Useful tools for your online business
The ecommerce industry is full of many tools to support online businesses in terms of their finances. Today we would like to share with you just a few of these that you as an online seller may find helpful when dealing with your finance challenges.
Currency conversion management
Having an account in the currency and the country that you’re selling in means the online marketplace is usually able to send your money to this account WITHOUT converting it into another currency. This means you avoid their foreign exchange fees, thus making significant savings and regaining control of when you convert. Currencies Direct can be used to make payments to overseas suppliers if you buy products from overseas – at the best rate and with no hassle. If you would like to reduce input costs of your stock to lower your buying price you can use the Currency Direct tool. It may also increase profit (by at least 2%) on sales made overseas. Currencies Direct provides online retailers with overseas bank accounts which can be used to collect revenue from sales made on overseas marketplaces.
World First Online is another currency conversion tool with an online platform which allows sellers to repatriate their funds to their native business account when it is suitable or when the seller feels the exchange rate is in their favour. The tool helps online merchants save money every time they repatriate revenue from international sales made on Amazon, eBay and play.com. They make it straightforward by opening bank accounts to receive funds in GBP, USD, CAD and EUR on your behalf, so you can trade on international marketplaces such as amazon UK, Canada and Europe (including Spain and Italy). The platform is accessible 24 hours a day, 7 days a week.
Loans for your business
Iwoca offers online business owners loans from £1,000 to £100,000 without application fees, no origination fees and no early repayment fees. The 12 month term is standard but you are always free to repay early if business moves faster than expected. Since interest is calculated daily, you only pay for the period you have the funds so early repayments save you money. It takes minutes to apply – link your online accounts (including eBay, Amazon, PayPal and more) to show your business history. They will approve you for a credit facility of up to £100,000, then you can choose how much to borrow and for how long.
If you are searching for a tool that would help you to manage your orders, you should consider using Tradebox which creates individual invoices in Sage for each online order. This tool provides the user with order management, stock control, automatic accounting for each sale, VAT calculation and provides in-depth analysis and reporting on the performance and health of your business.
Selling worldwide with your online store
According to magento.com, 45% of global shoppers buy goods from overseas stores. This means millions of foreign buyers may be interested in your product but cannot find it because your offer is not in their native language. Webinterpret has therefore started to support online stores built with the Magento technology. You can customise your website, including your logo, colours and images. You will have more control over running your international online shop. Our mobile-optimised design will help you attract buyers on the move. Our web marketing specialists will drive traffic to your store on foreign markets using multiple advertising channels such as Google AdWords, Google Shopping and social media. Webinterpret is offering this service for free during the first month so it’s a great opportunity to test it.