Amazon Payments, Which One Is Right For You?

Payments

 

 

As an Amazon seller selecting the right service provider to receive your payments can be tricky. In this post, we will be discussing the difference between Payoneer and Worldfirst to see which is the best for receiving Amazon payments.

Choosing the right service provider can be challenging as you need to know their competitive deals and customer service. Knowing about these will guide you to choose the right service provider for you and avoid being charged high fees.

 Comparison

This comparison is done from the point of view of existing customers.

Both companies offer similar services and are both doing well, however, there are some differences that need to be looked at.

Let us start by looking at the payments options individually to see how they work, their advantages and disadvantages.  How secure they are and conclude by indicating which is the best for receiving Amazon Payments.

Both payments options for Amazon sellers are respected money transfers organizations and are both quick and safe to use.

Although some choose to sign up with more than one money transfer service in order to take advantage of different benefits, amongst Amazon sellers, Payoneer and Worldfirst are the two most recognized companies used to receive payments on Amazon.

 

Why do amazon seller’s needs to use Worldfirst and Payoneer?

It is possible to receive Amazon bank payments through bank accounts. However, this is not available to everybody. For receiving payments straight into the bank there are a lot of requirements which are not easy to meet. therefore, unless you are expecting to make a large amount of revenue it is not beneficial to open a US bank account because the benefits are always less than the cost.

Using a money transfer service is cheaper and the most efficient way of receiving funds. It is also a recommended method by Amazon

What is a money transfer service?

A money transfer service is a company wich its core service is to transfer money.

It is an international money transfer provider. It provides an account to its member into which payment can be made.

As an Amazon seller, payments for your products are paid into your money transfer service account and, once cleared, you are able to either make payments from the account or withdraw funds into your own bank account.

The following are the advantages of a money transfer provider

Security

These accounts limit the number of people with access to your personal or business bank account details. These services also offer security to Amazon with new sellers as they are established and well respected.

Conversion

Your funds are automatically converted from the currency of the sending company into your receiving currency

Exchange Rates

With many money transfer services, you can opt to hold the funds in a particular currency while you monitor the exchange rates.

This allows you to choose when convention takes place thereby maximizing the amount received

You need to be very careful when looking for money transfer services as they are many fake ones. it is worth shopping around.

The following are suggested when shopping around

  • Check that they have a physical address
  • Call the number to ensure that they exist
  • Always checks reviews and forums on the internet

 Payoneer Review

Payoneer is based in London and in New York City.

It is a popular payment service which enables the business to transfer money online across the Globe.

You can get paid in your local bank account from US and European companies using your own currency.

It operates in more than 200 countries which makes it convenient to use.

With Payoneer, you can:

Receive payments. Send a payment request and get paid in your Payoneer account. You can withdraw your funds at an ATM or transfer them directly to your bank account, which comes with a fee.

Make payments. Send and receive payments between Payoneer accounts free of charge.

Send mass payments. Make mass payments to your freelancers.

Automated payments. Set up automated payments.

Escrow payments. Make secure B2B transactions with Payoneer escrow payments.

When you pay someone through Payoneer, the funds go into their online Payoneer account. After that, the payee has options for withdrawal:

Payments

  • A prepaid MasterCard from Payoneer
  • Local bank transfer in more than 200 countries. Payoneer calls this the Global Payment Service.
  • Payoneer Make a Payment to send currency to other Payoneer accounts. For example, a manager can receive payment for a job, then pay employees from the same account

Withdrawing money

You’ll pay a different fee depending on whether you’re withdrawing the funds in the same currency or a different currency.

  • Withdrawing money from your Payoneer account to a bank account in a different currency will cost you up to 2% above the mid-market rate.
  • If you’re moving money into your bank account in the same currency, you’ll pay $1.50 for the transaction.

If you are a high earner, you may have a lower fee

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Here are the benefits of using Payoneer.

  • AS it is available in 200 countries it is easier to use across the globe. Payments are processed faster and transferred into Payoneer account where you can withdraw the funds into your bank account. It works more like PayPal
  • Registering is straight forward but takes 3 weeks for approval. You just sign up online and upload proof of your identification and address.
  • If approved, you will receive a MasterCard to activate your account online. Then you go into Amazon and fill in the Payoneer bank account details
  • The MasterCard system is convenient for sellers especially those making payments or receiving them.
  • The MasterCard can be used anywhere in the world where MasterCard is accepted
  • You can receive funds directly from your card from both individual or business
  • You can use Payoneer to send money to Payoneer users only not to international bank accounts
  • Low minimum transfer amount.Transfer at least $20 for Billing Service or $50 for making a payment

Here are the Negatives of using Payoneer

  • Customers have reported the High Rate of unauthorized transaction fees
  • Whenever there is unauthorized transaction all functions are blocked until you activate the account using the new Master Card.
  • To get a new master card you have to pay $12.95 for a new Master card which will take 3 weeks to arrive. This can be inconvenient for a busy seller.
  • During this time, you cannot even receive payments that are made to the Payoneer bank account.
  • Payoneer Systems are prone to crashes and many issues.
  • Limited access to Make a Payment. Not all Payoneer account holders can use Make a Payment. Typically, you’ll first need to receive funds from one of the Payoneer partners or through Payoneer Global Payment Service.
  • Fees for receiving and withdrawing money. You may need to pay a fee for both receiving money in your Payoneer account and withdrawing money. Many money transfer services charge only for receiving or sending money, not both.

Fees

  • Payoneer is not free to use, you have to pay a statutory fee of $26.95 Annually.
  • You also need to pay the following percentages on each payment received

1% of each payment received through Payoneer

1% of each payment made using the Payoneer debit card.

  • New Payoneer customers receive $25 in their accounts after their balances reach $100.

Exchange rates

  • You pay 2.75% foreign currency exchange rate to transfer or withdraw funds to your local currency. Its exchange rate is based on the prevailing mid-market rate for that country
  • However, you will be informed in advance about the exchange rate to be applied to your transaction

.

  • The language used in Payoneer are, English, Arabic, Russian Korean Spanish Japanese and Vietnamese.

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Worldfirst Review

Worldfirst began operations in 2004. This UK-based business provides different money transfer services to individuals and businesses alike.

From a basement now has offices in a number of countries around the world to simplify international money transfers

Worldfirst manages to offer better exchange rates when compared to banks mainly because of the volumes it has. Unlike banks, this business specializes in carrying out international money transfers

Transferring money online through WorldFirst.com is easy. Follow these steps to proceed with your foreign wire transfer:

  • Register as a new customer by visiting the Worldfirst website
  • Wait for your account to activate
  • Once it does, login to the secure Worldfirst online portal
  • Choose a currency and the amount you want to transfer
  • Submit the recipient’s bank account details
  • Pay for the transfer using an acceptable method
  • Worldfirst transfers the funds to the nominated overseas bank account upon receiving your payment

While sending money online is an option, you can initiate a transfer over the phone, as well. In both cases, your payment reaches Worldfirst on the same day or by the next business day.

As a corporate client, you can make payments via direct debits. These can take up to three business days to process.

Here are the positives about Worldfirst

  • Worldfirst lets you transfer money to International bank accounts.
  • Each office has an account manager who has to ensure efficient customer service for sellers
  • It is geared toward amazon sellers
  • Specializes in low-cost currency transactions
  • The registration process is easy and clear to understand.
  • On average it takes less than 2 weeks for your world first account to be up and running
  • Worldfirst offers to receive accounts in USD, JPY, GBP.CAD.AUD, NZD, and SGD
  • Efficient service with few crashes
  • Worldfirst has customers in different parts of the world. It lets you initiate international money transfers in multiple ways. In addition to quick turnaround times, it aims to provide high levels of customer service as well.

Here are the negative’s about Worldfirst

  • No debit or credit card
  • Only available in 8 countries

Fees

  • It is free to open an account and there are no monthly fees
  • Worldfirst charges transaction fees which range from 1 % to 2.75 % of the payment received depending on the amount received and from where.

Exchange rates 

Worldfirst uses life exchange rates, you can also sign up for free exchange rates alerts.

The languages used in Worldfirst are English, French Chines or Japanese

The Worldfirst referral system gives you the opportunity to earn rewards

How To Stop Your Business From Failing

Security for both service providers,

Let us look at how secure is both service providers.

Both companies excel when it comes to security as they both rely on high-level encryption to keep the data for sellers secured.

 Which payment method is preferable

World first comes on top as it has low rates for Amazon sellers and provides personal service for local account managers

2% taken from monies received and expenses can be too steep for small sellers

The pioneer debit card often needs to be linked to PayPal which also charge its own fees. This also makes the charges too high for the sellers.

High level of system crashes and incidents of unauthorized transaction makes Payoneer be unattractive to many account holders.

Looking at the convenience of Payoneer debit card as an advantage over Worldfirst, most Worldfirst users do not find this as a problem because they say it is straightforward to withdraw money from Worldfirst account to your bank account.

Conclusion

In terms of value for money, customer service and efficiency Worldfirst seems to be the most preferable method for Amazon users.

Worldfirst is also very convenient when you’re selling on Amazon US because Amazon requires you to have a receiving account in the country you are selling.

We all know the challenges of opening a US bank account when you do not have a US ID card. Therefore, Worldfirst has solved this problem.

Some users prefer to hold accounts with both, where they use Worldfirst to receive funds and transfer to Payoneer in order to use the debit card facilities.

Some customers say if you are a US based seller wanting to sell in the UK you will find world first useful and if you are a UK based sellers wanting to sell in the US you can consider both options.

Another advice from a customer who uses both options is that, As Payoneer is transacted in USD you can use it to reinvest into inventory purchase for selling into Amazon US, this will avoid being charged two foreign currency transactions fees.

And finally, when you chose a money transfer service you have to consider the volume and type of product you are selling.

Other factors include:

Consider whether the countries you are doing business with are covered by the service provider,

Consider whether they offer reward or incentive schemes to members

And more important whether there are any special rules to foreign exchange

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