A guide of how to make use of Payoneer to Receive & Withdraw Amazon Payments in your local currency. If you go online, you will discover that there’s a survey done in 2017 where about 1,600 Amazon sellers (respondents) reported that 17% made more than $500,000 per year. Only 1% of those Amazon payments is totalling more than $10 million.
This is to show you that more people are making money through the Amazon reseller platform. However, due to conversion rates in some companies, many people now prefer to receive their payments in their local currency bank accounts. It helps sellers to eliminate unnecessary bank transfer charges and annual fee.
Amazon Reseller – What are your Duties to Suppliers and Customers?
Over the years, online resellers are growing since its one easy way to make money online. And of course, there are also many people who make use of Amazon selling platform as one of their many sales channels to sell a product. We also know that some people also make huge amount of money through other different online marketplaces while receiving payment through various methods.
On the other hand, while Amazon needs more business expansion and do not worry about short-term profits, but competition has a part to play. Due to this factor, product sellers are increasing efforts on several fronts to maximize their revenues.
Examples are as follows; (i) sellers are using Fulfilment by Amazon, (ii) selling private label items, promoting with Amazon sponsored products, and (iii) using inventory and repricing software. As a seller operating on Amazon’s international marketplaces, you have to think about international payment methods. It is important for you to know how to maximize their profits with respect to pricing their items. You also how to minimize your monthly fees/taxes when you want to receive your money. Also, you have to monitor when your customers make payments to your product suppliers. More importantly, you must ensure that your suppliers get paid in their own local currency so that they can save on exchange rate and transfer fees.
How To Receive Amazon Payments in your Local Currency
Setting up Payment account details on Amazon
1. First, Click on Settings > Account Info > Payment Info > Bank Account Info
2. Add or replace bank details. If you’re replacing existing bank account details, select Replace. If you’re adding new bank account details, select Assign.
3. Select Add new deposit method.
4. Select the bank location. This is the country listed under the address of your balance in Wise. For example, GBP account is in the UK, and USD account is in the US.
5. Carefully Add your bank account details.
- Amazon Europe: Add your IBAN and BIC details.
- Amazon US: Add your account number and routing number (ACH if you have 2) to receive electronic payments only.
- Amazon UK: Add your sort code and bank account number.
- Amazon Australia: Add your AUD BSB code, account number and the account holder name.
6. Please, Verify your bank account details. This is the account number you used when initially setting up your Amazon seller account.
7. Now, you can Save your details. You can do this by clicking Set deposit method.
8. You’re all set. Now you can withdraw your earnings into your Account directly.
Non-US Residents using Amazon US Marketplace
Invariably, if you’re not a US resident, Amazon will ask for tax verification. Its a fact. Therefore, you have to sign the Amazon document stating that you are a non-US citizen and not a taxpayer over there. Bear in mind that your payments and new product postings will stay pending until you sign it and send it back to Amazon. Get this done and begin earning revenue while reselling products online.
AMAZON PAYMENTS TO SELLERS
After selling an affiliate product in Amazon portal, payments are made to your (sellers’) accounts every 14 days. This is done by either initiating a payment to your bank account.
Note that all of your Amazon payments for the month are sent to your bank account or payment service account using an Automated Clearing House (ACH) or electronic funds transfer. Now, immediately your Amazon payments are initiated, the money typically takes 3-5 business days to arrive finally in your account.
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As a seller, you may also request to receive your Amazon payments more frequently, up to once every 24 hours. If there is no need to hold the funds, Amazon grants this request. But if a seller (product supplier) needs to do a refund to a customer for an item, the associated sales fees will be automatically credited back to Amazon seller account.
Furthermore, for bookkeeping purposes, you (seller) can simply export settlement and transaction information using the “Download” buttons in your Amazon Payments account.
Amazon does not accept all the countries around the world as a seller. There Sellers from accepted countries can register and start selling on Amazon.com or Amazon’s international marketplaces. These sellers must provide a U.S. checking account or a bank account located in the U.K. or any country in the eurozone (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain), Australia, New Zealand, India, Hong Kong or Canada. See the Full List of Countries accepted for Amazon Seller Registration to Sell Your Product.
Going by this, if you have your bank accounts in any of these countries, you can receive your money in your local currency. This can be done by using the optional Amazon Currency Converter Service, which is also a very effective international payment method. But if you are a seller from other countries not in the list above, we are sorry because you cannot receive funds in your local currency. However, for you to be able to get payment, you will have to open an account in the countries listed above and then have those funds transferred to a local account. Another option is choose a payment service that can take care of this for you, e.g. Payoneer account.
INTERNATIONAL PAYMENT METHODS
Business-to-consumer (B2C) and Business-to-business (B2B) global sellers on Amazon can be faced with various types of fees (transfer, exchange, etc.,). This however depends on their choice of money service.
Therefore, whether you’re paying paying or receiving international payments, fees usually be applies at significantly different rates. So, if you have foreign seller’s account that is settled every 14 days, these taxes/fees can add up to be huge. In addition, if you are an Amazon seller from a country outside the approved list of countries Amazon can pay with local currency, you will be paying the bank that receives your funds every time you withdraw money. Its like receiving check into your bank account for international payments, you will pay transfer fees.
By the explanation above, if you use those funds to make global purchases, such as a bank transfer to pay an overseas supplier, charges will apply. It will be an international transaction, therefore, more fees will accrue.
Choice of Payment Methods
Choosing different payment methods, such as an international credit card may not be the best option either, as exchange rate fees and interest rates are often quite high. Then of course there are some taxes and regulations that may apply in the country where you sell from.
With all you can see from the explanation above, you can take this advise from me; manage your payment options properly. Unless you carefully manage these margins, the little charges from your sales will on the long run leave you feeling big loss. Therefore, your best bet is to choose a less expensive, less complicated and safe payment service that is licensed to operate in many countries and with multiple currencies options.
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USING PAYONEER WITH AMAZON SELLER ACCOUNT
According to Wikipedia, Payoneer Global Inc. is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital. These Payoneer company offers innovative solutions designed with international eCommerce sellers at heart. As an Amazon seller, Payoneer gives you the option to receive disbursements of your Amazon sales into your Payoneer account and transfer them directly to your local bank in your local currency. Easy and fast as a piece of cake.
Payoneer is available for use in the following marketplaces:
- Amazon.com (United States)
- Amazon.co.uk (United Kingdom)
- Amazon.fr (France)
- Amazon.de (Germany)
- Amazon.it (Italy)
- Amazon.es (Spain)
SETTING UP YOUR PAYONEER ACCOUNT THROUGH AMAZON
This is the simple steps to receive money to your account using Payoneer. To start receiving Amazon Payments in your home currency, apply for a Payoneer account in Seller Central. Here’s how to log in:
- Choose Settings > Account Info.
- Click Add in the Deposit Method section.
- Select your home country.
- Click Register for Payoneer to apply for a Payoneer account.
- Lastly, proceed to Login to your Payoneer Account
If you already have a Payoneer account, or once you receive a Payoneer account, select your Bank Location Country in the dropdown menu on the Deposit Method page, and enter the collection account details that Payoneer provides.
Payoneer makes managing your global Amazon business simple and more cost-effective. Register for Payoneer Account today and open a local receiving account in USD, GPB, EUR, AUD, MXN, CAD or JPY and send and receive money as if you had your own local bank account. This aim of this article is to learn how to use Payoneer to Receive & Withdraw Amazon Seller Payments Local Currency Thank me later.
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