In today’s world, money is one of the most important ways you can tell someone how much they are — or aren’t — worth to you. At RepricerExpress, we understand there are other currencies more important than money, of course, like love and respect. But things like love and respect won’t pay your heating bill and aren’t suitable forms of currency in exchange for the products you list on Amazon. However, money doesn’t just travel in a one-way flow into your banking account, as there may be times you’ll have to shell out, too. Before moving forward, take a bit of time to ask yourself the following questions regarding getting paid on Amazon.
1. Where Will the Money be Held?
Doing business online has, for many people, vastly improved and simplified the transaction process. Instead of a buyer having to fork over wads of cash, all they have to do is click a few buttons and the money’s been transferred wirelessly to you — but you still need a resting spot for it. Enter the online bank account, the logical next step forward financial institutions everywhere took to the future. Amazon requires you to have an operational bank account and only “limits” is it has to be opened it in one of the countries they have a marketplace in.
If you do choose to open a bank account in any of the countries Amazon does business in, then you will have to create a business in that country and abide by its tax regulations. It’s not as difficult a process as trying to unify the theories of physics, but you will want to talk to banking experts who can answer questions in more detail.
2. Can I Choose What Currency I Get Paid In?
Well, yes and no. What your bank has laid out in the way of rules and regulations (such as accepting one kind of currency or more into your particular account) is something you’d have to discuss with them. The answer also depends on which marketplaces you want to do business in. If you live in the UK and only want to sell in the UK, you won’t have to worry about converting dollars and euros into pounds sterling. But if your plans include opening up your business to the world, then it’s inevitable you’ll have to deal with converting currencies.
3. Will Amazon Convert Currency for Me?
Absolutely they will, but read on just a little bit to learn if this is the option for you. You can use Amazon Currency Converter for Sellers (ACCS), which is the option of not entering a US bank account being paid directly into your bank account — remember, it has to be a bank account in a country and currency available through ACCS — into your local currency. The upside of this is obvious: Amazon does all the work for you, and you don’t have to worry about messy transactions, financial jargon, or watching currency values to ensure you’re getting the best conversion rate.
However, the downside is that because Amazon is taking care of this for you, they’ll want something in return. There are fees involved with using ACCS, plus they’ll be using a currency conversion rate that may or may not reflect the most current and accurate market reports.
4. What if I Open an Account in a Marketplace Not Supported by Amazon?
Amazon has an answer for that, too, as you’re definitely not beholden to banking in one of Amazon’s marketplace countries. If that’s the case, though, where your local currency isn’t supported by ACCS, like say Azerbaijan or Ukraine, then you’ll have to turn to a third-party currency conversion service. Which one you choose will ultimately rest on how comfortable you feel using it, with factors like site usability, conversion rates, technical, customer support and security all playing roles.
At RepricerExpress, we know money is really important to doing business successfully. Without it, you’d just be a hobbyist uploading images on Pinterest instead of actually selling products to interested customers. To help you get to the next level of stardom on Amazon, take a look at our repricing software, which will continually adjust your prices to attract the optimum number of customers. And to really get you going, we have a 15-day free trial waiting for you!
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