What is Amazon Global Payments? Amazon Global Payments Review

Amazon Currency Converter for Sellers is a service launched by Amazon in June 2018. It allows sellers to receive global payments in local currency without the need for foreign bank cards or third-party accounts, and deposit them directly into the seller's domestic bank account.

About Amazon Currency Converter

Amazon's payment service has covered nine Amazon sites, and sellers can receive funds in more than 40 currencies around the world, serving sellers from 66+ countries/regions. It also supports binding sellers' domestic personal accounts and company bank accounts.

Advantages

1. Official payment, safer and more stable.

The most essential advantage of Amazon's own payment service and other third-party payment platforms is that they are more secure and the payment is more stable. There is no need to worry about some common payment problems that may occur on third-party payment platforms.

2. One-stop management, more convenient and faster.

Amazon has integrated this service with its seller platform, allowing sellers to easily manage global payments directly on the Amazon platform, which is more convenient and quick.

3. The process is simplified and the funds arrive quickly.

Amazon Global Payments simplifies the currency exchange and payment process, with funds arriving in as fast as three working days. It also makes it convenient for sellers who do not have foreign bank cards or third-party accounts to deposit foreign currency directly into domestic bank accounts.

Disadvantages

1. The exchange rate is higher than third-party payment.

2. For domestic collection and withdrawal, there is a limit of US$50,000.

3. The handling fee is relatively high. The handling fee of Amazon's global payment service is uniformly 1.25%, which is relatively high.

4. Sellers operating multiple accounts may cause security issues such as association, which may lead to review by relevant departments.

5. No value-added services. Amazon's global payment service is single and currently has no value-added services. Amazon's global payment service cannot currently meet the needs of sellers for refined operations.

6. Only one card and one number. Currently, one card number can only receive payments from one account on Amazon’s official global payment system. Therefore, if the seller has multiple payment accounts, it will be more troublesome to use Amazon’s global payment system, and the funds cannot be collected and managed in a unified manner.

7. When the seller changes the payment account, the account may be frozen.

How to use

1. Open the seller backend

Log in to your Seller Central account, click Account Information in the Settings drop-down menu, and click Deposit Method under Payment Information on the Seller Account Information page.

2. Add a domestic bank card

Click the Replace Deposit Method button, select Sold, and click Add New Deposit Method.

3. Get paid

The payment received by the seller can be transferred to the added domestic bank account within three working days at the earliest.

Supporting Banks

Basically all banks opened in China.

interest rate

The exchange rate used by Amazon's global first payment is based on the exchange rate on the day the payment is received into the seller's local bank account in China. When you receive a loan notification in your seller platform, Yamuxin will provide you with an estimated first payment exchange rate for your reference. The specific exchange rate is based on the amount at the time of settlement. If the remittance is not successfully received, the balance on the seller platform will be returned in the original currency.

Comparison of Amazon Payment Service and other payment methods

Safely change your payment account

1. Pay attention to the IP address and geographic location of the login

Before changing the payment account, sellers should pay attention to the login IP address and geographic location and not allow them to change. If the IP address and geographic location metadata change, it will trigger Amazon's review, causing the account to be judged as an associated account and be frozen.

2. Select the change time in advance

Before changing the payment account, the seller should choose the change time in advance. Do not change it at night to avoid the embarrassing situation like the seller mentioned above, which will cause losses to the store. It is best to change it in the morning so that problems can be solved in time. In addition, do not change it when there is an order about to be received or near the weekend, which will increase the possibility of being reviewed and approved within 24 hours.

3. Prepare supporting documents in advance

Before changing the payment account, the seller should prepare supporting documents in advance and ensure that the contact information on the documents is consistent with the seller's account information to prove that the account belongs to the seller. The seller can prepare the bank statement for Amazon payment in advance. Once the account is blocked during the change process, the seller can quickly produce the supporting documents and quickly unblock it.

4. Inform your Amazon account manager or contact person in advance

Before changing the payment account, sellers should inform their Amazon account manager or contact person in advance to prove that the account information is changed by the seller himself and not hacked. Whether changing bank information, contact information, Amazon payment company name, address and other information, it is best to contact the account manager through the phone number or email registered in the Amazon Seller Center to inform him that he is going to change the seller account information.