A seller asked the editor, which cross-border payment platform is best for Amazon? Today I will talk about this topic, friends who are interested can take a look together!
Although cross-border payment collection is difficult, Amazon sellers must face up to the challenge and make good choices. The editor found that sellers now have two options for cross-border payment collection: one is through the Amazon Global Payment Service officially launched by Amazon, and the other is to collect payments through a third-party account. So which of these two methods is better?
1. Amazon Global Payment Service
It integrates currency conversion and payment management. After activation, Chinese sellers can receive payments through domestic bank accounts without opening foreign bank accounts or third-party accounts. It is simple to operate, has a high security factor, and more stable payment. The payment can be received in as fast as three working days.
Although the advantages are obvious, Amazon's global payment service fee is unified at 1.25%. Judging from the current market conditions, the advantage is not significant. At the same time, it does not provide value-added services such as VAT payment and early loan release, and cannot fully meet the sellers' refined operational needs. Furthermore, Amazon’s official global payment system currently only allows one card number to receive payments from one account. If the seller has multiple accounts, management may be more troublesome.
2. Payment collection through third-party payment platforms
Generally speaking, sellers who do not have local bank accounts in the United States or Hong Kong must transfer the money back to China through third-party payment platforms. Currently, the more commonly used third-party payment platforms on the market include: payoneer, WorldFirst, pingpong, iPayLinks, etc. Here is a brief summary:
Payoneer: The official rate is 1%-1.2%, the official deposit time is 3-5 days, and it takes 1-2 working days to withdraw money to a domestic bank (any personal or corporate bank account). It supports VAT tax payment and account transfers. One main account can be bound to multiple stores.
WorldFirst: The official rate is 1%-1.2%, the official deposit time is 3-5 days, and withdrawals to domestic banks (can only be withdrawn to public accounts and corporate bank cards) take 1-2 working days. Supports VAT tax payment, and one main account can be bound to multiple stores. Before July 31, 2018, you can enjoy a 0.7% rate by registering for WorldFirst through Amazon Prime. The discount will last until December 31, 2018.
PingPong: The official fee rate is 1%, the official deposit time is 3-5 days, and withdrawal to a domestic bank (any personal bank card) takes 1-2 working days. Supports VAT tax payment, and one main account can be bound to 10 stores.
iPayLinks: The official fee rate is capped at 0.7%, the official deposit time is 3-5 days, and it supports 7*24 hours withdrawal to domestic banks (any personal or corporate bank account), and the funds will be credited within 1 hour. It supports VAT tax payment, early settlement and loans, and one main account can be bound to countless stores.
