How to Successfully Collect US Dollar Payouts from Amazon, Shopify and Other Marketplaces

Expanding your business to foreign marketplaces can be a game-changer, and if you're looking to start selling in foreign marketplaces, the US should be at the top of your list. The United States offers a massive consumer base and numerous opportunities for growth. With a population of over 331 million people and a high purchasing power, the US market presents a lucrative prospect for Canadian businesses. However, before you can tap into this potential, it's essential to understand the US payment landscape and the challenges that come with collecting payments from US customers.
 

Why should your business target US consumers?

The US market is one of the largest consumer markets globally, and its proximity to Canada makes it an appealing choice for Canadian businesses. By expanding your business to the US, you gain access to a vast customer base that is hungry for new products and services. Additionally, the US has a strong economy and a high disposable income, which means that consumers are willing to spend on quality products. Selling to the US allows you to leverage these advantages and increase your revenue significantly.
 

Challenges of collecting payments from US customers

Collecting payments from US customers can be challenging due to several factors. One of the primary challenges is the lack of a US presence. Many Canadian businesses face difficulties in collecting payments from US customers because they don't have a physical presence in the country. This can lead to complications with setting up US bank accounts and accepting US dollars. Additionally, international conversion fees can eat into your profits, making it less attractive to sell in the US market.
 

The best way to collect payments from the US

To overcome the challenges of collecting payments from US customers, virtual accounts domiciled in the US can be a game-changer. By partnering with a reputable financial institution like MTFX, you can set up a US account in your company name quickly, easily, and efficiently. This virtual account allows you to collect US dollars directly from US marketplaces like Amazon and Shopify, eliminating the need for international conversion fees.

Virtual accounts domiciled in the US: How MTFX can help

MTFX specializes in providing virtual accounts based in the US for Canadian businesses. With MTFX, you don't need a physical US presence to collect payments from US customers. The process of setting up a US account in your company name is quick, easy, and efficient. MTFX ensures that you can start accepting US dollars in no time.
 

Benefits of using virtual accounts for collecting US payments

Using virtual accounts based in the US offers several benefits for collecting payments from US customers. Firstly, it eliminates the 4-6% in international conversion fees that you would typically incur when converting US dollars to Canadian dollars through the marketplace site. This means more money in your pocket and increased profitability. Secondly, virtual accounts allow you to collect US dollars directly from US marketplaces like Amazon and Shopify. This streamlines the payment process and makes it easier for your customers to pay you.
 

Eliminating FX conversion fees

One of the significant advantages of using virtual accounts domiciled in the US is the elimination of international conversion fees. When you receive payments in US dollars and convert them to Canadian dollars, traditional banks charge a hefty fee for the currency conversion. This can significantly eat into your profits and make selling in the US market less attractive. By using virtual accounts, you can bypass this fee and keep more of your hard-earned money.
 

Successfully collecting payments from US customers

Expanding your business to the US market is an excellent opportunity for growth and increased revenue. However, collecting payments from US customers can be challenging without a physical US presence. By leveraging virtual accounts domiciled in the US, you can overcome these barriers and successfully collect payments from US customers. With the help of MTFX, setting up a US account in your company name is quick, easy, and efficient, allowing you to tap into the lucrative US market. Don't let international conversion fees hold you back. Break the barriers and start collecting payments from US customers today.

To start collecting payments from US customers and eliminate international conversion fees, create your virtual account today and start saving thousands of dollars.