New Payment Service Provider policy
As part of our continued effort to make Amazon the safest and most trusted store in the world for customers and sellers, we are launching the Payment Service Provider programme to enhance our ability to detect, prevent, and take actions against potential bad actors so we can continue to protect customers and sellers from fraud and abuse. Sellers that choose to use a payment service provider (PSP) to receive their Amazon store sales proceeds will be required to use a PSP that is participating in this programme. We are notifying you now so that you have sufficient time to change or contact your PSP if needed.
1. Do I need to take any action?
If you do not use a PSP, but instead are using a bank account directly issued to you by a bank, no action is required.
If you use a PSP that is already signed up to participate in the programme (including LianLian Pay, Payoneer, PingPong and WorldFirst), no action is necessary. We are working diligently to enrol additional PSPs into the program as soon as possible, and will continue to update this page this page with participating PSPs.
If your PSP is not yet participating, we recommend you contact them to learn about their plan to enrol in our Payment Service Provider programme. If they do not plan to enrol, you should switch to a participating PSP or use a bank account directly issued to you by a bank by May 31, 2021. Detailed instructions on how to make the changes are available here.
Beginning on March 1, 2021, sellers adding a new bank account from a PSP must use a PSP that is participating in the programme.
2. What if I continue using a non-participating PSP after May 31, 2021?
Sellers who continue using a bank account from a non-participating PSP after May 31, 2021 will be subject to a longer disbursement reserve period of up to 21 days after the latest estimated delivery date (click here for more detail on payments based on delivery date).
Beginning on July 15, 2021, we will stop disbursement to sellers using non-participating PSPs altogether.
3. What should I do if I am using Amazon Currency Converter for Sellers (ACCS)?
If you are using ACCS and are disbursing your Amazon store proceeds to a bank account directly issued to you by a bank or by a participating PSP, no action is necessary. If you are using ACCS to disburse to a bank account issued by a non-participating PSP, refer to Question #1 above to determine whether you need to take action accordingly.
New Payment Service Provider policy
As part of our continued effort to make Amazon the safest and most trusted store in the world for customers and sellers, we are launching the Payment Service Provider programme to enhance our ability to detect, prevent, and take actions against potential bad actors so we can continue to protect customers and sellers from fraud and abuse. Sellers that choose to use a payment service provider (PSP) to receive their Amazon store sales proceeds will be required to use a PSP that is participating in this programme. We are notifying you now so that you have sufficient time to change or contact your PSP if needed.
1. Do I need to take any action?
If you do not use a PSP, but instead are using a bank account directly issued to you by a bank, no action is required.
If you use a PSP that is already signed up to participate in the programme (including LianLian Pay, Payoneer, PingPong and WorldFirst), no action is necessary. We are working diligently to enrol additional PSPs into the program as soon as possible, and will continue to update this page this page with participating PSPs.
If your PSP is not yet participating, we recommend you contact them to learn about their plan to enrol in our Payment Service Provider programme. If they do not plan to enrol, you should switch to a participating PSP or use a bank account directly issued to you by a bank by May 31, 2021. Detailed instructions on how to make the changes are available here.
Beginning on March 1, 2021, sellers adding a new bank account from a PSP must use a PSP that is participating in the programme.
2. What if I continue using a non-participating PSP after May 31, 2021?
Sellers who continue using a bank account from a non-participating PSP after May 31, 2021 will be subject to a longer disbursement reserve period of up to 21 days after the latest estimated delivery date (click here for more detail on payments based on delivery date).
Beginning on July 15, 2021, we will stop disbursement to sellers using non-participating PSPs altogether.
3. What should I do if I am using Amazon Currency Converter for Sellers (ACCS)?
If you are using ACCS and are disbursing your Amazon store proceeds to a bank account directly issued to you by a bank or by a participating PSP, no action is necessary. If you are using ACCS to disburse to a bank account issued by a non-participating PSP, refer to Question #1 above to determine whether you need to take action accordingly.
16 replies
Seller_saK5Ah2SaNYjL
If Amazon offered reasonable exchange rates, we wouldn’t have to use third party providers. Maybe Amazon should consider that?
Seller_r5tdKTfyTtgvl
They don’t say anything about how this will make things better and safer for customers - sounds more like an opportunity to squeeze a little more cash by getting comissions from service providers.
I moved to Transferwise a couple of years ago as the Amazon conversion rate was shockingly poor.
The cut-off of 2 months doesn’t leave a whole lot of time to try and get a new business accound set up; some more fun while trying to figure out post-Brexit shipping…
Seller_vIpv9uvBH6CFY
I specifically chose Transferwise because they are superior in both ease and price.
Amazon should not have the right to decide who we do our banking with. It sounds like an anti-trust suit waiting to happen, since 99% of their chosen services are chinese owned.
I will not be banking with a chinese provider who provides corrupt kickbacks to Amazon at my expense, thank you very much.
I’m looking at opening a Euro account at my bank and then I can continue using my choice of transferwise from there. Amazon will not be manipulating me into Chinese banking or participating in their illegal, money siphoning, abusive trust maneuver.
Seller_iulARc8vNM2jv
Is this only for UK account? we are a company in EU so we have a EU account. would this be only for our UK amazon account or is this for all other countries too? does anyone know?
thanks
Seller_35ipZyfSsvl7P
So can I continue using Transfer wise or need to change my bank account !!
Seller_A8nweDFjCrjjn
Hi - Just spoken to Wise (aka Transferwise) about this and they are still negotiating with amazon about this. Appreciate that amazon are trying to prevent fraud but if the two companies can’t agree terms this is going to cause yet more disruption for UK sellers, many of whom use Wise and are very happy with the service they offer. After the issues Brexit has caused I won’t be the only one who’d really like to concentrate on growing their business rather than wasting time changing bank accounts.
@Jessica: Grateful if you could pass this feedback on. Thank you.
Seller_FqalN2Equ13mj
We currently use Payoneer, so no change for us, unless my Payoneer margin gets squeezed to cover the fees they have to pay Amazon to be trusted Payment Service Provider.
I did call Payoneer with my concerns and was assured it will not make a difference and my margin will not change, however as with all these companies, you do not know against which FX Rate they work from!!
Seller_fTHw0bbzSUL9L
I see a reminder on this today.
Has anyone found a good option vs. a status quo of EUR disbursements via Transferwise/Wise, if this no longer becomes an option?
Seller_3nuxQganHuWhe
Does this only apply to the UK sellers who sell in other countries outside the UK ? And will all disbursements take longer if only using a UK bank account ?
