In the modern world, business cannot be limited to the territory of one country. For success, you need to enter global markets. And this requires not just a payment system but a cross-border merchant. This is exactly what Number X is. Let’s take a closer look at how it can be useful for digital businesses.
What is the purpose of Number X?
The merchant allows companies to change their approach to the distribution of digital goods. They do not need to spend time maintaining a complex payment infrastructure, as Number X covers all aspects of payment processing in the target markets, namely:
- regulation;
- chargebacks;
- taxes;
- interaction with local governments;
- user support.
Number X operates as a Merchant of Record (MOR). This means that the company sells physical or virtual goods on behalf of the customer, thus greatly facilitating the conduct of business. When purchasing virtual or physical goods, customers see the name, design, as well as the customer’s app and website. When processing payments, the merchant simply facilitates all activities, helping to comply with regulatory requirements.
Benefits for digital businesses
Number X helps digital businesses around the world make international payments easily and quickly. You can see for yourself at https://thenumberx.com/. The merchant has many advantages worth mentioning.
- The company’s payment API offers localized checkout.
- Tools for impulse purchases are available.
- Number X can be easily integrated with the customer’s website. The system is quickly implemented without hidden fees.
- Protection against fraudulent transactions.
- The merchant pays all local taxes, namely, GST, VAT, sales tax, etc. This includes their collection, accounting, and, of course, payment to the tax authorities.
- Processing of requests related to chargeback.
Why choose Number X?
Unlike other payment systems, the merchant also deals with customer taxes. This is a very important and responsible job, especially when it comes to international business. Each country has different tax laws, which requires serious knowledge of the nuances of jurisprudence. In addition, the minimum tax thresholds, rates, and types of transactions subject to payment differ. Some jurisdictions require the appointment of tax agents and representatives.
The slightest mistake in this area of work can lead to serious consequences. For example, the European Union and the United States have the strictest tax laws. Moreover, it is becoming more complex every year.
A team of lawyers and accountants specializing in international transactions helps to resolve all complex issues. Besides, working independently while paying taxes in different countries requires not only time and effort but also additional funds. And the result is not guaranteed. Therefore, it is better to turn to professionals who have many years of experience in such work and will ensure full compliance with the supporting documentation. In addition, they monitor all changes related to financial transactions and business taxes in different countries.
Number X makes doing business much easier, especially at the international level. This merchant does all the work related to transactions. As a result, customers can focus more on developing their own business without worrying about its financial and legal aspects.
