The calculation is simple: the higher the turnover of your online store, the greater the number and complexity of the financial flows. This makes it all the more important to know what you need to pay attention to so that you can keep track of all your receivables at all times.
The concept of traditional retail is basically quite simple: goods (or services) for money. Customers ordering online often have the option of buying on account and thus postponing payment. Store operators need to be particularly well organized here in order to keep track of all outstanding receivables at all times. Special cases such as discount promotions, credit notes and cancellations create additional complexity - as does the growth of your store. The more you sell, the more complex your cash flows become. The well-known growing pains of youth are not only familiar to humans - but also to your online store.
But if you know what to look out for (and have the right tool at hand), your online store will grow painlessly and smoothly. "Cash, boom, bang" instead of "crash, boom, bang"!
These things lead to additional complexity
in e-commerce
The step onto the international market
Has your online store established itself in your home country and is it time for the international market? Congratulations! Tapping into international markets holds a lot of potential - but also creates considerable complexity. Not only are there different currencies and different tax rates, but in some cases also completely different legal bases. It is therefore worth paying particular attention here to ensure that your money reaches you when you sell abroad.
Different payment methods
A free choice of payment method is essential for a successful user experience and therefore long-term customer loyalty. At the same time, the more payment methods you offer, the more complex the administration becomes for you. There are tools that can help you maintain an overview at all times - you can read more about this below.
Lots of customers - lots of data
Your online store is going through the roof and thousands of new customers are buying from you? That's awesome! You should pay attention to two things here: Firstly, your store system must be able to cope with the rush of customers on a technical level, and secondly, you should make sure that you handle your customers' data with care. A CRM (Customer Relationship Management) system can help, organizes your customers' data and ensures that your accountants can do their job properly.
A really large number of sales means a really large number of receivables - and a really large number of special cases
As customer numbers increase, so do your sales figures. This keeps the cash register ringing - but only if you actually receive the money. Special cases, such as cancellations and returns, make managing your cash flows even more complicated. You should look into payment clearing so that you always have an overview when transferring money back and forth.
And this is how you face these dangers:
With payment clearing from nexnet
So growth makes business more complicated. Is the solution then to stop growing? Not at all, the solution is Payment Clearing from nexnet. With Payment Clearing, all money movements can be monitored at individual transaction level and recorded in the accounts.
These benefits await you:
- With Payment Clearing from nexnet, you are informed about all cash flows, their due dates, completeness and correctness.
- Payment Clearing is compatible with all common PSP (Payment Service Providers) or payment service providers such as Paypal, Amazon Pay, Apple Pay, Google Pay, Klarna and many more.
- And you can always keep an eye on what your PSPs are doing. This is because they never transfer the entire amount of an end customer's purchase, but retain their commission on the one hand and a kind of "security deposit" on the other, in order to be able to make provisions for cancellations, etc. After a certain period of time, for example after the return period has expired, the PSP pays this amount back to you - but not for each customer individually, but in a collective transfer with all orders from the current period. Without payment clearing, it is almost impossible to see for which order the PSP has already paid out the security deposit and for which not - with payment clearing, you can keep track of this at all times.
- Payment Clearing also works internationally! All money movements are recorded with daily updated exchange rates and booked directly with the appropriate tax rates.
- nexnet creates a verifiable monthly statement for you. All necessary data is transferred directly to your general ledger; once again, all common general ledger solutions such as SAP or Datev are supported. This takes the pressure off your accountants and ensures that you never have to worry about the next audit again.
- By using payment clearing, you save time and money because your team has more capacity for your core business and can drive your online store forward - without any growing pains!
If you are one of the lucky ones whose online stores are currently expanding, then avoid the growing pains and get support. The experts at nexnet will be happy to advise you without obligation.
