorrectly If there is a problem or if something is not done correctly The MoR will help you resolve the issue to your satisfaction.

A company could function like the company's own MoR and handle everything above internally or transfer the entire process to us and let us to assume full responsibility of each purchase. If you're an MoR for your organization then you're in charge of the product/service the checkout experience as well as branding. We manage the other details, like taxation, compliance with the regulations and credit card network acceptability rates as well as dunning and numerous other things.

Let us take care of the payment and collection of Sales Tax and VAT

It was once the case that SaaS and software were exempt from tax law in many jurisdictions across the globe (or in other words, not a big subject to audits). The rules for taxation of online sales are evolving and being more frequently applied.

Every country, state, province, territory, etc. which you conduct business with has its own laws about the amount and the type of tax which must be collected, and when it is required to be to be paid. And that's a lot to handle.

Note:.

The majority of the time, global tax management requires using a payment processing platform and an application for tax compliance in order to identify the tax rate and to collect VAT and sales taxes for every transaction. While some payment providers pay taxes for you, but you'll still be responsible for the taxes. If you fail to make proper payment of taxes then you'll be responsible for thousands of dollars in penalty and interest. However, figuring out the most efficient method of tax-paying throughout the world is often very time-consuming and typically requires a team comprised of tax accountants and accountants.

If you have a MoR due, we will take care of and pay for the consumption tax (including GST and VAT and SST, etc.) each time you purchase something and make every tax return requested by the tax authorities.

Automatically calculates taxes and adds charges to the price at checkout. Additionally, we offer tax-free transactions, as well as other unique cases.

Continuously Ensure Compliance With Local Laws and Regulations

Like taxes, every state, country and territory. Also, each has specific regulations and laws regarding how transactions that are recurring occur. For example, the Reserve Bank of India limits the automatic recurring payments to Rs.15,000 Indian rupees. In the event that the amount of a transaction is greater than that, the customer is required to authorize the transaction by using additional factors of authentication (AFA) for example, One-time Password (OTP). In order to comply with the RBI Regulation, you must file an electronic mandate explaining the type of AFA that you will be using.

This is only one example of different regulations you have to consider when you are transacting internationally.

Being up-to-date with the laws that apply to your local area is a lengthy process as well as costly. If you're not using adequate procedures in place it will be difficult to accept payment. Certain payment services can aid you in keeping abreast of local laws and regulations in that they notify you when they find any new rules or legislation. However, you're in the end responsible for remaining aware about and observing any applicable laws or regulations.

To our clients, this isn't a concern because we, as your MoR We assume all liability for adhering to local law and regulations. Our legal team keep up-to-date on every legal issue and ensures that all processes are set up to collect payments.

Fully fully compliant in accordance with the EU General Data Protection Regulation (GDPR) in addition to the California Consumer Privacy Act (CCPA). Additionally, we maintain our level one certification (which is the highest level that is possible) by certifying to our certification under the Payment Card Industry Data Security Standard (PCI DSS) every year.

Eliminating Involuntary Churn with Automated Payment Retries and Customer Notifications

Since involuntary churn is one of the main reasons why businesses using subscriptions lose clients and customers as a result, many organizations utilize a process for automatically retrying unsuccessful payments, or for notifying clients of the payment that has failed. It is an excellent starting point, however the following step is to notify clients about the payment type that is due to expire before they make the payment, and also to communicate with them many times after failing to make a payment. But, it will take a lot of employee hours and time to maintain these systems.

This is why we manage all payments failures as well as notices to customers for our clients.

It will send reminder emails for those with cards when the account is about to expire , so that they will be able to update their data prior to whenthe card's payment is completed. The system also automatically will attempt to try retrying failed transactions. If the payment continues fail, will immediately inform the customer. Also, you can have us issue reminder emails every two three, five, seven fourteenand 21 days after the date when the process for payment is not working. Our experience suggests that these reminders and alerts could dramatically reduce the amount of free turnover.

During this time the customer's services won't be affected. If you continue to provide the services your client is less likely to permit to end their subscription and have a greater chance of being in a position to alter the details of their account.

It is also possible to stop rather than cancel service in case you fail to update the information on their payment. This allows your customer to restart their service without the need to go through the hassle of having to re-enter their details for payment.

Make It Really Easy for customers to buy using their preferred Payment Methods, Localized Transactions , as well as Translations.

The frictions at when you purchase can make businesses less attractive to customers than they otherwise would be able to. In the case of international customers, there could be several causes for payments-related friction. Examples include:

• You shouldn't offer customers your preferred method of payment
• The checkout's text isn't in a language the customer are able to comprehend.
• This currency isn't listed as a local currency
• The transaction gets declined or can take too long to process

 can assist you in conquering these challenges by:

• Accepting many different payment methods (and managing these methods so that transactions are swiftly accepted)
• Translation of your checkout page(s) to a range of different languages
• Converting prices to local currencies

This will be discussed in more specific detail in the next sections.

The most preferred method of payment

There are a variety of forms of payment that are accepted across different countries. If you're not offering specific payment methods which specific customers use, you aren't converting the customers to you. It is crucial to ensure that your payment system will support the various types of payments that the customers you are targeting are acquainted with. However, the majority of global payments will be limited in terms of payments they accept.

Particularly, some payment services will only support debit transactions. If the customers you want to serve prefer to pay with credit cards or e-wallets (e.g., PayPal) it could cause an issue.

In addition, if you wish to take payments by people outside of your country, you need to be conscious of the range of cards accepted in different nations. Particularly, even though MasterCard as well as Visa credit cards are frequently used by those within the United States, UnionPay is more common in China.

Actually, the process of integrating and managing the most popular payment options is more complex than putting their logos onto the screen at checkout. Every card issuer has its own tolerance levels to fraud as also chargebacks. Each has different regulations for how transactions take place. If you're not in compliance with these regulations, then the card issuer could revoke payment authorization completely.

Also, it is compatible with most electronic and debit payment options It also works with popular payment options, such as:

• ACH
• SEPA
• BACS Direct Debit Scheme
• PayPal
• Amazon Pay

Furthermore, the card networks are more likely accept locally processed transactions if both the buyer's bank as well as the seller's bank are within the same geographic region (for example, a buyer of Germany buying from a business that is also located from Germany). We have a wide range of acquirers around the globe and we will keep adding to the list of acquirers. Since we provide our services to you on behalf of a MoR, more of your transactions with your company are processed locally, that means more transactions are authorized.

Automated Currency Conversions as well as Translations of Language Translations

The customers are more likely be satisfied with a checkout service that is offered in their native local language and in their currency of choice. If you've not modified the content of your checkout, or adjusted your pricing to the local currency market, it's possible that you'll be losing potential customers.

      By using , you'll be able to convert your shopping cart to several languages. You can then translate the prices for your customers in local currency.

For shopping cart translations, you can:

1. Each buyer can choose their preferred language using an option menu.
2. It'll lock the language and will select the preferred language based on the buyer's location.

There are two options for currency conversions:

1. The price you set is applicable to each country. Our team can help you determine how price should be set.

If you choose to let the conversion of the cost of your product be handled for you, we'll align to the format standard of the price. For example, if your initial price is $19.99 and the conversion to Euros will be EUR20.29 The price would then be converted to EUR20.99.

Create Your Own Subscriptions and control the rest

The toolkit includes all the features for you to set up and control various types of online recurring payments. Below are some examples of of recurring payment that you can manage using the following tools :

• Free trial periods with or without collecting financial information prior to payment
• Prorated subscription payments
• Variable billing intervals
• Subscriptions that have been suspended
• Upgrade renewals
• Prepaid recurring bill
• It is a single purchase at sign up
• and much more...

It's simple to setup almost any type of subscription with only a few steps. It's possible to create the majority of subscription types without any codes, however you can create more complex subscription logic using our API or the webhooks library.

All-in-One Pricing (No Hidden Fees)

Most payment service providers cost a flat fee per transaction, and you will be charged for every extra option (e.g., access to international credit card networks, subscription logic that is specialized as well.). These kinds of prices make it hard to determine what you'll have to pay. It can be difficult to grow globally when your company grows since costs will increase as you require additional features.

     We do not add on any extra costs for each service. Instead, we will come up with a basic fee that will grant you access to every aspect of . The price you pay is determined by the number of transactions that you make as well as the only charges you will be charged are only for transactions which take place.

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