Young Kook Jang

Amazon Online Seller, Korea
If you are an Asian seller looking to sell on Amazon, Payoneer is a must. It helped me to increase sales by approximately 20 – 30%
Challenge

Opening a foreign seller account on Amazon, without having an American & Europen bank account

Solution

Using Payoneer’s U.S. & EU Payment Service to accept payments from the U.S. and Europe.

Result

Payoneer helped me to increase sales by approximately 20 – 30%.

My name is Young Kook Jang and I am from South Korea. I am an online seller and very interested in global selling and e-commerce.

If you don’t have an american bank account, it is very difficult to open a seller account on Amazon

Unlike other online marketplaces, in order to become a foreign seller on Amazon.com, there is a big barrier to overcome: if you don’t have an American bank account, it is very difficult to open a seller account on Amazon. When searching for a solution to this problem, I discovered Payoneer. At first I was not comfortable with the idea of a virtual account but the options were limited.

When I started selling on Amazon about two years ago, I used Payoneer’s U.S. Payment Service, which essentially opened up a U.S. collection account in which I could accept payments from U.S. buyers as though I was a U.S. resident. But my main business is in Europe and a European bank account was a must. Payoneer recently open their EU Paument service (the same service, but for Euros) and I registered immediately.

I can access my money whenever I need

Payoneer allows me to withdraw payments from my local ATM so I can access my money whenever I need, regardless of whether it is the weekend, a national holiday or outside of bank working hours. I also utilize the Withdraw to Local Bank service in order to transfer the payments I receive to my Payoneer EUR balance to my local bank account. I have recently become a part of Payoneer’s VIP Program, which means the daily limit of what I can transfer to my bank account has increased and the 1% U.S. Payment Service fee is no longer charged.

Since Payoneer opened the eu payment service, I no longer need to worry about conversion rates

Earlier, when I used the U.S. Payment Service for Amazon Europe, money was converted from Euros to Dollars and then from Dollars to KRW, so there were huge conversion fees in the middle and I lost a lot of money. But since Payoneer opened the EU Payment Service, I no longer need to worry about conversion rates since I can receive Euros directly to my Payoneer Euro balance and there is no 1% fee, so it helps me to increase my earnings.

Payoneer helped me to increase sales by approximately 20 – 30%

I receive Amazon payments to Payoneer and can immediately spend those funds online on new inventory. This is great for me because all of my incoming and outgoing payments are in one place. If you are an Asian seller looking to sell on Amazon, Payoneer is a must. It helped me to increase sales by approximately 20 – 30%.

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