Tax payments delivered on time, every time

About Taxamo

Taxamo is revolutionizing tax management for businesses selling online across the globe with an end-to-end global tax compliance solution from registration to remittance. It simplifies and automates the tax compliance process, reducing the tax management burden and risk of penalties to enable global market entry and accelerate business growth.

Its solutions cover VAT, GST, and US sales tax, and are tailored to individual business needs. Since launch in 2010, Taxamo has managed billions of transactions globally.

The challenge

Taxamo needed a seamless payment solution that would complete the end to end filing and remittance experience. Ensuring the timely delivery of client’s tax remittances in full was an essential requirement.

Payment to global tax authorities in a variety of local currencies was also required and any payment provider had to have proficiency in the delivery of complex, exotic currency payments.

When are the tax payments payment due… and when will they land? Does my bank even do payments in that currency? Are there special rules for payments to this country?  These were just some of the payments related questions from Taxamo’s clients for which the company was keen to find a solution.

As penalties would also be incurred for late payment, Taxamo also needed to be sure that all transactions were executed error-free for timely delivery.

The solution

Taxamo chose Fexco in recognition for its delivery of high-volume, complex currency payments. With support for over 130 currencies through multiple payment rails like ACH , SEPA, Wire and Faster Payments, Taxamo’s clients were now guaranteed swift delivery of tax remittances in even the most complex of currencies like Chinese yuan and Indian Rupee.

Taxamo’s clients also benefitted from bank beating FX rates and low fees to cut costs on cross border remittances.

Fexco’s validation tool ensured all bank details were correct before execution resulting in straight through processing rates of 100%. This assured Taxamo’s clients that each payment was delivered promptly, avoiding the possibility of any penalties for late remittances.

Today, Taxamo’s clients enjoy complete transparency over all of their tax payments regardless of location or currency and the reconciliation process is completely seamless.

Fexco’s FX management service also mitigates the risks from currency volatility, ensuring payment costs are kept to a minimum.

Taxamo’s clients have full traceability, transparency and certainty that tax payments are made on time, every time and the company can rest assured that its remittance function is in good hands.

The benefits

  • API integrated technology ensures 100% straight-through-processing rates to the tax authorities.
  • 24/7 trading enabled using fully transparent and dynamic rates.
  • Taxamo’s clients have full traceability, transparency and certainty that tax payments are made on time, every time.
  • Efficient processing and delivery of complex exotic payments.
  • Best in class service support from a highly experienced team with expert knowledge of payments.

Since partnering with Fexco, we have streamlined our international payment process to global tax authorities, realising STP rates of 100%.  Our clients have full transparency of the process and certainty that each payment is delivered on time.

John McCarthy, CEO, Taxamo