Joshua D'Costa
Growth & Marketing
Feb 6, 2025
|
5
min
The rise of the Creator economy and solopreneurship is on the rise, between 2023 - 2030, the creator economy is predicted to grow from $127.65 billion to $528.39 billion at a CAGR of 22.5%. Over the years, we’ve seen a growing number of individual creators and freelancers entering the online business space selling products, like e-books, online workshops, freelance services, AI Tools, and even astrology consultations, the internet has become a marketplace of endless possibilities.
But as thrilling as it is to launch a digital product, there are hurdles; tax compliance, payment processing, and legal complexities that can make it feel overwhelming. Enter the Merchant of Record (MoR), a game-changer for seamless global operations. And yes, with Dodo Payments, you don’t even need to have a registered company to get started.
Challenges Faced by Individuals
For individual entrepreneurs or Solopreneurs, the dream of selling digital products often comes with a reality check:
Secure Payment Processing: Handling international payments involves currency conversions, high fees, fluctuating exchange rates and fraud risks. It’s a lot to manage especially when you are on your own.
Setting Up a Company: Many platforms require you to have a registered business entity, which can be a major barrier.
Legal Documentation: From tax compliance to data privacy laws, navigating the legal landscape can feel like a full-time job.
These challenges often discourage talented individuals from stepping into the digital marketplace. But it doesn’t have to be this way if there is a third party a.k.a Merchant of Record involved.
So, What Happens When a Merchant of Record is not into the Picture
If you are on your own without an involvement of a third party like Merchant of Record, you are basically taking on all the responsibilities yourself. Which means:
Non-Compliance Risks: Overlooking tax laws or data regulations can lead to fines and legal troubles.
Administrative Overload: You’ll spend countless hours managing payments, taxes, and customer disputes instead of focusing on your product.
Inefficient Payment Systems: Juggling multiple gateways and dealing with high transaction fees can eat into your profits and frustrate customers.
It’s a lot to handle, especially when your primary focus should be creating value for your audience.
What If You Consider Using a Merchant of Record?
Here’s the good news you don’t have to go it alone. When you Partner with a Merchant of Record, it can simplify your journey in ways you never imagined:
No Need for a Registered Company
First and foremost you don’t need a Registered Company. With a Merchant of Record like Dodo Payments, you can start selling digital products as an individual.
Cost & Time Savings
Think about the hours (and money) you will spend paperwork, filing taxes, or dealing with compliance issues, A Merchant of Record will do that for you. Instead, you can focus on creating and selling your digital products.
Streamlined Operations
From managing tax compliance to leveraging the best payment processing software, an MoR handles it all. This means you can offer a seamless experience to your customers without having to deal with the technical details.
Why Dodo Payments Is the Perfect Solution
At Dodo Payments, we’ve tailored our services to meet the needs of individual entrepreneurs a.k.a Solopreneurs.
All-in-One Payment and Compliance Management: We take care of everything from tax calculations to fraud prevention.
Simplified KYC Process: Don’t worry about complex paperwork; we’ll guide you through a straightforward process.
Flexibility for Freelancers and Creators: Whether you’re selling online consultations or subscription-based services, we’ve got you covered.
Easy Step-by-Step Guide on How to Open a Dodo Payments Account
Ready to get started? Here’s how:
Visit Our Website: Go to the Dodo Payments homepage and click “Login.”
Provide Basic Information: Fill in your email and Password to access your dashboard.
Submit Important details for verification: Upload a valid ID and address proof. Our team will handle the rest.
Set Up Your Product: Add your digital product details and pricing. You can even use our “Pay What You Want” feature to let customers choose how much they’d like to pay.
Go Live: Once your account is approved, you’re ready to start accepting payments globally.
For a detailed walkthrough, see our How To Guide.
Conclusion
Selling digital products on your own doesn’t have to be complicated. With Dodo Payments as your Merchant of Record, you can focus on delivering value to your customers while we handle the nitty-gritty of global operations. From secure payment processing to tax compliance, we’ve got your back.
Checkout Dodo Payments today and take the first step toward turning your digital dreams into reality.
