Amazon Seller Wallet 101 - Global Currencies We Support
Did you know that Amazon recently launched an official digital wallet? Today will be the first in a series of posts to tell you all about it.
With Amazon Seller Wallet, you can hold, view, convert and transfer your funds—all from your Amazon seller account.
Amazon Seller Wallet enables sellers to hold Amazon.com proceeds in a digital wallet and convert from USD into 20 currencies, including EUR, CAD, CNY, and GBP. For a full list of supported countries and currencies, please visit the Seller Wallet FAQ page.
Interested in learning more? Click here for more info on Amazon Seller Wallet. Or if you’re ready to enroll now, start here.
Watch for our next Seller Wallet topic on transferring funds to multiple bank accounts, coming soon.
1 reply
Seller_li0uARfvCczTN
Keeping a balance in a Seller Wallet is essentially letting AMZ earn interest on our money, so it's understandable that AMZ would be in favor of the option.
Are there advantages to the Seller beyond easy currency conversions? I don't see any other reason why this is better for the Seller. What's the point of a Wallet that I can put money in, but I can't spend it without transferring it to my bank account?
Here is an idea:
Imagine if the Seller Wallet is connected to the business' Buyer account. Then the company can use that money to buy a stapler from another Amazon Seller using the Wallet.
Advantage to the stapler-Buyer (i.e. the Seller who kept money in the Seller Wallet and is now spending it).
- AMZ could fund a 2% discount on purchases made using the Seller Wallet, when used to purchase products from other Sellers who also use the Wallet.
Advantage to the stapler-Seller
- Still gets the full price for their product.
- More traffic coming from the community of Sellers. Not only is the more potential customers, it is generally a high-quality customer that understands the impact of senseless Returns and of Reviews.
- For self-fulfilled orders, the Seller does not have to pay credit card transaction fees.
Advantage to Amazon:
- With the Seller having an incentive to keep balances in the Wallet beyond the standard Payout schedule, Amazon earns interest on those funds, which is the original business goal of offering the Wallet.
- Amazon sees more sales. A Seller becomes a Buyer and spends their revenues with other Sellers.
- Amazon still gets their 15% Referral Fee (for Office Products) on the full price, reducing the actual cost of the 2% discount that they funded on the stapler.
Easy Peasy, an idea where everyone wins.
