As from 31 May 2021, Amazon will only make payments via certified PSP or directly via your bank.
Amazon launches their new Payment Service Provider (PSP) policy as a result of their continuous process of improving protection of sellers and buyers against fraud and abuse. This means that it is only possible to receive payments via one of their certified partners if you would like to be paid via a PSP.
You do not need to undertake any action if you have connected your own bank account to your Amazon account. This remains a payment option in future.
Please be aware that payment to your bank account is not always the most favorable option due to currency conversion rates. It is always advisable to compare the advantages of a PSP with direct payment to your bank account and then decide what best fits your situation.
Next to direct payments to your bank account, Amazon only allows payments via certified PSPs as stated in their new policy, effective as from May 31, 2021.
Are you now working with a PSP not listed here, it is advisable to take action and select a certified PSP before May 31, 2021.
Are you using a non-certified PSP after May 31, 2021?
Payoneer, a partner of EffectConnect, is one of the few Amazon-certified PSPs. Payoneer offers a worldwide reliable service and works together with well-known institutions such as Deutsche Bank, Royal Bank of Scotland and Mastercard. Payoneer is the only Western PSP that is certified by Amazon.
Some of the advantages of Payoneer as a PSP for your Amazon business:
Would you like to know more about how you can simplify your Amazon payments with Payoneer, while also meeting Amazon's PSP policy?