Companies often face problems while paying for the tools on the AWS marketplace, as the only way to pay the bills is in USD. This results in a lot of problems like fluctuating currency exchange rates, transaction complexities, and added taxes that can turn a simple transaction process into a headache for SaaS buyers. In this guide, we'll explore ways to simplify the AWS marketplace transaction experience.

Forex Woes: Challenges of Multi-Currency Transactions

One of the major challenges that businesses face while making multi-currency transactions on the AWS marketplace is the fluctuating Forex conversion rates. This adds another layer of problem to the transaction process which might lead to added costs. The INR to USD conversion involves high conversion charges thus inviting a lot of complexities.

Consider a scenario where an Indian business is trying to procure tech tools for its team on the AWS Marketplace and the only option is to settle the bills in USD. The constant variation in exchange rates leads to increased costs, making their budgeting and financial planning difficult. Additionally, the complexities of ACH transfers double up the issues, resulting in delayed payment processing.

SaaSPay’s Multi-Currency Advantage

Just think about this, you're looking to purchase the best SaaS tools from AWS marketplace for your team but the payment limitations make your decision process longer. It's like going to a foreign bazaar with a pocketful of local coins – it makes shopping difficult and the process long overdrawn and riddled with hidden complexities. Exchange rates can change unpredictably and unwanted hidden fees are always ready to pounce when you least expect them but it won’t happen anymore.

Introducing borderless payments by SaaSPay – an AWS CPPO payments partner designed to provide an easy and efficient transaction process for Indian Businesses procuring SaaS tools on the AWS Marketplace. It addresses all the pain points related to cross-border transactions providing a seamless and cost-effective alternative to traditional payment methods.

Here are the benefits of using borderless payments by SaaSPay:

1. Pay In INR: By using borderless payments by SaaSPay, SaaS buyers can now settle their bills in INR instead of USD. This shift makes it more convenient for Indian businesses to procure tools from the AWS marketplace.

2. No Withholding Taxes: Usually in cross-border transactions, withholding taxes are charged which are about 15 to 20%, leading to extra expenses. With SaaSPay multi-currency transactions, the seller issues TRC due to which withholding taxes are waived off.

3. Eliminate ACH transfers: ACH or Automated Clearing House transfers are electronic payments between banks. By removing ACH transfers, SaaSPay simplifies the payment process, reducing complexities associated with traditional bank transactions.

The multi-currency option not only results in significant cost savings but also ensures greater transparency and control over financial transactions.

Getting Started with SaaSPay: A Guide

Adhering to FEMA guidelines, SaaSPay facilitates cross-border transactions for AWS’s ISV partners by simplifying multi-currency payments here’s how:

Step 1: A local currency virtual account is set up in India

Step 2: INR to USD conversion happens at the backend and the company receives a final invoice in INR with the virtual account details. The conversion rates are based on the rates of that particular day.

Step 3: The company then settles the bill in INR

Step 4: Again the conversion takes place in the backend and the seller receives the entire amount in USD.

Once everything is done and the seller confirms the payment, they file their respective taxes. Following which a TRC along with form 10F and NO PE form are provided by the seller. Using these documents, we show both the government that tax is settled in the SaaS seller’s country, thus waiving off the withholding tax.

Conclusion

Managing multi-currency transactions on the AWS Marketplace is not confusing anymore. SaaSPay not only simplifies the process but also helps Indian buyers to settle bills in INR. It is time to say goodbye to fluctuating forex rates and ACH transfer complications and welcome a new era of streamlined transactions with Borderless payments by SaaSPay.

Ready to simplify your AWS Marketplace transactions? Talk to our experts today