Online cross-border payment technology is opening new markets for e-commerce firms and new shopping options for consumers — but the European Union’s tax system hasn’t kept pace, creating compliance headaches for U.S. digital merchants and confusing bills for customers on the Continent.
In an attempt to fix that problem, the European Commission has simplified its value-added-tax (VAT) regulations governing online sellers and cross-border payments. VAT, which is assessed in Europe and other countries, is the equivalent of a sales tax but is structured differently. U.S. sales taxes are levied at the point of sale as a percentage of the overall purchase, while VAT is based on calculations that determine the increase in value of a good or service at different stages of production or distribution.
The Strawhecker Group (TSG) and the Electronic Transactions Association (ETA) surveyed over 500 U.S. SMBs in April to understand how the COVID-19 pandemic is currently impacting SMB operations and payments acceptance, and how the market compares to April 2020.
Download the full 35-page report. The report helps the payments industry understand how to best support the SMB community as they continue to manage the pandemic, while moving towards a goal of greater recovery.
TSG Can Help
This data is an example of the type of actionable research and data TSG can prepare based on your needs. Whether it is strategy, research, analytics, or performance we can help. Contact us today to discuss your needs.