Amazon launched a new wallet for global sellers to manage payouts more easily. It will roll out to sellers over the next few months.
In a post on the About Amazon blog, Max Bardon, Vice President of Amazon Worldwide Payments, shared that the initial launch is available to a select number of small businesses. “We plan to collect feedback from sellers and continue to refine this tool over time.”
Account maintenance is free, but when sellers convert and transfer funds, volume-based currency conversion and international transfer fees will apply. It plans to add capabilities including third-party payments and foreign exchange rate tools in the future.
“This early stage solution gives sellers an easy, hassle-free way to hold, view, and transfer Amazon store proceeds directly to their bank account on their schedule—all within Seller Central, the go-to resource for small businesses that sell on Amazon,” Bardon told sellers.
The blog post shared a quote from a Canadian seller who has been using the wallet for the past few weeks who said it has saved him time and money.
On the seller announcement board, Amazon said sellers with international bank accounts using the tool can convert US dollars into one of 19 supported currencies, with volume-based international transaction fees to convert and transfer funds.
The Amazon Seller Wallet is currently available to Amazon.com sellers by invitation only.