Are you still worried about what payment method to use when opening an Amazon online store? There are three third-party Amazon payment methods popular with Hong Kong sellers, including World First, Payoneer and OFX. Amazon sellers need to provide a bank account in the place where the online store is sold to collect payment. For example, in the United States, Amazon needs to provide a U.S. bank account. For Hong Kong sellers, the most troublesome thing is that opening an account in the United States requires a U.S. ID card! The editor of Fuuffy will introduce these three popular Amazon payment methods, application methods, remittance procedures and exchange rates in this article, so that you will no longer worry about opening an Amazon store!
Amazon sellers often choose Payoneer as their cash flow partner. The platform is mainly designed to help overseas sellers who do not have physical bank accounts in the United States. Amazon sellers can use the virtual account provided by Payoneer to collect sales money on the US Amazon platform. Likewise, World First is also a good choice for providing virtual account services, especially for Amazon sellers in Hong Kong, Japan, Singapore, the United States, Australia, the United Kingdom and other regions. However, Payoneer accounts can only be bound to a single Amazon account, while WorldFirst provides a more flexible option and can bind multiple Amazon accounts, which is especially useful for sellers who operate multiple stores.
If you open two or more online stores on the US Amazon site and use Payoneer to connect cash flow, you need to use two or more Payoneer accounts respectively. Collection (generally speaking, a business/company name can only register one Amazon account); World First can use one account to collect payments from two or more online stores, and it has paginated management, so you can clearly manage different stores separately. payment status and details.
*Fuuffy would like to remind you that if you have more than one account on the same Amazon site, it is recommended that independent management accounts will be easier to manage. In addition, if it is a British and European site, if a seller has more than one account and uses World First to collect payments, there is a chance that the account will be deactivated! Articles you may be interested in: [Amazon Hong Kong Seller Guide: Solve Amazon’s top ten common problems and increase sales! 】
What payment method should a Hong Kong seller use when operating a US site? The editor can help you better! Let’s take a look at three mainstream payment methods on Amazon:
| World First | Payoneer | OFX | |
| Application qualifications< /td> |
People / with company status can apply |
Business Account | |
| Currency< /td> | USD, EUR, GBP, JPY coins and Canadian dollars | Supports more than 150 currencies</td > | Supports more than 50 remittance currencies< /span> |
| Registration fee< /td> | Free< br /> | ||
| Billing fee | None</ td> | No portion of the 1% USD discount Deposit fee | None</ td> |
| Withdrawal fee</ td> | U.S., Euro and GBP are up to 1 %, Japanese Yen and Canadian Dollar 1%-2.5% | 1%-2% (new users is 2%, and the cumulative credit amount can be reduced to as low as 1%) | None</td > |
| Annual fee< /td> | None</ td> | US$29.95 / €24.95 / £24.95 (depending on card type) | None</ td> |
| Withdrawal speed< /td> | 1- 3 working days | Major currencies 1-2 days, 3-5 days for non-major currencies | |
| Security< /td> | Informed by the US, UK and Hong Kong governments Supervision | Obtained approval from financial regulators around the world Recognition | Regulated by 55 regulatory agencies around the world tube |
Generally speaking, the standard commission fee on the Payoneer platform is 2%. However, if a merchant opens an account through Amazon's official recommendation or a cooperative application link provided by an agency like TransBiz, the handling fee can be discounted by 1.2%.
In comparison, WorldFirst’s handling fee is only 1%. It is worth mentioning that when Payoneer’s monthly remittance amount exceeds US$50,000, the handling fee has the opportunity to be further reduced to 1%; while WorldFirst has its own unique rate adjustment mechanism. As the monthly remittance amount increases, The handling fee can be reduced to as low as 0.3%. However, the actual handling fee ratio will be determined based on the regulations of each platform and the amount remitted by the seller. Specific details still need to be confirmed with the cash flow service provider. Articles you may be interested in: [Amazon FBA strategy: How to provide e-commerce store sales through FBA? Fees, Amazon returns, and logistics at a glance! 】
One of the great advantages of choosing WorldFirst or Payoneer is the seamless connection with PayPal. When the proceeds from the online transaction are deposited into the PayPal account, the seller can choose to transfer the funds to the virtual accounts of these two platforms in the United States. This not only saves the 2.5% handling fee required for withdrawing cash from PayPal, but the withdrawal amount will be calculated according to WorldFirst or Payoneer's rate.
Please note:
- PayPal will set different handling rates based on the account type applied for, whether it is ""Individual"" or ""Company"", and limit the number of transfers and amount.
- In the early stages of account opening, PayPal will determine the future payment currency and related fees based on the selected country, currency, credit card or bank account.
- If the two parties to the transaction use different currencies, exchange rate fluctuations may cause gains and losses; consumers can choose to settle at their own credit card's exchange rate or PayPal's exchange rate when paying.
The steps to use World First to send money are as follows:
1. Visit the World First website to register, or open an account over the phone.
2. Select the currency type of the required remittance from the exchange rate list provided on the website.
3. Select the ""Reservation Transaction"" option.
4. Fill in the remittance amount and the payee’s information.
**The minimum remittance limit is HKD 10,000</ span>
5. World First will provide you with an exchange rate quote.
6. After confirming that the exchange rate is correct, enter the details of the recipient's bank account and the desired transaction date.
7. Receive confirmation of transaction appointment via email.
8. Transfer the money to the designated bank account within the given ""send funds deadline"".
9. Wait for World First to complete the remittance operation
** Payments will be issued in the name of World First, and the reference number will be prefixed with WFPAY
10. After the transaction is completed, you will receive an email confirming the successful transfer.
The following is the information that needs to be provided during the entire remittance process:
Remitter information
- Name/ Place of residence/ Email address/ Phone number/ Occupation/ Date of birth/ Address/ Purpose of account opening/ Remittance country/ Expected remittance amount/ Supporting documents ( Proof of identity, proof of address, etc.)
Company information (if applicable)< br />- Company name/Company structure/Company registration number/Registered address and trading address/Director or shareholder personal information/Industry/Product category/Business Cash ratio / supporting documents (company address)
Payee information
- Nature of account (business or personal)/Country of bank/Currency/Name of payee/Relationship with remitter/Name of bank/SWIFT or BIC Code/Account number/Beneficiary address/Contact information (email address and phone number)/Purpose of remittance
World First provides diversified remittance services and has specific services for different types of customers:
Individual customers
- Can be opened quickly Open an account for international remittances.
- Including same-day international remittances, booking ""spot contracts"", and batch payments.
- The minimum remittance amount is HKD 10,000.
Enterprise customers
- Optional Set up a Payment Account or World Account.
- Payment Account provides general international remittances, including same-day international payments, booking ""spot contracts"", batch payments, and can reserve exchange rates for currency exchange trade.
- World Account allows you to open accounts in different currencies, including pounds, US dollars and other currencies, making it convenient to receive remittances and transfer funds to local or Domestic bank account.
- There is no maximum or minimum transfer amount set for corporate customers.
E-commerce customers
- can be opened Set up a World Account to run an online business.
- Provides multi-currency accounts to easily collect sales revenue and pay global suppliers.
- Selectable currencies include British pounds, US dollars, etc.
- There is also no maximum or minimum transfer amount.
*The latest information is available at World FirstThe platform is the most accurate
The basic process of using Payoneer for remittance is as follows:
1. Register and open a Payoneer account: Visit the Payoneer official website, complete the registration process, and open an account.
2. Connect to the funding source: Connect the Payoneer account with the payment source (such as Amazon, Upwork, etc.).
3. Receipt: You will receive a notification when money is transferred to your Payoneer account.
4. Choose a remittance method: You can choose to keep the funds in your Payoneer account or transfer them to a personal or company bank account.
5. Complete the remittance: Fill in the required information, including bank account information and transfer amount, and then submit the transfer request.
6. Confirm and wait: After confirming that the transfer details are correct, Payoneer will process the remittance, and the funds will usually be transferred to the designated destination within a few working days. bank account.
This process is simple and straightforward, suitable for both personal and business customers making international money transfers.
The remittance services provided by Payoneer are mainly targeted at global business transactions, including:
1. Multi-currency support: Supports more than 150 currencies, enabling cross-border remittances.
2. Direct transfer to bank account: Users can transfer funds directly from Payoneer account to personal or company bank account.
3. Business payment solutions: suitable for e-commerce platforms, freelancers and companies providing international services.
4. Safe and reliable: Provide a safe trading environment and comply with international financial standards.
Payoneer's remittance service is particularly suitable for e-commerce sellers and freelancers who need to conduct international transactions, simplifying the process of cross-border collection and payment.
When using Payoneer to transfer money, the following information is usually required:
1. Remitter information: including name, address, email address, phone number
2. Bank account information: including bank name, bank account number, SWIFT/BIC code
3. Payee information: Payee The payer’s full name, address, and possibly his Payoneer account information
4. Transaction details: remittance amount, currency type, remittance purpose< /span>
Before making a remittance, it is recommended to confirm the accuracy of all information with Payoneer to ensure the smooth completion of the remittance process.
*The latest information is available at PayoneerThe most accurate platform
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