A closer look at Shopify’s multi-currency features in Canada
This article will go over how the multi-currency payments system works, how to set it up, and how you can use it with Wise to grow your business
Poshmark is a popular online marketplace that has recently made its way into Canada. It's now being used by Canadians all over the nation. With millions of shoppers and sellers, Poshmark provides an excellent platform for Canadian entrepreneurs to sell their products.
In this article, we’ll talk through the basics of how to sell on Poshmark Canada, and how Wise can help you get started quickly and easily.
You can create an account on Poshmark Canada using pre-existing accounts from Facebook, Google, or Apple. You can also make an account from scratch using your email. Whichever way you choose, simply go to the signup page and follow the instructions that apply to you.
For an email account, you will need to provide your1:
Once you have signed up for your account, it is important to set up a compelling seller profile. This will help customers understand who you are and what products or services you are selling. Make sure that:
Listing an item differs slightly between using the web and app versions of Poshmark.2 Here are the steps for each:
App
Web
High-quality photos are essential for creating a successful listing on Poshmark Canada. You want to make sure that the pictures you’re taking of your product accurately represent what it looks like and that they’re taken in good lighting.
You should also focus on writing compelling descriptions for each item you list. Your descriptions should be detailed enough to give potential buyers an accurate picture of what they're buying, but concise enough to keep them interested in learning more about your products.
While just making a post can sometimes be enough to make a sale, Poshmark offers lots of tools and features that can make your listings stand out from the rest3:
You can learn more about those features and other tools that can help you beyond sales on the Poshmark guide3. A lot of their tools are great for inventory management so you know what to keep in your shop and what to remove.
A lot of the tools mentioned above are really helpful for marketing your Poshmark collection, but here are some other tips:
Poshmark makes shipping easy by sending you a shipping label as soon as you make a sale that can cover packages under 5 pounds. If your package is larger, follow these instructions4:
The label will be sent to your email and additional costs will be deducted automatically from your earnings/credits.
As for boxes and mailers, you can pick these up or have them delivered for free from USPS. You can use other services, but you will have to pay. Poshmark recommends that you make sure fragile items are packaged with padding.
They also encourage you to make your shipping materials personalized and branded to generate brand awareness and make your customers feel special.
Once your item is packed and you’ve secured your label to the outside, you can drop your package in a mailbox or at your local post office. You can also have it picked up from USPS or Canada Post by scheduling online. USPS is free, while Canada Post requires a small fee.4
If you use all of Poshmark’s free services, you won’t pay anything for shipping. The flat rate fee of $7.97 is always paid for by the buyer, not the seller.4
The Poshmark community is very active in Canada and engaging with it can be extremely beneficial for your business. Participating in the Posh Parties, which are held four times a day on the platform, is a great way to promote your brand and products.
Additionally, you can also join various groups within the community that focus on specific topics or interests related to your niche. This will help you build relationships with other sellers and customers who may be interested in what you have to offer. Don’t be afraid to interact with users similar to you by liking their content.
Before you can start selling on Poshmark in Canada, it’s important to understand the legal and financial aspects of running a business on this platform. First, you need to know that Poshmark is now “required to charge and collect GST/HST, QST, and PST (as applicable) on sales to Canadian buyers”. You can learn more about this on their website.⁵
Other than this, there are no tax forms or information directly associated with Poshmark. However, it is highly recommended that all sellers consult their accountant or legal adviser for tax-related advice.
Getting paid is a very easy process and can be done anytime you’d like through the app.
Poshmark Canada currently does not allow users to ship outside of the country, making international selling a costly and complicated endeavour. Selling to the US on Poshmark or to any other country is possible, but it requires the help of a third-party shipper that you find yourself.
While there are many providers for shipping, the best way to make the financial aspect a lot easier is with the help of Wise.
Wise’s business account helps you manage international currency, taking care of currency conversion at the mid-market rate so you don’t end up losing money due to poor exchange rates. You can also hold, receive and send money in multiple currencies like USD, CAD, AUD, GBP and more - making it much easier for international customers to pay you. Additionally, Wise makes it a lot simpler to pay suppliers in various countries with minimal fees.
Now that you know how to set up your account, list items, market, optimize, engage with fellow users, ship, and get paid with Poshmark, you’re more than ready to get started. But always remember that you should never stop learning and growing.
Poshmark has lots of features and is constantly changing to match trends, meaning there is always going to be something you could stand to learn more about. Be sure to keep up with Poshmark’s blog, to see what’s new and
how they can help you. Proactivity in selling and learning is always key.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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