Amazon's alternative payment account is here, sellers: save another money!

Amazon Payment Policy Update

Recently, some US sellers found that Amazon updated a message in the background:

“In addition to your default deposit method as a seller, you can activate 1 additional account for Amazon.com. You can also switch between the 2 active bank accounts without the 3-day hold period.”

Sellers were quite surprised to see this prompt, and some even suspected that it was another system failure. Previously, changing the payment account was a minefield, and if you were not careful, you would be subject to a second trial. Now Amazon has taken the initiative to relax the restrictions and allow sellers to add another payment account. What is the consideration behind this?

Some operators said that changing the payment account from a sales account is very risky and the risk of triggering a second review is extremely high. Amazon’s change in payment policy to allow free switching between two accounts may be aimed at solving the seller’s need to change the payment account and reduce the potential risks of changing accounts.

In addition, adding a second account can also disperse the risks of sellers collecting payments with a single account , but the biggest benefit of this policy is that it gives sellers the opportunity to choose a more affordable payment tool .

Since the beginning of this year, Amazon sellers' operating costs have remained high, with logistics fees, advertising fees, and storage fees piled up layer by layer. Last week, the US dollar exchange rate fell below 6.4, which became the last straw that broke the sellers' psychological defenses. This week, the US dollar exchange rate once dropped to 6.37, and the resulting exchange losses on cash withdrawals were distressing. At this juncture, a more cost-effective payment method may save a lot of money.

This new policy seems to have multiple benefits, but from actual feedback, many sellers still said that they "dare not add a second account" because they are worried about triggering a second review.

Unlock the "tight ring" of the second trial and successfully add a new account

If you want to try it, sellers can add a new deposit method in [Seller Account Information] → [Payment Information] → [Deposit Method], select a payment platform that has participated in the Amazon Payment Service Provider Program, and fill in the relevant information to add a second account.

One seller said that he added it in this way and has changed three accounts so far, but none of them triggered the second review. After adding the new deposit account, he deleted the old deposit account. The newly enabled third-party payment tool has a lower fee rate, which also reduces costs.

Industry insiders analyzed that since Amazon has opened the gate, stores with complete information and compliant operations will not easily trigger the second review that was common in the past when changing bindings if they operate correctly. Customer service said that if the second review has been triggered, sellers can also add new payment methods after completing identity verification.

In general, adding new payment accounts is helpful in dispersing account risks, choosing payment tools with more appropriate rates to reduce exchange losses, etc. Many optimistic sellers are tempted, and they are also more concerned about the details of the new regulations, such as whether there are specific restrictions on switching between accounts.

When making a specific choice, sellers are advised to carefully compare the three companies. Security, convenience, and cost-effectiveness are all important reference factors. In order to reduce the risk of triggering a second review, you can choose a payment platform that participates in Amazon's "Payment Service Provider Program". At the same time, the payment account of the platform should have the ability to receive payments in mainstream global currencies and platforms, be able to solve payment needs such as store rent, and have functions such as timely exchange lock to reduce payment costs, so as to help sellers achieve fast, low-cost, and full payment during the transaction process.

Among the payment platforms participating in Amazon's "Payment Provider Program", Airwallex has all the above functions. It supports 11 mainstream currencies such as US dollars and British pounds, and is seamlessly integrated with mainstream platforms such as Amazon and Paypal, which can meet the seller's full-link payment needs.

Recently, Airwallex has also launched a " 100-day growth plan " tailored for cross-border e-commerce sellers to help sellers reduce costs in cross-border collection, withdrawal and payment through integrated collection and payment products and services.

The program will be available from October 15, 2021 to January 23, 2022. New users who register for AirCoin overseas accounts will enjoy 0 fee rates for cash withdrawals within a limited time of 100 days . By the end of the event, users who have completed transaction withdrawals and whose AirCoin Visa card international transaction amount exceeds US$10,000 will enjoy additional cash back benefits for the international transaction amount of AirCoin Visa cards during the event period, with a cash back rate of up to 0.8% .

During the current peak period of new sellers entering Amazon in 2022, Airwallex has also set up an Amazon global store opening assistance channel during the event. After registration, sellers can immediately enter the industry community, directly connect with Amazon official managers , participate in 3 live interactions with big names, 4 text Q&A sessions, and have the opportunity to receive the latest dry goods information package for Amazon global store opening, etc., and obtain new store opening policies and low-cost operation methods with one click.

Scan the QR code on the poster below to register and participate!

Amazon, Payment Policy