Hi, with he payouts being handled manually. I will receive the funds and have to make sure this is sent to the buyer. How does this work tax wise? If someone buys something of someone on my marketplace, I will receive the funds and send the same funds to the seller when this is required. Do I need to set up a separate account for this or can I just use my personal bank account?
Sorry, I can’t give advice on taxing (this depends on the country of doing business), I guess some countries consider all the payments as income and vendors as contractors (so you’ll have to generate an invoice for each payout) others may consider your company as an intermediate that just charges a commission for services.
We also plan to implement the split payments feature, so the order amount will be sent directly to the seller (e.g. via PayPal/Stripe), without being sent to the site owner first.
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