Expanding your ecommerce business through marketplace payment consolidation
Consolidating your cross-platform marketplace sales, including those from eBay, Amazon and Walmart, into a single location is one of the keys to successfully expanding your eCommerce business. Doing so allows you to easily track all incoming payments and outgoing expenses, enabling you to effectively budget your resources and invest in your individual stores as needed.
As the leading cross-border payments platform, Payoneer has the tools and services you need to track and manage your individual marketplace payments from a centralized location. Here, we’ll go over what it means to consolidate your payments, why it’s important to your long-term expansion plans and how Payoneer can help you get the job done.
What is marketplace payment consolidation?
If you’re an existing eBay or other marketplace seller, branching out and opening new stores is one of the surest ways to shore up your business, grow your customer base and expand into new geographies.
Problems arise, however, if you’re unable to properly manage each of your stores’ expenses. For example, ordering additional inventory for your Amazon store using funds from your eBay store can get complicated if you don’t have all your financial details in one place. The same can be said if you want to analyze and compare sales stats and revenues between your Walmart and Lazada stores.
When it comes to getting around these complications, you have a few options:
- Track payments individually – Probably the least effective solution to tracking your payments is to independently monitor each of your stores, compare how they perform and calculate your total earnings. It can be a complicated process, especially if you aren’t an accountant.
- Third-party software – You can invest in software that compiles all the financial data from your different stores, which can then be used to analyze performance and allocate resources. While this can be an effective solution to consolidate your marketplace payments, purchasing software can be expensive and complicated to use.
- A central location to receive your payments – By receiving your Amazon, eBay, Walmart and other marketplace payments to a single platform, you’ll gain a comprehensive overview of your current financial situation, giving you a clear picture of which of your stores are performing well and which require additional resources. Best of all, if your payment provider supplies this platform, it will be available free of charge, saving you additional funds that can be put towards your business.
So, how should you start consolidating your marketplace payments? That’s where Payoneer comes in.
The Payoneer Solution: Payment Consolidation for Effective Business Growth
The Payoneer Store Manager is a one-stop-shop for your marketplace payment consolidation, providing you with an easy to use way to receive your payments and reallocate funds to grow your business. We work with dozens of marketplaces, ensuring that no matter where you sell, you’ll be able to manage your payments effectively right from Store Manager. Available marketplaces include:
- Amazon
- eBay
- Walmart
- Cdiscount
- Lazada
- Wish
- Linio
- Tophatter
- Rakuten
- And many more!
When it comes to your marketplace payments, Store Manager allows you to:
- Track your funds – View your all your stores’ payments from a single place.
- Monitor your performance – Tag each of your stores to easily see how they perform.
- Analyze trends and revenues – Export your financial data to compare trends and revenues between your different stores.
You’ll then be able to make informed decisions on how to best use the funds in your account to grow your business. Specifically, you’ll be able to:
- Make business payments – Use the funds in your Payoneer balance to pay your suppliers, contractors or other business partners.
- Pay your VAT – Make VAT payments directly from your Payoneer balance for free!
- Convert funds – Convert your funds into a wide range of currencies at leading market rates.
- Withdraw your funds – Withdraw funds to your local bank account in your local currency.
- Access working capital – Payoneer’s working capital solution, Capital Advance, is the ideal cash flow solution for your Amazon and Walmart stores. With Capital Advance, you’ll be able to access multiple funding options, each providing you with different working capital offers and settlement terms. All Capital Advance settlements are done over time and you never have to worry about hidden fees or other costs.
Interested in learning how else Payoneer can help you as you grow your business?