As outlined on Amazon seller central, earlier this year, Amazon launched the Payment Service Provider Program as part of their continued effort to make their platform the safest and most trusted store in the world for customers and sellers. Customers who use a payment service provider to receive their Amazon store sales proceeds, must now use an approved Amazon PSP.
How to tell if your client is using a Payment Service Provider
Your clients are using a PSP if the bank account assigned as the Deposit Method for their Amazon store is managed by a payment company instead of directly issued to them by a deposit-taking bank.
If your clients choose to use a PSP to receive their funds, Amazon will only accept bank accounts managed by PSPs that participate in the Payment Service Provider Program (a ‘Participating PSP’).
What are the benefits of using a PSP?
By working with a PSP, payments can be outsourced to one company, instead of having to do it yourself. It also eliminates the need for working with multiple payment providers.
Open local accounts to collect funds
Before accepting payments, a local account is required for the business. Some PSPs can help with this application process, while others support creation of local currency accounts.
Accept multiple currencies
PSPs provide support for multiple currencies. This allows fast and secure payments from around the world. For example, with WorldFirst you can open local currency accounts in 10 currencies and start receiving funds from global marketplaces in a matter of minutes.
PSPs generally offer better international transfer rates than regular money transfers. With a PSP like WorldFirst, you could save money with competitive FX rates and transparent pricing - up to 80% lower than high street banks.
Reconcile payments with ease
PSPs provide complete transaction reports for payments. This makes it easier for you to reconcile transactions in the future. WorldFirst also offer Seamless Xero integration.
Many payment service providers offer high standards of security for PSP payments. At WorldFirst we offer real-time fraud monitoring, blocking and alerts, and we are PSD2 compliant, with 2FA in place. To further enhance your security, we are also integrated with the Authy App for a more secure login.
Help your clients streamline international collections and payments with WorldFirst
WorldFirst can help you and your clients streamline international payments and collections, allowing you to manage multiple storefronts and payment in one easy to use dashboard.
Pay international suppliers
Whether your clients are purchasing from a major marketplace like Alibaba.com, or direct from suppliers around the globe, WorldFirst offers fast, easy, and secure international payments in 68 currencies, with same day and next day payment options to speed up supply chains.
Collect funds from multiple storefronts
With WorldFirst’s World Account, you can manage your international collections. Local currency accounts can be set up in minutes in 10 currencies. These accounts can be used instantly to receive funds from a global marketplace, and circumvent the need for local banking relationships.
World Account allows you to choose the right time to repatriate funds, at a time that conversation rates suits your clients. Alternately, the accounts can be used to hold funds to pay local or international suppliers, removing the need to repatriate funds, only to then make further international transfers, thereby reducing overall FX costs.
All of these collections and payments across multiple accounts can be managed via a single dashboard, saving time. WorldFirst also offers seamless Xero integration for easier reconciliation.
Switch Amazon payment account in minutes
Link WorldFirst and Amazon accounts
1. Create local currency accounts
Open multiple local currency accounts yourself in the dashboard. Or tell us where you’ll need local receiving accounts and in which currency, and we’ll set them up for you, and send details when they’re ready.
Amazon requires proof of account ownership to change the bank account details linked to a marketplace storefront. At WorldFirst, we’ve automated and simplified the process for you, so you can generate an account verification letter directly from your account dashboard in minutes.
2. Receive and hold funds
Have funds from selling internationally online paid into your local accounts. Keep them there until you’re ready to transfer them home.
3. Bring your money home
When you’re ready, log in to your account at any time 24/7 to transfer your money. With our great rates you can bring more of your hard-earned money home.
WorldFirst helps customers move money around the world with simple, fast and affordable FX transactions. Since starting out in 2004, more than 240,000 businesses have utilised our services to send more than £87bn around the world.
Today, WorldFirst provides a range of tools and services far beyond global money transfer, with international payment and collection accounts, marketplace integration and hedging products.
With many years’ experience working with SMEs who are selling internationally on global marketplaces, WorldFirst has the knowledge and expertise to help accountants, bookkeepers and their clients reduce the costs associated with expanding internationally by diversifying and nurturing their sales channels for growth.