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Doing business worldwide

Blog about doing business internationally.

Globally, the growth of internet services and e-commerce businesses is generating billions of dollars a year. Only a small percentage of Curaçao’s business owners use e-commerce websites to conduct their online transactions. Although the majority of them have already developed websites and fully utilized social media platforms like Facebook and Instagram. As online retail sales grow in popularity, many forward-thinking businesspeople are looking at international e-commerce company options. Merchants in Curaçao should not be an exception because they may gain from reaching out beyond our borders and looking past our modest economy to participate in these international marketplaces.

About e-commerce

The act of executing commercial transactions electronically over the internet, including the processing of credit cards, is known as e-commerce (electronic commerce). Businesses and independent contractors can sell their goods and services to clients all around the world thanks to e-commerce platforms. Local business owners can sell their goods and complete their export orders. For items weighing less than one kilogram, the local carrier C-post provides express delivery to any country for a fair price. Additionally, local business owners can collaborate with an international logistics firm that will handle all warehousing and fulfillment (i.e. a fulfillment center). Selling a product through a drop shipper, who will complete all orders for you, is a choice. Dropshipping is a method of order fulfillment that eliminates the need for a business to have an inventory of the products they sell. Instead, the online business sells the item and transfers the purchase order to a different supplier, who ships the order to the consumer.

How to get paid

Payment-processing companies are required by all e-commerce websites to manage multiple transactions from various channels for the merchant’s “acquiring” banks. Typically, a merchant’s options for processing payments depend on the nation in which their business is registered. Banks in Curaçao offer merchant services, albeit not all of them offer online processing. The only local payment processor in Curaçao is called CX Pay, and it only accepts payments from MCB, Vidanova, and FCIB. They give the merchant’s website(s) the technology to be integrated, but only if the website was made on the WooCommerce (WordPress) or Magento platform.

The linked banks’ and CX Pay’s fixed monthly fees are greater than those of Stripe, Braintree, and 2Checkout, which only charge transaction fees. PayPal is among the most well-known and adaptable payment processors in the world. While Curaçao businesses and residents can use PayPal to make online purchases of goods or services, this territory cannot currently accept payments. This is bad because PayPal serves as the major payment method for practically all online e-commerce platforms. For Curaçao businesses or independent contractors, there are a few choices. With no monthly or setup fees, the payment service 2Checkout is a suitable choice for Curaçao-based businesses.

However, because this is a part of their screening procedure, your e-commerce website should be finished as the compliance process can take some time.

Current e-commerce options in Curaçao

If you wish to use PayPal, Stripe, or another payment processor, opening a US-domiciled company and bank account may be a good choice for local merchants. Having a business in the United States allows you to use a variety of payment processors and sell your products on other e-commerce sites such as Amazon, eBay, or Etsy. A program called Stripe Atlas can assist international merchants in setting up US-based businesses and bank accounts.

Websites like Upwork and Fiverr can be used by freelancers who want to sell services like consulting and web design on the internet global market. These platforms carry out payouts to Curaçao-based local bank accounts.

E-commerce may have a major economic influence on Curaçao by promoting local business development and growth, producing sustainable income, improving business prospects, and enabling access to growing markets.