The social commerce platform will integrate sales tax collection and remittance, expanding its suite of services designed to simplify the life of its community of sellers
REDWOOD CITY, Calif., March 28, 2019 — Poshmark, a leading social commerce platform for the next generation of retailers and shoppers, today announced Posh Remit, an innovative, hassle-free service that calculates, collects and submits state and local sales tax on all eligible orders from shoppers across the country on behalf of its sellers. Beginning in April, Posh Remit will simplify the process for Poshmark’s community of five million Seller Stylists, alleviating the time-intensive burden of collecting and submitting state and local sales tax. Once implemented across the U.S. in every state where sales tax is imposed, Posh Remit will be one of the first country-wide tax collection and remittance services on a social marketplace.
This is the latest addition to the company’s suite of seamless social commerce services, including Posh Post, Posh Pay, Posh Protect and Posh Authenticate, serving Poshmark’s community of Seller Stylists who have added over 75 million items to the platform. The suite of tools is designed to support sellers’ ability to scale their business and provide a comprehensive shopping experience to consumers. To date, Poshmark has paid out over $1 billion to its community of sellers, including several Seller Stylists making six- to seven-figures on the platform.
“Poshmark Seller Stylists are quickly becoming the next generation of retailers, and we’re committed to continuing to scale our services to make it easy for anyone to run and grow their own business on the platform,” said Manish Chandra, founder & CEO of Poshmark. “Poshmark’s universal approach to sales tax will allow Seller Stylists to reach shoppers across the U.S., while at the same time supporting their local communities directly.”
In addition to Posh Remit, Poshmark’s suite of Seller Stylist services include:
- Posh Post: In partnership with the U.S. Postal Service, Poshmark supplies Seller Stylists with pre-paid, pre-addressed shipping labels for any item that weighs up to five pounds. The process ensures simple, fast and easy fulfillment, in keeping with Poshmark’s customary two-day shipping timeline.
- Posh Pay: Poshmark provides transaction processing through Posh Pay, offering buyers a variety of payment methods including credit card and Posh credits, PayPal, Venmo, Apple Pay and Android Pay, while also providing Seller Stylists with fast payment remittance.
- Posh Protect: Poshmark promises refunds to buyers if an item fails to ship or does not match the listing description. Poshmark buyers can seamlessly request a full refund by uploading photos to the app.
- Posh Authenticate: Poshmark offers free item authentication on luxury items priced at $500 or more. An expert team carefully inspects an item’s authenticity by checking logos, tags, materials, hardware, quality and more, before packaging and shipping the item to the buyer.
About Poshmark Poshmark is a leading social commerce platform for the next generation of retailers and shoppers. Through technology, our mission is to build the world’s most connected shopping experience, while empowering people to build thriving retail businesses. Since launching in 2011, Poshmark has become a vibrant social shopping community with five million Seller Stylists helping 40 million users discover items they love from over 75 million listings. The company is backed by the world’s leading investment firms including Mayfield, Menlo Ventures, GGV Capital, Temasek, Inventus Capital, Uncork Capital, Union Grove Venture Partners, Shea Ventures and AngelList. For more information, please visit www.poshmark.com, or find us on Instagram, Facebook, Twitter,Pinterest and YouTube.