Marketplaces
The ideal solution for paying overseas freelancers
The Current Landscape:
- Marketplace gets paid by customers around the world, using an online payment gateway
- The payment gateway remits funds to their local bank which then charges a huge currency conversion cost
- The payment gateway charges and conversion costs eat up a significant amount of the Marketplace’s revenue, who has to either pass on the cost to workers or absorb it themselves.
- At scale, this becomes a large line item to expense
What We're Solving For:
- Enabling marketplaces situated outside North America to pay gig workers and freelancers seamlessly.
The Remitr Solution:
- Marketplace opens a Remitr Global Account (GBA)
- Payments from the online payment gateway are sent to GBA
- Remitr transfers funds from GBA to the marketplace’s country of operation for further payments to freelancers
- If the marketplace desires, Remitr can transfer funds to the freelancers directly via API integration with the marketplace
Overseas Compliance and Regulation:
- For certain marketplaces, it is more efficient to provide the services to its customers and freelancers / providers, through a company registered in North America. This setup allows you to efficiently serve buyers the majority of who may be from the same region.
- This arrangement also avoids the cost of round-trip funds movement if the suppliers were to be paid from a different country while the funds are received in the US or Canada.
Marketplaces who wish to incorporate in the US or Canada can:
- Set up a company in the US or Canada which provides services to buyers
- Receive payments online through any credit card processing system like Stripe, Paypal, etc.
- Sign up for Remitr Global Business Account Connect the payment gateway with Remitr Global Business Account which gives you a free US based virtual bank account (also Europe and UK based, optionally)
- Pay service providers and freelancers in any country, using the funds in Remitr GBA.
- Integrate with Remitr API for providing automated payout linked with your own platform.
Connecting You To Resources:
Remitr is happy to introduce you to reputable accounting firms who can help with:
- Company incorporation and business registration
- Book-keeping
- Filing corporate taxes
- Year-end documentation and filing
- Financial statement preparation
Note: Remitr’s role is solely to introduce you to an accounting firm and we have no further commercial interest in the arrangement The accounting firm’s fees will be paid by you directly to them.