Unraveling the Role of Seller of Record (SOR) in Global Commerce
In the intricate world of global commerce, businesses encounter a multitude of terms and roles that play pivotal roles in facilitating seamless transactions. Among these, the Seller of Record (SOR) stands as a cornerstone, wielding significant influence over the intricacies of cross-border trade. In this article, we embark on a journey to explore the essence of Seller of Record, akin to its counterpart, the Merchant of Record (MOR), uncovering its functions, importance, and impact on businesses venturing into new markets.
What is Seller of Record?
Seller of Record (SOR) refers to the entity legally responsible for executing sales transactions. Much like its counterpart, the Merchant of Record (MOR), SOR assumes a multifaceted role in the transaction process. However, while the Merchant of Record primarily focuses on payment processing, the Seller of Record shoulders the broader responsibility of overseeing the entire sales transaction, from compliance and taxation to customer service and support.
Key Functions of Seller of Record
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Compliance Management
SOR ensures that all sales transactions adhere to local and international regulations, navigating through complex legal landscapes to ensure seamless compliance and mitigate legal risks.
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Taxation and Revenue Management
Managing taxation is a critical aspect of global commerce. SOR oversees the collection and remittance of taxes applicable to sales transactions, ensuring compliance with tax laws and regulations across different jurisdictions.
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Customer Service and Support
Providing exceptional customer service is paramount for building trust and loyalty. SOR plays a pivotal role in addressing customer inquiries, resolving disputes, and ensuring a positive shopping experience for buyers.
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Chargebacks
Dealing with chargebacks is an inevitable part of conducting business. SOR manages chargeback disputes, investigates the validity of claims, and represents the merchant's interests in dispute resolution processes.
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Refunds and Returns
Managing refunds and returns efficiently is crucial for maintaining customer satisfaction. SOR processes refund requests promptly initiates returns, and ensures compliance with refund policies while minimizing the impact on the merchant's bottom line.
Importance of Seller of Record for Businesses
How Transact Bridge Helps with Seller of Record (SOR) Solutions?
Foreign Product Acquisition
Transact Bridge partners with foreign companies unable to sell products directly in India due to legal and compliance barriers. We procure their products and handle all import-related procedures.
Legal & Compliance Handling
Our expert team manages all legal and compliance aspects, ensuring that products meet Indian regulatory standards seamlessly. This includes obtaining necessary licenses and certifications.
Tax Management
Transact Bridge takes care of all tax-related complexities, including GST and import duties. We ensure accurate tax calculations and compliance with Indian tax laws for each transaction.
Invoice Generation
Using our advanced invoicing system, we generate accurate and compliant invoices for every transaction. This enhances transparency and ensures smooth financial operations for both sellers and buyers.
Payment Processing
Indian consumers can purchase products with ease using popular payment methods like UPI, Net Banking, and credit/debit cards. Our seamless payment processing system ensures a frictionless checkout experience.
Direct Access to Indian Market
By leveraging our SOR Solutions, foreign companies gain direct access to the vast Indian consumer market. This allows them to expand their reach, maximize sales potential, and build a brand presence in India.
Experience the ease of cross-border sales with Transact Bridge's Seller of Record Solutions. Simplify your entry into the Indian market and unlock new growth opportunities.
BOOK A DEMOSome Frequently Asked Questions.
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What is Seller of Record (SOR) and how does it benefit foreign companies selling in the Indian market?
SOR is a service where Transact Bridge becomes the official seller, managing legal, tax, and compliance aspects for foreign companies. This enables seamless entry into the Indian market while ensuring regulatory compliance.
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How does Transact Bridge facilitate payments for foreign companies selling in India?
Transact Bridge offers easy payment methods in INR, including UPI, Net banking, and credit/debit card options, ensuring convenient and secure transactions for Indian customers.
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Can Transact Bridge assist foreign companies with currency conversion and international payment processing?
Yes, Transact Bridge handles currency conversion and international payment processing, allowing foreign companies to receive payments in their preferred currency while offering Indian customers the convenience of paying in INR.
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What types of products can foreign companies sell in India using Transact Bridge's SOR services?
Transact Bridge supports the sale of various products in India, including consumer goods, electronics, fashion items, and more, enabling foreign companies to tap into the Indian market with ease.
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How does Transact Bridge ensure compliance with Indian regulations for foreign companies?
Transact Bridge has a deep understanding of Indian regulations and offers tailored SOR solutions, ensuring foreign companies adhere to local laws, tax obligations, and compliance requirements.
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Can foreign companies customize their SOR arrangements with Transact Bridge?
Yes, Transact Bridge provides flexible SOR solutions tailored to the unique needs of each foreign company, allowing customization based on product type, market strategy, and other preferences.
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What are the benefits of partnering with Transact Bridge for SOR services in India?
By partnering with Transact Bridge, foreign companies gain access to a reliable and experienced partner for navigating the complexities of the Indian market, facilitating seamless entry, and maximizing growth opportunities.
