Why are you Changing How you do Discounts?
We get tax benefits for collecting foreign funds direct to our business account.* We can collect these by:
credit card payments through our bank’s secure processor, Paycorp.
Direct wire transfer
We cannot get this through Paypal, because the Sri Lankan government restricts how Paypal works here.
We recently changed our company secretary firm. The new one has pointed out the specifics of the compliance requirement. This has not been issue in 14 years of filing retuns, because the Sri Lankan government is incompetent on a scale that is hard, even for us, to understand. However, “they’re incompetent! We’ll file however we like!” is not a responsible way to run a business.
But I can Still Pay with Paypal, right?
Yes. You can pay however you like. We are just shifting how we structure the discount, as an incentive to pay by a different method.
you talk a lot. What are the Changes?
Changes to The 10% Discount
- You get 5% off if you pay with Paypal.
- You get the full 10%, of if you pay by credit card, through our bank’s card processor (NOT through Paypal’s ‘pay by credit card’ functionality)
Changes to the 15% Discount
- You get 7.5% off if you pay with Paypal.
- You get the full 15% of if you pay by credit card, through our bank’s card processor (NOT through Paypal’s ‘pay by credit card’ functionality)
Is there a Catch for Paying by Card?
The first time doing this will likely be annoying. For US customers especially, part of how your bank protects you is by watching for unusual transactions. Buying something from a Sri Lankan merchant, is unusual. Your bank will likely block the transaction, and you may have need to inform them that you are trying to make a transaction to an overseas merchant.
If you have two-factor authentication enabled (usually a code sent to your phone) you will not have a problem.
Once your bank allows a transaction, you should never have this problem again.
* To meet the Sri Lankan government’s threshold as an exporter, we must receive foreign funds to our bank account. No other form of remittance is accepted for defining this threshold.