Thinkific adds an automated sales tax solution for creators

Friday 18 August 2023 09:50 CET | News

Canada-based end-to-end platform for online learning products Thinkific has added a Stripe-enabled automated sales tax solution addressed to creators.


According to the press release, the new automated product was designed to calculate, collect, report, and remit taxes on creator sales both in the US and Canada. Moreover, Thinkific is reportedly just one of the multiple platforms worldwide that will deploy the Stripe-enabled solution.

When commenting on the latest announcement, an official from Thinkific stated that navigating sales tax remittance across multiple jurisdictions can be very complicated and time-consuming. They further added that the reason behind their decision to collaborate with Stripe was to provide an automated solution that would address this pain point that creators face and, thus, allow them to manage all aspects of tax compliance. 

Apart from the launch of this offering, Thinkific has additionally revealed the introduction of a new suite of commerce products that can purportedly help creators make informed business decisions and, consequently, drive their efficiency and growth.

Canada-based end-to-end platform for online learning products Thinkific has added a Stripe-enabled automated sales tax solution addressed to creators.


More details about the new offering

Dealing with taxes has always been a source of frustration for online creators. The situation is made even more challenging given the intricacies of tax regulations, the obligations associated with filing taxes in various states and provinces, and the constantly evolving rules. This mix of aspects can make it very difficult for creators to ensure compliance with the regulations without help.

The newly introduced solution comes to address this difficulty as it was specifically created to facilitate tax compliance on the transactions processed through Thinkific Payments in the US and Canada. 

Aside from ensuring creators adhere to tax rules, the new offering can enable them to increase their earnings from every sale by automatically calculating and including relevant taxes on top of their set product price. Consequently, this makes it possible for creators to avoid absorbing the varying tax costs across jurisdictions.

Additional solutions launched by Thinkific

Thinkific is an end-to-end platform for online learning products addressed to creators and businesses that want to generate revenue by teaching what they know. At the moment, the platform reportedly supports over 50,000 active creators. 

As part of the present announcement, Thinkific revealed the introduction of advanced customer analytics for its creators. The new feature will purportedly provide its creators with insights regarding their enrolments, orders, student and course engagement, revenue, and overall business performance. The new capability is expected to help them make informed decisions and, ultimately, scale their business.

Earlier in 2023, also following a collaboration with Stripe, the platform launched a Buy Now, Pay Later (BNPL) functionality via providers Affirm, Klarna, and Afterpay.

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Keywords: product launch, partnership, fintech, tax bill, regulation, compliance, remittances, financial services
Categories: Banking & Fintech
Companies: Stripe, Thinkific
Countries: Canada, United States
This article is part of category

Banking & Fintech




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