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.
No action necessary for payments to your own bank account
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?
Amazon will delay payments with a maximum of 21 days
Amazon will stop payments via non-certified PSPs as per July 15, 2021.
Partnership with Payoneer
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:
Free local bank accounts in 10 currencies, amongst others EUR, GBP, USD and CAD
Sharp exchange rates
Free VAT service UK <> EU
Dedicated account manager
Would you like to know more about how you can simplify your Amazon payments with Payoneer, while also meeting Amazon's PSP policy?