Winvesta vs BriskPe: Which makes global tax compliance easier?

Generated Simplifying tax compliance for global transactions has become crucial since India's GST implementation in 2017 transformed international business operations. Whether you're handling the multi-tiered GST structure with its 5% to 28% tax slabs or managing TDS rates that range from 10% to 40% on foreign payments, staying compliant can be challenging. While March 2023 saw GST revenues surge by 13% to ₹1.6 lakh crore, businesses still struggle with complex documentation and reporting requirements.

This is where platforms like Winvesta and BriskPe step in to help you navigate these complexities. Both offer solutions for managing international tax obligations, but they differ in their approaches to handling cross-border transactions. Let's compare these platforms to help you choose the right tool for your global tax compliance needs.

Platform features comparison

Both platforms offer distinct approaches to managing international tax obligations. Winvesta stands out with its digital W8-BEN signing capability, which eliminates the need for paper documentation. Furthermore, the platform handles US tax compliance automatically for investments made through its system.

Tax calculation and reporting tools

Winvesta provides automated tax calculation features specifically designed for cross-border transactions. Additionally, BriskPe offers business analytics tools that generate insights into global transactions. The platforms differ in their reporting mechanisms - Winvesta focuses on regulatory compliance tracking, specifically for international payments, whereas BriskPe emphasizes payment tracking and invoice management capabilities.

Documentation management capabilities

The documentation management systems of both platforms incorporate several key features:

• Version control and audit trails
• Customizable access restrictions
• Automated document indexing
• Secure cloud storage with encryption

Notably, both platforms employ advanced security measures for protecting sensitive tax documents. The systems allow authorized users to compare different versions of documents, maintaining a clear audit trail of changes.

Integration with accounting software

Specifically for accounting integration, both platforms take different approaches. Winvesta processes transactions through authorized channels, ensuring seamless data flow between systems. The platforms support various file formats and provide APIs for connecting with existing business software. Consequently, this reduces manual data entry and minimizes errors in tax calculations.

Both services maintain document histories for auditing purposes and offer cloud access for remote document management. The platforms automatically tag and index documents, making retrieval quick through keyword searches.

Global tax compliance automation

Tax automation tools have reshaped how businesses handle international financial obligations. Modern platforms offer sophisticated features for managing complex tax requirements across borders.

GST handling on international transactions

The GST framework for international transactions follows specific rules based on payment currency. When receiving foreign currency payments, services qualify for zero-rated supply status. However, bank charges on foreign transactions attract 18% GST. For digital businesses, the system provides standardized rates and procedures, making cross-border operations more manageable.

TDS management features

Both platforms automate TDS calculations and documentation processes. The systems incorporate these essential automation features:

• Real-time tax rate updates across jurisdictions
• Automated form generation and validation
• Digital signature capabilities for tax documents
• Integrated payment processing with tax calculations

Real-time compliance updates

Modern tax software has transformed digital tax administration, primarily through advanced technology integration. According to OECD data, digital contacts in tax administration increased by 30% in 2020, with 1.3 billion contacts using online taxpayer accounts. Moreover, 80% of tax administrations now use data analytics tools, and 75% have machine learning capabilities.

The platforms maintain current tax rates and forms for operational countries, essentially eliminating manual updates. Subsequently, the average time spent on tax compliance has decreased significantly, ranging from 162 to 274 hours per year. The systems automatically validate inputs and provide audit trails showing calculation methods.

Cloud-based solutions enhance real-time capabilities and offer flexibility to scale with business growth. These platforms centralize tax data and calculations, making information accessible through web browsers from any location. Implementing e-invoicing has undoubtedly improved productivity and the timely collection of accounts receivables.

Cost structure analysis

Understanding fee structures helps make informed decisions about global tax compliance platforms. First, let's analyze how these platforms structure their costs.

Transaction fees comparison

Winvesta's fee structure varies by currency. For USD transactions, they charge INR 253.14 + 0.99% per transaction. In contrast, other major currencies like EUR and GBP incur a fee of 5 units + 1.25% per transaction. BriskPe maintains a simpler structure with fees under 1% (including GST).

For payment link transactions, BriskPe charges vary by provider:

• PayU: 2.75% + 18% GST
• PayPal: 4.4% + 18% GST + 30 cents per transaction

Subscription plans and pricing

Both platforms operate without account maintenance fees. Winvesta offers special volume-based discounts for businesses handling large transaction volumes, allowing high-volume traders to benefit from reduced rates. BriskPe provides a unique incentive: 100% cash back on the first transaction fee.

Hidden costs and charges

Together with standard fees, several additional costs need consideration:

Traditional banks often mask costs through exchange rate markups (2-5%) and intermediary bank fees (INR 1,265.71 – 2,531.41). In fact, 82% of businesses express uncertainty about their bank's transparency regarding cross-border payment costs.

Settlement timelines also affect costs:

• BriskPe: T+3 days for amounts below INR 16,876.09
• BriskPe: T+1 day for amounts above INR 16,876.09

Winvesta maintains transparency by offering zero forex markup on international payments. Through its local collection accounts, the platform also eliminates local receipt fees for collections in USD, GBP, EUR, and CAD.

User experience and interface

Interface design plays a vital role in managing international tax obligations effectively. Both platforms offer distinct approaches to user experience, each with unique strengths in handling global transactions.

Dashboard and reporting features

Winvesta's dashboard serves as a control centre for international finances, displaying key metrics and analytics in real-time. The platform's Cash-out chronicles feature provides detailed monthly breakdowns of withdrawals alongside dynamic charts tracking transaction volumes. The Global Money Mix visualization tool helps track currency flows across different markets.

BriskPe's dashboard primarily focuses on business analytics, offering instant notifications for every transaction. The platform enables real-time monitoring of multi-currency balances, helping optimize cash flow management through intuitive data visualization.

Mobile app functionality

Both platforms recognize the importance of mobile accessibility. BriskPe's mobile application offers these core features:

• Virtual account management in 6 major currencies (USD, GBP, EURO, CAD, AUD, SGD)
• Real-time transaction notifications and balance updates
• Instant e-FIRA generation for compliance
• Multi-currency payment tracking

Winvesta's mobile interface emphasizes quick access to financial data and trading capabilities. The platform delivers a clean, user-friendly experience that simplifies complex international transactions.

Customer support quality

Initially, Winvesta distinguishes itself through personalized customer service, offering dedicated relationship managers. The support team demonstrates strong product knowledge and responds quickly to queries. Their service approach extends from founder-level engagement to day-to-day support staff.

BriskPe maintains a dedicated support team available from 8 AM to 8 PM, Monday through Saturday. The platform provides in-app customer support with advanced security features, ensuring secure communication channels for resolving issues.

Both platforms emphasize security in their user experience, implementing two-factor authentication and multiple security layers to protect financial data. This focus on security, combined with intuitive interfaces, helps streamline the complex process of managing international tax compliance.

Business type suitability

The landscape of international business continues to evolve. Between Q1 and Q2 of 2020, India's freelance market grew 46%. This rapid growth shapes how different business segments approach global tax compliance.

Solutions for freelancers

India's freelance economy now includes 15 million professionals who are primarily seeking efficient payment solutions. Winvesta addresses freelancer needs through dedicated foreign currency accounts in over 30 currencies. First, freelancers receive local collection account details after a quick 2-minute signup process. Second, the platform enables currency conversion at transparent rates, followed by withdrawals to Indian bank accounts within one business day.

BriskPe offers specialized tools for freelancers, focusing on instant e-FIRA generation and streamlined invoice management. The platform's digital KYC process ensures quick account access, making it suitable for independent professionals handling international clients.

Enterprise-level features

For larger organizations, both platforms offer robust security measures. BriskPe implements advanced fraud protection and maintains 24/7 in-app customer support. The platform's enterprise solutions include:

• End-to-end encryption for data protection
• Multiple security layers with two-factor authentication
• Full compliance with RBI and FEMA regulations

Winvesta serves over 13,000 businesses, offering enterprise-level features that prioritize transaction security through advanced encryption technologies and strict verification processes.

Startup-specific offerings

BriskPe tailors its solutions for micro, small, and medium enterprises (MSMEs), serving a customer base of more than 1,000 exporters. The platform enables these businesses to reduce costs and boost global competitiveness. Overall, startups benefit from powerful business analytics tools that provide valuable insights into global transactions.

Winvesta's startup-focused features include transparent conversion rates and no account setup fees. Indeed, the platform's multi-currency account system helps startups improve cash flow management without maintenance charges or hidden fees.

Comparison Table

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Moving forward

Both Winvesta and BriskPe offer strong solutions for global tax compliance, though each platform excels in different areas. Winvesta stands out with its digital W8-BEN signing and automated cross-border tax calculations, making it particularly valuable for businesses handling US transactions. BriskPe shines through its straightforward fee structure and robust invoice management capabilities.

Your choice between these platforms should align with your specific business needs. Freelancers might prefer Winvesta's multi-currency accounts and quick signup process, while larger enterprises could benefit from BriskPe's advanced fraud protection and comprehensive customer support.

The pricing models reflect each platform's strengths - Winvesta offers volume-based discounts and zero forex markup, while BriskPe maintains competitive rates under 1%, including GST. Both platforms provide modern, secure interfaces with mobile accessibility, though they differ in settlement times and currency support.

The final decision rests on your priorities. Choose Winvesta if you value comprehensive currency support and automated tax compliance features. Pick BriskPe if you need strong invoice management tools and straightforward pricing. Either way, both platforms effectively simplify the complex world of international tax compliance.

Disclaimer: This guide provides general insights into tax compliance platforms. Before choosing a solution, verify features with providers. We assume no liability for financial or compliance outcomes.

Contributed by Denila Lobo

Denila is a content writer at Winvesta. She crafts clear, concise content on international payments, helping freelancers and businesses easily navigate global financial solutions.