Check your Payment Service Provider before May 31, 2021


#1

On Feb 1, 2021, we launched the Payment Service Provider Program to enhance our ability to detect, prevent, and take actions against potential bad actors so we can continue to protect you and customers from fraud and abuse.

If you use a payment service provider (PSP) to receive your Amazon store sales proceeds, you must use a PSP that participates in the program.

From May 31, 2021, if you use a bank account from a non-participating PSP, you will be subject to a longer disbursement reserve period of up to 21 days after the latest estimated delivery date.

If you use a bank account issued by a deposit-taking bank, or a participating PSP (see list here), no action is required.

We’re working diligently to enroll more qualified PSPs into the program. To view the list of PSPs that have met our requirements for provisional enrollment, and to find out more, go to Updates regarding Payment Service Provider Program.

We’ll update the list on a weekly basis.


I cannot add my bank deposit account because my country is not listed
Hyperwallet
#2

While I applaud efforts to ensure account security, this seems like an inadequate solution. There are only 12 providers mostly in China.

How wonderfully secure to pay a middle man in China, to get me my money.

Hopefully they are planning on including some nationally available banks. This feels like a grab for the extra interest that can be made by non compliant bank accounts. I shouldn’t have to pay extra fees to get my disbursements in a reasonable amount of time.

This does seem to illuminate that Amazon is unable to adequately maintain or protect account security on their end, per their notice. They are unable to securely distribute funds unless they wait extra long??? Perhaps a better plan may have been for Amazon to increase verification procedures for changes on accounts, up security monitoring and invest in their infrastructure to help keep seller central secure. I guess outsourcing this responsibility that we implicitly give Amazon is their solution.

Guess I have a little over 2 weeks to decide to either jump through the hoops and pay even more money to sell on Amazon, or hurry and start waiting longer. Technically the 21 day wait will even out once I hit the first 21 day period. Amazon already makes more on my business then I do, I don’t feel that I need yet another pay service in my portfolio.


#3

It would be nice if Amazon helped me figure out what’s going on with my disbursement…


#4

Well, I’m assuming that my bank is a deposit taking bank, since they have always taken deposits before.
I’m “assuming” that this is for people who have been using a Payment Service Provider in order to get their disbursements from Amazon all along. And since the service providers in the list all seem to be Chinese (or Asian) that this may be something not related to US bank accounts.? Maybe? I hope? I certainly wouldn’t want to have my money have to go through a Chinese service before being able to get it to my US bank account.

At a closer look, these all appear to be Cross-border payment solutions. So if you are talking about Amazon.com and you are in the USA or have a US bank account to get your deposits into in US dollars, I don’t think these services even apply.


#5

Yes! I assume so also. Really sad that Amazon can’t communicate effectively in English.


#6

These 2 paragraphs… if my bank account is a deposit-taking bank (para 2), but not through a PSP (para 1), what does that mean? No action required but we still have a 21 day delay? confused


#7

Good idea; lousy implementation as far as can tell. Amazon can’t make deposits to my bank account since they did this, but none of the information about the account (from my side has changed), in any way. Even, re-verifying info. with the bank does not clear this up, so… It’s amazon that has changed and it seems most appropriate that they should provide the ‘bridge’ to it’s ‘innovation’.


#8

Just another scam by Amazon to make more off our money. I will be thinking hard about ending my business with Amazon in the near future.


#9

I’m confused… is Wise (formally Transferwise) a PSP?


#10

What does “outside the Amazon store geography” mean? When I click on the link to see the list of participating PSP, this statement appears above the list of 12 foreign PSP, “Explore solutions to disburse to bank accounts located outside of the Amazon store geography.”

Is this change for non-American sellers?

Where do I go to see if our company is inside the Amazon store geography?


#11

Well if you are selling on Amazon.com That would be in the USA.
So if your company is based in China and you are selling on amazon.com you probably need some sort of cross border payment service provider.


#12

How about we DONT accept chinese options… Chinese sellers destroy all of the markets with factory seconds.


#13

if you use a bank account from a non-participating PSP, you will be subject to a longer disbursement reserve period of up to 21 days after the latest estimated delivery date.
If you use a bank account issued by a deposit-taking bank, or a participating PSP (see list here), no action is required.

Which is it? PSP or my standard deposit taking bank?
Mods, Mods, Mods. Please, before this disrupts thousands of businesses can some please translate this to english?
This says two completely contradictory things. Bank account from non participating… “Then your screwed”. However, deposit-taking bank… “no action required.”
No action required and then what? Is action then just recommended?
To my knowledge you can’t be a bank unless you take deposits? How can there be any bank that doesn’t take deposits?
If I have a bank linked to my Amazon account and they aren’t “deposit taking” then how does Amazon “deposit” my money?
My bank takes deposits (obviously) can anyone translate for me what this means for us?


#14

Confused me. how can any bank stay in business without taking deposits?


#15

News

February 1, 2021

New Payment Service Provider policy

As part of our continued effort to make Amazon the safest and most trusted store in the world for customers and sellers, we are launching the Payment Service Provider program to enhance our ability to detect, prevent, and take actions against potential bad actors so we can continue to protect customers and sellers from fraud and abuse. Sellers that choose to use a payment service provider (PSP) to receive their Amazon store sales proceeds will be required to use a PSP that is participating in this program. We are notifying you now so that you have sufficient time to change or contact your PSP if needed.

  1. Do I need to take any action?

If you do not use a PSP, but instead are using a bank account directly issued to you by a bank, no action is required.

If you use a PSP that is already signed up to participate in the program (including LianLian Pay, Payoneer, PingPong and WorldFirst), no action is necessary. We are working diligently to enroll additional PSPs into the program as soon as possible, and will continue to update this page with participating PSPs.

If your PSP is not yet participating, we recommend you contact them to learn about their plan to enroll in our Payment Service Provider program. If they do not plan to enroll, you should switch to a participating PSP or use a bank account directly issued to you by a bank by May 31, 2021. Detailed instructions on how to make the changes are available here.

Beginning on March 1, 2021, sellers adding a new bank account from a PSP must use a PSP that is participating in the program.

  1. What if I continue using a non-participating PSP after May 31, 2021?

Sellers who continue using a bank account from a non-participating PSP after May 31, 2021 will be subject to a longer disbursement reserve period of up to 21 days after the latest estimated delivery date (click here for more detail on payments based on delivery date).

Beginning on July 15, 2021, we will stop disbursement to sellers using non-participating PSPs altogether.

  1. What should I do if I am using Amazon Currency Converter for Sellers (ACCS)?

If you are using ACCS and are disbursing your Amazon store proceeds to a bank account directly issued to you by a bank or by a participating PSP, no action is necessary. If you are using ACCS to disburse to a bank account issued by a non-participating PSP, refer to Question #1 above to determine whether you need to take action accordingly.


#16

This is totally off-the-wall and absolutely senseless to American / Amazon USA sellers. Can’t leave feedback on the page where you click to see the banks. So, I’m thinking Amazon must be working on the kinks… I hope so, anyway. B/C sending my money to China so I can receive my deposit in Texas is ludicrous! :angry:


#17

Just wow…

When the news was first announced, we tried to switch to one of the PSPs (Payoneer) from our existing TransferWise account.

Payoneer took a 3% cut just to receive money and transfer it to our local bank. Having read the fine print and having talked to their support, it turns out Amazon takes a cut from these exorbitant (compared to a bank and TransferWise) fees.

I am not sure about the other PSPs but so far, IMHO, this policy looks like a money grab under the guise of payments integrity.


#18

I doubt this could be more unclear.

How could someone deposit to a bank that does not take deposits…

What about banks in the USA?


#19

@Amazon_News

Could you please clarify this post. For US sellers with US Bank Accounts, do we have to sign up for a PSP. Seems ridiculous, but that is what your post says. (At least, I think that is what it says.)


#20

remember it is your fault, not amazon’s. this is what the amazon schills will tell you.
ever since I put my 18 year account on vacation hold, I have had to start over with a account reserve held back, and trying to tell them that I am not a new seller has done no good.