Some businesses still struggle to understand the difference between payment service providers and Merchant of Record providers (MoR), when choosing their global ecommerce solution.
Here are some definitive ways a merchant of record provider as asknet can help your global expansion be a success:
1. Instantly tap into a global payment network:
With prebuilt payments and merchant & tax relationships you can tap into a MoR’s global entity network to sell your products and services locally in 190+ countries (Local legal entities, local acquiring partners, multiple currencies & local payment methods), so you can provide a local shopping experience. Where usually setting up in-house payments networks would be highly resource intensive and only for the largest enterprises, now any size company can quickly access a world class payment network to sell goods effectively anywhere.
2. Off-load the burden of tax and compliance:
Expand your global footprint while your tax collection & compliance measures are being managed, so you can eliminate the complexity of international taxes, avoid fines, keep up with changing laws and regulations, and save on time-intensive work. MoR services will handle all merchant responsibilities behind the scenes, so there are no backoffice investments needed from your side nor the need to take on any additional risk, effectively indemnifying you from sales tax liabilities.
3. Offer a localized customer service:
With a MoR you can leverage a customer service team that handles all fulfillment related issues on your behalf (Refunds, Cancellations, Missing emails, Cancellations, VAT invoices, License activation, License delivery). Since global localization is the name of the game in online ecommerce, localized customer service is also key for customer experience, that’s why asknet eCS has customer service employed globally in 12 native languages, with an 80% resolution rate in first contact and a 6 hour average response time, so you have confidence that your users are being taken care of while you focus your resources internally.
4. Increase Sales and conversion rates:
Our MoR solution supports a wide range of pricing models, billing scenarios and B2C-specific payment methods, to acquire new B2C customers globally. Through localized networks, customisable checkout designs, and the expertise of our team, you can provide regionally adapted checkouts to your customers in 190+ markets, with 28+ payment methods that support local cultures, in 29 billing currencies and 26 checkout languages.
If you are interested in speaking with one of our representatives, you can contact us through this link