Cross-border eCommerce can provide any business with the opportunity to expand and open their business up to more markets and customers. Whilst this sounds like a fantastic proposition, there are many issues to contend with when first starting out.
There has recently been a large increase in the amount of regulations and compliance rules that are being introduced and monitored, which are often missed by smaller businesses who may not have any previous experience with customs.
There is a sharp focus on knowing what you are sending, and who you are sending it to.
Unknowingly sending an item into a country that requires a licence or sending goods to a blacklisted customer will end up with a business facing fines, and goods being destroyed.
Hurricane has developed 3 main solutions to help businesses stay compliant, and successfully expand their business into cross-border eCommerce.
They are Import Duty and Tax calculations, Prohibited and Restricted Goods Screening and Denied Party Screening. Below we show what these solutions do, and how they can help your business navigate cross-border eCommerce.
Duty and Tax
Every product has a duty and tax rate applied by individual customs upon importation. Individual countries also have their own deminimis levels, which are the values under which products do not have any duty or taxes applied to them.
It can therefore be difficult to calculate the duty and tax rates applicable in checkout. Hurricane’s duty and tax calculator allows businesses to show their customers the total cost of any purchase, drastically reducing negative customer experiences and customer churn.
Prohibited and Restricted Goods
Each country’s customs have their own rules on what can and can’t be imported, and whether special licences or permissions are required. Having carried out deep analysis of restrictions and requirements for importing, exporting and transporting goods in 154 countries, covering 97% of global GDP, Hurricane provides feedback on prohibited and restricted codes. Hurricane’s screening prevents goods from being wrongly transported or imported, ensuring there are no compliance slip ups.
Denied Party Screening
Denied Party Screening is becoming crucial for any business trading cross-border as punishments become more severe. Hurricane’s screening allows businesses to see if their customers and partners are on any of the global denied parties lists, allowing you to control who you sell your products to.
Compliance is key
Transparency is key to providing a positive customer experience. It is incredibly cost-effective and affordable compared to fines that can be given due to non-compliance.
Hurricane can also be a key selling point for your customers, as they will know that all costs will be paid upfront and transit times will be reduced.
Contact us to find out how Hurricane can help your business navigate the uncertainties of cross-border eCommerce.
