On average, Amazon makes huge amounts of payouts yearly. The business of creating products and services that meet the needs of a selected circle of customers is becoming more appreciated today. Many businessmen have turned Amazon into money-making machines generating thousands of dollars from the sale of products.
The beauty about the sale of products on Amazon is the flexibility with having multiple products on the same online store. The display of the products on the Amazon platforms is arranged to enable customers to gain access to them and make payments to the seller.
In 2017 a study revealed that 17% of 1600 sellers on Amazon made more than 500 thousand dollars in a year with 1% of the total payments totaling 10 million dollars.
Amazon is being used by many sellers as an opportunity to make sales and generate enough profits to fund other businesses and establishments. Amazon can be classified as one of the marketplaces with defined payment funnels which allow funds to reach the seller.
The beauty of all this is that you get to choose the payment channel. There are several Financial platforms and options available for sellers.
The competition on amazon has been a factor many consider when creating products and digital goods. With optimization tips, sellers can determine how their products are ranked and viewed. The higher the rank of your product on the platform, the higher your chances of making more sales.
International payment is another point to consider as a seller on the platform. When your products are available to international customers, you need a payment option that allows you to receive the different currencies.
If you haven’t settled this, you will end up having a lot of stuck payments. The leverage of having payments made in your local currency as a seller saves you transfer and exchange fees.
AMAZON PAYMENTS TO SELLERS
They are two ways Amazon makes payments to Sellers. The first method involves having a positive seller account with Amazon where payments are sent directly every two weeks. The second method involves payment through a credit card. The credit card payment method is mostly used when the seller has a negative seller account on Amazon.
The payment of funds directly to your bank account takes typically three to five working days before the transaction is completed. The payments are made through an automated clearing house electronic fund transfer procedure.
As a seller, you can request payments from Amazon more frequently than the stipulated 14 days period. Amazon does withhold requested funds for more than 24 hours except there is an issue with the transaction. associated sales fees are credited to the Amazon seller account when a refund is initiated.
Another option on the Amazon payment account is the provision of a download button that allows sellers to export details of financial transactions for record purposes.
GLOBAL SELLERS
The Amazon international marketplace also allows sellers from authorized countries to make transactions on their platform. You are required to provide a US checking account or a UK located bank account in countries such as Belgium Cyprus Austria Finland Germany France Ireland, Italy, Luxembourg Netherland, Greece, Spain, Slovenia, Slovakia, Spain, Canada, Australia, New Zealand, and Greece.
If you have accounts in these countries, you can receive funds in your local currency by using the optional Amazon Currency Converter Service, a highly effective international payment method.
If you are a seller from other countries, you cannot receive funds in your local currency. You will have to open an account in the countries listed above and then have those funds transferred to a local account or choose a payment service that can take care of this for you.
INTERNATIONAL PAYMENT METHODS
A major challenge B2B and B2C global sellers encounter on the Amazon platform is the various transfer and exchange fees that are added to every transaction. When paying and receiving international payments some added fees are applied with varying rates.
These fees are accumulated as the seller account keeps on receiving payments from Amazon every two weeks. Sellers who operate from countries not authorized by Amazon to receive payments in local currencies have to be charged an extra cost for transferring money or receiving money in local bans.
The fees are increased when the seller makes bank transfers to other foreign accounts for global or international purchases. The most economic decision to make at this point would be to subscribe to the use of an international credit card.
International credit cards also come with exchange rates and high-interest rates alongside tax regulation policies depending on the country of operation.
All these financial challenges and difficulties complicate transactions and payments of sellers in the international marketplace. For economic reasons, sellers need options that are less complicated, safe, and inexpensive. This is why you need to subscribe to the use of pay sooner when on your Amazon seller accounts.
Payoneer is a great financial solution built to make financial transactions easier and less stressful. It was built to aid e-commerce transactions so that product sellers on international marketplaces can transact smoothly in the local currencies thus saving Unnecessary costs.
With Payoneer, you receive payments for Amazon sales and transfer them into your local bank. At the end of the day, you get your payment locally and save yourself exchange and added transfer fees.
Another advantage of Payoneer in Amazon transactions is that the buyer can make payments to the local account of the seller without incurring outrageous charges. The transaction fees charged by Payoneer are insignificant when compared with local bank fees.
Here is a list of countries with approved records of transactions, sellers on these marketplaces can access all features of the pay sooner payment channel: The United States, United Kingdom, France, Germany, Italy, and Spain.
SETTING UP YOUR PAYONEER ACCOUNT THROUGH AMAZON
Now we’ve told you one of the benefits of using Payoneer to receive payments from Amazon, we will be showing you how to set up your account. The very first step to take is to apply for a Payoneer account in your seller central portal.
Once you login goes straight to settings and select account information, you’ll be provided an option to add a new deposit method. When the new deposit method is selected as Payoneer you can now select your home country and click register. The Payoneer account would have been registered on your Amazon seller central.
If you are already set up, the Payoneer account is fully functioning, select your bank location country in the drop-down menu on the deposit money page and key in the details of your collection account. The collection account details are put in all the Amazon seller central.
Conclusion
With Payoneer, sellers have more control over managing global transactions on the Amazon platform. It is cost-effective and less time-consuming. It helps you to receive payments in foreign currencies such as USD, GPB, EUR, AUD, MXN, CAD, and JPY.
