Over the coming months Amazon will be rolling out and testing their new tool, Amazon Seller Wallet across the U.S. which aims to simplify the global Amazon selling experience for selling partners. As testing of this new wallet progresses, and providing it’s success we could eventually see it roll out across other markets.
In this early stage, the solution is said to give sellers an easy, hassle-free way to hold, view, and transfer Amazon store proceeds directly to their bank account on their schedule—all within Seller Central. There’s no cost or minimum amount required to enrol in Amazon Seller Wallet, and account maintenance is free. When sellers convert and transfer funds, volume-based currency conversion and international transfer fees will apply.
The big question here is, will merchants selling in other countries actually benefit from this service or will third-party payment service providers continue to offer more attractive exchange rates than Amazon. We already see so many payment service providers helping sellers avoid being penalised by Amazon’s less attractive internal rate, to it’s certainly worth checking what Amazon Wallet can actually offer you before you sign up to it.
The initial launch of Amazon Seller Wallet is now available to a select number of small businesses that sell on Amazon.com. Amazon plan to collect feedback from sellers and continue to refine this tool over time. Amazon say that they look forward to offering this tool to more sellers, introducing it in other Amazon stores, and building out further capabilities, like third-party payments and foreign exchange rate tools, in the future.
