There are many ways to receive payments across borders. So how do Amazon sellers choose the one that suits them? Next, the editor has selected several Amazon payment methods that are more commonly used for comparison, hoping to help you. Now let’s take a look together!
1. Open an account
It is relatively simple to open a Payoneer account. Generally, you can open personal accounts and corporate accounts. All you need is your ID card and a domestic bank card number. No proof of address is required. Currently, the fastest way to register an account is to register today and have it approved tomorrow. It is definitely a safe, convenient and fast way to receive payments for you. In addition, when you open a Payoneer account, accounts in four currencies, namely US dollars, British pounds, euros and Japanese yen, are opened by default. It truly achieves “one card, everything is done”.
Opening a World First account is also relatively simple. When you want to open a personal account, you only need to bring your personal ID card and proof of address. For a corporate account, you need to submit the company's business license. It takes about 1-3 days. World First supports opening accounts in five currencies: US dollars, British pounds, euros, Canadian dollars, and Japanese yen.
PingPong Finance: PingPong Finance, which is native to China, can generally open personal accounts and corporate accounts. However, currently only US dollar accounts are supported. Accounts in other currencies are not supported for Amazon payment collection. Only payments from Amazon's US site are accepted. The review time after registration is about 1-2 days. Things are changing with each passing day, so it is recommended that you always pay attention to the official website to learn the latest information.
2. Function
WorldFirst card personal accounts and business accounts enjoy exactly the same level of functions. One WorldFirst account can support multiple Amazon stores. For example, if you have 5 Amazon stores in the United States, you can provide the links of these stores to World First, and they can help you open 5 sub-accounts to accept payments from different stores without causing any connection. At the same time, you can convert the funds received into the currency you need and withdraw them to Hong Kong or domestic bank cards.
The P card has the most flexible functionality. You can open multiple sub-accounts in one P card account to accept payments from different stores, which is similar to World First. Fund transfer is relatively free compared to p-cards. No matter what name the p-card is registered under, it can be transferred to the legal person, shareholder, or company account, and it also supports wrong-name collection and withdrawal. This is undoubtedly the greatest benefit for both the company and individuals! In addition, the flexibility of the p-card is also reflected in the way the funds are used. Not only can it pay logistics fees to logistics companies directly in foreign currency instantly, but it can also be used for consumption online and in physical stores around the world.
PingPong Finance can also open multiple sub-accounts to collect payments from different stores. But you must remember that the US site can only have products of different categories, and similar products will lead to associations.
3. Security
Payoneer: A long-established payment company that is regulated by the US and European governments. It holds MSB US and E-Money License, RMB settlement is monitored by China's State Administration of Foreign Exchange, and is also the safest Amazon payment method officially recommended by Amazon. World First: A long-established payment company that is regulated by the governments of the United States, the United Kingdom, and Hong Kong, and is safe and secure.
PingPong: It is regulated by FinCEN (Financial Crimes Enforcement Network) and the Chinese and US governments. Of course, as a domestic company, it also has support from the local government. The US dollar account is issued by the branches of China's four major banks in the United States.
4. Cost
I believe that what everyone is most concerned about is the fees of Amazon's payment method. This is easy to understand, but it still requires some effort to analyze how to optimize the management of your own money. So, let me share some recent data so you can really budget wisely.
Currently, Payoneer has no deposit fee and the withdrawal fee is 1.2%. Of course, if you are a big seller, you can also ask the Chuanglan team to apply for a lower rate for you. The minimum withdrawal amount for P card is 200 US dollars, and the fastest withdrawal speed is 1-3 working days. The supported currency accounts include accounts in four currencies: US dollar, British pound, euro, and Japanese yen.
World First has no deposit fee, but a withdrawal fee of 1%, with a minimum withdrawal amount of $100. The fastest withdrawal speed is 1-3 working days, and the supported currency accounts include US dollars, British pounds, euros, and Japanese yen.
PingPong has no deposit fee, but the withdrawal fee is 1%, with a minimum withdrawal amount of $50. The fastest withdrawal speed is 1 working day, and the only currency accounts supported are US dollars and US accounts.
The above are several ways for Amazon sellers to collect payments. Each method has its advantages and disadvantages. It is best to choose the one that suits you best. If you want to know more about Amazon payment collection, please continue to follow us!
