Understand the 4 most common global eCommerce regulations and how to stay in compliance.
No matter what kind of eCommerce business you are trying to grow, there are laws and regulations you must follow to ensure that you protect against international money laundering and financial crimes. Other compliance regulations involve what you can sell and ship — and to whom — while others involve privacy or specific taxes and tariffs.
Without a doubt, international eCommerce rules can be very complex. And if you don’t comply, you can’t simply claim ignorance. It’s important to educate yourself and work with a team of international compliance and global payments solutions experts to ensure that you do things correctly. Because if you don’t, you could amass substantial fines or even lose your business.
Let’s take a closer look at 4 specific international compliance issues.
Moving money across borders is complex and fraught with regulatory complications and issues. Not only can a payment data breach damage your eCommerce brand, it can also result in hefty fines. You will want a payment solution that is Payment Card Industry Data Security Standard (DCI-PSS) and General Data Protection Regulation (GDPR)-compliant, as well as a Secure Sockets Layer (SSL) certificate which is a global standard security technology that enables encrypted communication between a web browser and a web server.
No matter where you live, every eCommerce business will pay some form of sales tax or business income tax. You may also have to pay customs duties on your imports — or your international customers may have to pay duties and taxes. Ecotaxes are also gaining popularity for non-sustainable items, shipping, and packaging. One way to solve the problem of taxes and tariffs for customers is to create an all-inclusive price that covers any potential taxes or customs duties.
Depending on what you are selling, you may need a business license or permits. Check the requirements in the countries that you’re operating in.
While it’s tempting to capture and use all the personal identifiable information (PII) — things like full names, addresses, social security numbers, debit and credit card numbers — that you collect about your customers, international privacy laws prohibit merchants from using customers’ PII for analytics. You may also be required to ask your customers’ permission to collect, store and process their data. For example, the GDPR is an EU-member act that lists seven regulations online businesses must follow or pay a violation of €20 million ($24.3 million) or 4% of global revenue, whichever is higher.
By working with a payment provider who is licensed to operate in your region you can make sure that they are addressing these issues and protecting your funds, and keeping cross border payments safe.
Start growing your business today with LianLian Global.
Amazon's Product Opportunity Explorer (OX) provides real-time insights into customer trends and niche profitability, enabling sellers to make informed decisions and optimize listings with customizable graphs and a user-friendly dashboard.
Market viability is the answer to scaling your eCommerce business. By testing first, you can find the data you need to plan your success.
Understand common pitfalls among eCommerce entrepreneurs
6 tips for finding and using the right keywords to increase online sales
Finding the right price point for your product is important to scaling your international eCommerce business
Advice to help you stand out from the competition
When entering international markets, adjust your Google Ad strategy to successfully grow your eCommerce business in other countries.
If scaling your eCommerce business is a top priority, you’ll need to make your website as mobile-friendly as possible. Here’s how.
Solid support groups are important to growing your eCommerce business in an international market
Learn how a global payment solutions partner can keep your transactions secure as you scale your eCommerce business.
Understanding the best options for secure cross-border payments is essential to growing your business.
Detailed testing of your eCommerce website is essential to your success. Here’s what to test — and how.
Understanding Amazon keywords is critical to outranking competition and increasing sales.
Real-time performance metrics help hone your digital marketing strategy
eCommerce isn’t just about pricing. Visual and video content can be key tools for reaching new customers.
Incorporating search engine optimization tactics is critical to scaling an eCommerce business in a competitive international market.
When consumers spend time scrolling on their phones, is your product in their feed? Scale your eCommerce business by taking advantage of social media marketing.
Even with the best ambitions, any 7-figure seller needs to understand the financial costs of operating in new markets in order to scale with success.
International trade is a critical component of any company’s growth. To stay competitive in a global market, small- to medium-sized enterprises (SMEs) should consider branching out to an international audience.
Avoid common scams with a global payment solutions partner to keep your transactions secure as you scale your eCommerce business.
Understand the 4 most common global eCommerce regulations and how to stay in compliance.
Scaling a business into international marketplaces is exciting — until you see the foreign transaction fees add up. Avoid them by working with a global payments partner.