t3n, 13 August 2020: The principle is simple: the higher the sales in your online shop, the more numerous and also the more confusing your finance flows become. It’s thus all the more important to know what to look out for so that you can always retain an overview of all your receivables at all times.
In principle, the idea behind classic retail is quite simple: goods (or services) for money. If customers order online, they often have the possibility to buy on account, thus postponing the payment. Shop operators have to organize themselves particularly well here in order to retain an overview of all outstanding receivables. Special cases like discount campaigns, vouchers, and cancellations only add to the complexity – just like the growth of your shop. For the more you sell, the more complicated your finance flows become. Thus, the familiar growing pains of youth also apply to your online shop.
If, however, you know what to look out for (and have the right tool in your hands), your online shop will grow completely without pain and free of any problems: “Cash, boom, bang” not “crash, boom, bang”!
The step onto the international market
Your online shop has established itself in your domestic market and now it’s time for the international market? Congratulations! Yet while tapping into international markets opens up great potential, it also leads to considerable complexity. For not only different currencies and different tax rates, but sometimes completely different legal bases are lying in wait for you here. It’s thus worth being particularly careful that your money also reaches you when you’re selling on foreign markets.
For a successful user experience and thus long-term customer retention, a free choice of payment methods is essential. At the same time, the principle also applies here: the more payment methods you offer, the more complex your administration will be. In order to retain an overview of things at all times, there are tools that can support you – which you can read about a little further down below.
A Lot of Customers – A Lot of Data
Your online shop is going through the roof and thousands of new customers are buying from you? Great! Here you should bear two things in mind: First, your shop system has to be at the right technical level to deal with the surge in customers; second, you should ensure that you handle your customers’ data with care. A CRM (Customer-Relationship-Management) system will provide relief, organize your customers’ data and ensure that your accountants can get their work done properly.
A lot of sale means a lot of receivables – and a lot of special cases
Rising numbers of customers also means rising sales figures. This will make your cash registers chime – but only if the money actually reaches you. Special cases such as cancellations and returns further complicates the administration of your financial flows. In order to ensure that you always retain an overview of the back and forth accounting of money, you should familiarize yourself with Payment Clearing.
These advantages are waiting for you:
- With nexnet’s Payment Clearing, you will be informed of all finance flows, and of their due dates, completeness, and correctness.
- Payment Clearing is compatible with all established PSPs (Payment Service Providers) such as PayPal, Amazon Pay, Apple Pay, Google Pay, Klarna and many more.
- And you always have an eye on what your PSPs are doing. They never transfer the complete amount of an end customer’s purchase, but always retain a commission, and also a kind of “security deposit” in order to be able to make provisions for cancellations, etc. After a certain amount of time (for example, when the deadline for returns has passed), the PSPs pay this amount back –not for each customer individually, but in a combined bank transfer for all of the orders from the current period. Without Payment Clearing it’s almost impossible to tell for which order the security deposit has already been paid out and for which it hasn’t; with Payment Clearing, however, you always retain an overview of things.
- Payment Clearing also works internationally! All money flows are recorded with up-to-the-minute exchange rates and are entered directly with the correct tax rate.
- nexnet will create a certifiable monthly closing statement for you. All of the necessary data are transferred directly into your general ledger; nexnet also uses all of the established general ledger solutions here, such as SAP or Datev. This takes the load of your accountants and ensures that you will never have to be afraid of the next audit again.
- By using Payment Clearing you save time and money, because it will enable your team to have more time and a greater capacity to deal with your core business, and forge ahead with your online shop – without any growing pains!
If you’re one of the lucky ones whose online shops are expanding at the moment, then you should avoid the growing pains and get some support. nexnet experts will be happy to advise you without obligation.