STAMP is a digital platform that enables travelers to shop tax-free by allowing them to pay without VAT upfront at partner stores, eliminating the need for traditional tax refund processes. By streamlining customs validation and charging a transparent fee structure, STAMP significantly reduces the costs associated with VAT refunds, saving customers up to 60% compared to conventional agencies.
Funding
Funding not disclosed
Founders
Product
Problem
Travelers seeking VAT refunds on purchases made in foreign countries often face complex, time-consuming processes involving paperwork, long queues at refund counters, and significant fees charged by traditional tax refund agencies. These agencies can deduct up to 60% of the VAT amount, diminishing the savings for the traveler.
Solution
STAMP offers a digital platform that allows travelers to shop tax-free at partner stores by eliminating the upfront payment of VAT. Through the STAMP mobile application, users can locate participating retailers, make purchases without VAT, and then validate their invoices at EU Customs. By digitizing the validation process and charging a transparent, fixed fee, STAMP reduces the costs and complexities associated with traditional VAT refunds, enabling travelers to save a greater portion of their money.
Target Audience
The primary target audience is international travelers who shop in Europe and want to avoid the high fees and cumbersome processes associated with traditional VAT refunds.
Features
- Mobile application for iOS, providing a user-friendly interface for tax-free shopping
- Partner store locator to identify participating retailers
- Digital invoice validation process, eliminating the need for paper forms
- Fixed, transparent fee structure, starting as low as €1.49, with a maximum fee of 1% for purchases exceeding €20,000
- Real-time tracking of savings within the app
- 24/7 customer support