A 2017 survey of 1,600 Amazon sellers reported that 17% made more than $500,000 per year and 1% whose Amazon payments totaled more than $10 million.
Of course, there are also plenty of sellers who treat Amazon as one of their many sales channels and happily make much smaller amounts at different online marketplaces through different payment methods.
However, because Amazon is not shy about expanding and worries little over short-term profits, no matter how big or small your business is, competition is always a factor. Therefore, sellers are increasing efforts on several fronts to maximize revenues and profit margins.
For example, sellers are using Fulfillment by Amazon, selling private label items, promoting with Amazon sponsored products, and using inventory and repricing software. Sellers operating on Amazon’s international marketplaces also must think about international payment methods as well as how to maximize their profits with respect to pricing their items, minimizing fees when they get paid, when they make payments to their suppliers and ensuring they get paid in their own currency so that they save on exchange and transfer fees.
AMAZON PAYMENTS TO SELLERS
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.
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
USING PAYONEER WITH AMAZON
Payoneer offers innovative solutions designed with international eCommerce sellers in mind. 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.
Sellers can also use their collection account balances to make local payments in that currency at no cost to the seller. Plus, transaction fees on international payments are very competitive – upwards of 70% less than bank fees.
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
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 Sign up for Payoneer to apply for a 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. Sign up today and open a local receiving account in USD, GPB, EUR, AUD, CNY, CAD or JPY and send and receive money as if you had your own local bank account.