Vertex, Inc. and Mirakl have announced the certified integration of Vertex® O Series® and the Mirakl Marketplace Platform. The solution seamlessly integrates with Mirakl’s platform, automating the update of tax rates and rules, as well as determination and calculation of sales, seller use and value-added tax (VAT) on marketplace transactions.
The benefits of the certified integration include accuracy and consistency enhancements for tax determination and calculation for every line-item of each transaction, further reducing the compliance risk for marketplace operators and sellers. Through the integration, businesses operating online platforms powered by Mirakl are able to fully leverage Vertex’s industry-leading, end-to-end global tax and compliance technology.
According to Gartner research, by 2025 80 per cent of B2B sales interactions between suppliers and buyers will occur in digital channels. With this growth comes the challenge for marketplace operators and sellers worldwide to understand and comply with diverse tax and compliance regulations with each sale. Variables impacting tax complexity include item origin and destination, liability assessment, applicable tax rates and rules and determined responsibility for collecting and remitting taxes for specific items in an order.
“With the volume and complexity of tax and compliance requirements for marketplace facilitators continuing to grow globally, the ability to streamline tax determination and remove friction for marketplace operators and their sellers is key,” said Chris Jones, chief commercial officer at Vertex. “This certification provides customers the comfort of knowing that regardless of what transaction systems they leverage now or in the future, Vertex solutions will strive to meet their evolving needs – adapting to provide consistent performance.”
“Expanding a marketplace business into a new market brings an untapped audience of buyers and increased revenue – but it also introduces new complexities in tax compliance,” said Andy Barker, EVP Financial Services, Mirakl. “With Mirakl and Vertex, taxes don’t have to be a barrier to platform growth. Now, enterprises can use Vertex’s certified integration to streamline tax compliance and seamlessly operate their Mirakl-powered platforms, so that they can focus on what matters: delivering more value to customers.”
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