Recently, cross-border sellers have encountered a sudden "payment crisis".

Wells Fargo suddenly announced its withdrawal from the cross-border payment business, which means that cross-border payment accounts cooperating with the bank will become invalid!

This is really a big deal. Many sellers have reported that the failure of the payment system has hindered their capital inflow, and even caused their accounts to be frozen and funds to be unable to be transferred out!

Large-scale failure, sellers have difficulty collecting payments

According to the notice, Wells Fargo will stop providing payment account services to sellers starting March 1 and will centrally process funds on February 23.

If you do not update your payment account before the deadline, subsequent order payments may not be received in time or may even be returned!

As a result, many sellers received warnings that their payment method was invalid, and even funds that had already been deposited into their accounts were forcibly returned.

What’s worse is that some sellers triggered consumer law review and even video verification due to changing payment accounts, resulting in funds being frozen!

This sudden change caught many sellers off guard. Payment difficulties and account suspensions have become a matter of life and death!

How to check if you have been infected?

If you are a PingPong user, you can first log in to the platform to check whether you have received a "partial VA upgrade notification", which means that your payment account needs to be updated.

Sellers who have not received the notification can rest assured for now, but they still need to stay tuned and stay up to date with the latest developments.

PingPong has notified some sellers to update their payment accounts. It is recommended that you log in to the payment platform before February 21 to check the new payment account and update it to the Amazon backend.

Special reminder: Funds deposited from February 24 to 28 will be blocked and returned starting from March 1, so be sure to complete the update of the receiving account before February 21.

How to correctly change the Amazon payment account?

To avoid affecting store operations, sellers can follow the steps below:

Get a new account: Log in to PingPong, find the new payment account ID, and view the updated account information in the "Store Management" interface of the backend.

Update Amazon backend information: Log in to Amazon backend, go to "Settings" - "Account Information" - "Deposit Method" to update the new payment account information.

Improve security: Submit a help request in the background, stating that you want to change your account. The system will send a confirmation message via the registration number. Click the link to confirm.

Triggering a review of the Consumer Law Act: Sellers need to submit authentic and valid bank statements and other information to avoid review failure due to false information.

Bank verification in progress: The review may take 48-72 hours. Sellers need to wait patiently and communicate with the platform to keep abreast of the verification progress.

Unable to receive verification SMS: Sellers can try to modify account settings, remove the primary mobile phone number, and let the system send a verification code to the account email.

Issue with the same payment account for multiple sites: If the US dollar account is invalid but the Canadian account is normal, you can temporarily bind the original account and switch after the new account takes effect.

Sellers’ response

Optimize payment architecture: Choose multi-currency accounts or payment institutions with MSB licenses to diversify risks and ensure smooth payments.

Diversify payment methods: Don’t put all your eggs in one basket. Configure multiple payment accounts to ensure that the flow of funds is not disturbed.

Fund settlement plan: Try to optimize the fund settlement method, reduce exchange costs, and improve fund flow efficiency.

Summary: Risks in the cross-border e-commerce industry occur all the time, and sellers need to remain highly vigilant and respond to various emergencies in a timely manner.

Through this incident, everyone can see that payment security is of vital importance. Only by responding flexibly and adjusting quickly can we stabilize our business.

I hope all sellers can remain steady and get through this crisis smoothly!

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