The iBOX original design would allow for customers on the retail side to access and view general type products. With the upgraded Specialty iBOX version we have focused on the buy and sale of silver numismatic coins and customized silver jewelry.
The iBOX is a online store front with a membership in a precious metal club where you can purchase numismatic coins or customized silver jewelry. The products your buy within the club can be used personally or sold for a profit in your Specialty iBOX storefront. Listed below is a the steps needed to sell products from the precious metal membership club.
Quick Overview
- to have a supplier, the membership in the precious metal club.
- you need a way to present and show the products to your customer.
- you have a mechanism by which a customer can pay for the coins are jewelry online.
- you need a method for you to pay for the products your customer purchased.
- you need a deliver or shipping process to deliver the product.
- you need a method to continually communicate with your customers for any future products they may be interested in.
The Old Way. Customer buys offline
not through the store front
Let’s take a look at each of these steps.
First, purchasing the numismatic coins or silver jewelry from a supplier. Must have a supplier that provides consistent and reliable products on a continual basis. Having a reliable supplier is a necessity to having a successful online iBOX business.
Second, you need a way to present the products to your client, the product images and information must be available.
Third, to have a mechanism your online customer can pay for the products.
- you must charge sales tax for the re-sell of a product
- Currently collect sales tax for only Texas
- If the The Marketplace Fairness Act of 2013 passed the House and Senate, plan to collect sales tax for all 50 states.
- you will be waiting for a check to be mailed.
- you have to deposit the check, wait for the check to clear.
Fourth, after the check clears, you can order the product and have it shipped.
Fifth, you will need a delivery process to have the product shipped to the customer.
Sixth you will need a notification of delivery and method to communicate with your customer.
The Old Way – Time Line
Let’s look at the time line, the buyer sends the check out on Monday, the check has a three day delivery. You received a check on Thursday and deposit it the same day. The funds are available on Monday for you to purchase the coin. You order the coin on Monday and it ships within 24 hrs. The coin ships on Tuesday and is delivered within five days, which means the following Monday. The time line is:
- The check delivered, 3 days,
- Go to the bank on Thursday deposit check, 1 day,
- Wait for funds available, 1 day,
- Order the coin and have delivered, 5 days.
- Total time line is 10-12 days.
Administrative issues
- Manually calculate sales tax before the sale based on county or governing body
- Track the sale taxes after the sale
- Monitor balances from bank
- Manual communications with customer
through the store front
Let’s take a look at each of these steps.
First, purchasing the numismatic coins or silver jewelry from a supplier. Must have a supplier that provides consistent and reliable products on a continual basis. Having a reliable supplier is a necessity to having a successful online iBOX business.
Second, you need a way to present the products to your client, the product images and information must be available – presented online with marketing system, product diaplys and product pages.
Third, to have a mechanism your online customer can pay for the products.
- you must charge sales tax for the re-sell of a product
- Currently collect sales tax for only Texas – calculated and collected in the online payment.
- If the The Marketplace Fairness Act of 2013 passed the House and Senate, plan to collect sales tax
- for all 50 states – when required, calculated and collected in the online payment.
- Sales Tax report available on demand from marketing system
- you will funds available immediately
Fourth, you can immediately order the product and have it shipped.
Fifth, you will need a delivery process to have the product shipped to the customer.
Sixth you will need a notification of delivery and method to communicate with your customer.
The New Way – Time Line
Now let’s look at the iBOX method, the customer orders on Monday online and the funds are available immediately. You place the order possibly Monday or Tuesday morning, the product ships the same day and five days later the customer has it which is Monday 5 days later.
Total time line is 5-6 days.
Administrative solutions
- Sales tax calculated automatically before the sale
- Automatic tracking of sale taxes after the sale
- Online payment balance transferred to bank account
- Automatic communications with customer