Successful SMEs keep a close watch on daily movements in currency prices and adjust their own prices if necessary . handle the import and export details for them , so they remain on the right side of both tax laws and consumer communication .

ADAPTING A BUSINESS AND BRAND TO SUIT INTERNATIONAL MARKETS , INCLUDING OFFERING PAYMENT OPTIONS IN DIFFERENT

CURRENCIES , SIGNIFICANTLY INCREASES THE CHANCES OF AN

E-COMMERCE BUSINESS

SUCCEEDING .

Don ’ t get – or pass on – nasty tax surprises

Value Added tax ( VAT ) is one of the most common taxes in the world and differs across the globe not only in its rate but also in which products are exempted .

“ SMEs should be familiar with the VAT rules of each country they ’ re selling and shipping their products to ,” Shimkin said .

In addition to VAT , there are several other taxes to consider , including import and export duties , which can vary widely and may even affect delivery times for customers if they are not paid punctually .

“ It ’ s particularly important to make sure your customers don ’ t get a nasty surprise , so SMEs should include clear information about import and export duties on their sites ,” Shimkin said .

He advised online SMEs to partner with reputable import / export specialists that can

Keep in mind geographic preferences

Online SMEs should be aware that payment preferences differ across geographies , Shimkin said .

“ Online consumers in the US , for example , prefer to pay with credit cards , while consumers in Europe prefer alternative payment options such as PayPal , and many South Africans prefer using debit cards and instant EFT payments . If you ’ ve done all the hard work to ensure that your product or service is available in a range of different currencies , you should also ensure that you provide your customers with the payment options they prefer ,” he commented .

Similarly , consumers in some geographies prefer standard mail deliveries , while couriers are a necessity in other countries .

Despite these challenges , the potential benefits of international expansion for SMEs remain substantial , Shimkin concluded . �

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