As Amazon and other e-commerce sites continue to grow, sellers are facing more challenges to keep their businesses profitable. In addition to fierce competition, you have to pay attention to all factors that impact profits. This includes the various fees and taxes that occur with transactions, especially when you sell internationally.
Succeeding with e-commerce comes down to maximizing profits. This includes more than just your costs for buying and shipping products. You also have to consider the fees and taxes that accompany sales. While each fee may seem small, they quickly add up and make a big difference over time.
PingPong is a service that helps e-commerce sellers save money on these and other expenses that can whittle away your profits. In this PingPong review, we’ll take a closer look at it to help you decide if this service can help make your business more profitable.
While PingPong has many features, the most notable benefit is the ability to save on cross-border fees. Using their service, you can convert currency up to 8x cheaper than you could with banks or other marketplaces. For anyone that does a significant amount of global business, this can help your business grow.
Getting orders from multiple countries helps your business grow. However, when customers pay in their native currency, there are fees associated with conversions. PingPong lets you accept payments in 10 currencies while receiving and holding funds in your native currency.
PingPong has a savings calculator on its website, where you can plug in the currency type and payment amount. Savings will be calculated based on current exchange rates.
In addition to processing orders, you may also be dealing with conversion fees when paying employees, vendors, and suppliers. With PingPong, you can make direct payments using your accounts without having to do any currency conversions. You can make real-time transfers to recipients in more than 170 countries. This makes it easier and cheaper to do business internationally without worrying about currency fees.
With PingPong’s BPocket, you can easily send payments worldwide using your bank account. You simply load your PingPong balance using your bank account. You can then choose recipients all over the world and make payments with no hidden fees. You can use this feature for your e-commerce business or any purpose that requires you to send payments.
VAT and GST
Other fees that affect your profits when doing business globally are VAT (Value-added Tax) and GST (Goods and Services Tax). VAT taxes are added onto products sold in European markets at every point of sale, based on production costs. GST is a value-added tax imposed on most domestic (US) goods and services.
While there’s no way to avoid these taxes, PingPong simplifies the process and helps you avoid unnecessary fees. You can make direct payments using your native currency accounts without paying currency conversion fees.
Sell on Multiple Platforms
PingPong works with many leading e-commerce platforms.
When using a company to conduct financial transactions, you want to make sure it’s trustworthy and reputable. PingPong is one of the largest and most established services for e-commerce.
PingPong has been around since 2015 and is used by over a million sellers.
They’ve processed more than $90 billion in cross-border payments.
They are partners with many of the largest e-commerce companies in the world, such as Amazon, Wish, Newegg, and many others.
PingPong has trusted banking partners such as Citibank and Wells Fargo.
Analytics and Dashboard
In addition to helping you save money on fees, PingPong helps you organize your business and clearly see where your money is going. You can monitor all of your earnings and payments from a single dashboard. The dashboard is fully customizable, so you can add multi-users and permissions if you need other team members to access it.
Costs for Using PingPong
It’s free to sign up for a PingPong account. When you collect payments using the service, a flat fee of 1% or lower is calculated. Other than that, there are no hidden fees or monthly/annual payments.
Educational Resources for E-Commerce
PingPong has many resources to help you learn more about their service and e-commerce in general. They have several informative webinars about Amazon selling which are quite useful whether you use PingPong’s services or not. Because PingPong is mainly concerned with helping sellers save on cross-border fees, they provide many helpful tips on international selling. PingPong also broadcasts many podcasts and videos that are full of useful tips as well as a blog.
Anyone involved in e-commerce, especially if you have customers, suppliers, or employees from other countries, can benefit from PingPong. You can save on exchange rates while enjoying a more organized dashboard from which you can view your transactions.
With many digital marketing tools and services, it makes sense to do a cost-benefit analysis before joining or buying. However, there’s really no downside to signing up with PingPong, as there are no membership costs or recurring fees. When you sign up, there’s no obligation to use the service. However, you’ll probably find that you’ll want to try it to find out how much you can save on fees.
One reason to consider signing up with PingPong is to learn how to profitably expand your business internationally. E-commerce is growing and getting more global every day. Even if you mostly deal with customers and suppliers in your own country, there’s a good chance you’ll want to expand at some point. PingPong’s services, along with its educational material, can help you navigate the issues and payments involved with international e-commerce. E-commerce is going to present sellers with even more opportunities in the coming years. However, to get the most of it, you need to use the right tools and do everything possible to maximize your profits. We recommend PingPong to help you expand your business and save money on fees.
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