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3 Easy Ways for Amazon Sellers to Save Time and Money
At AMZScout, we are fully aware that managing money and dealing with payments is a vital part of your business as a seller. Successful Amazon sellers now have a one-stop option for handling their payment solutions. We have partnered with Payoneer to provide a simple and affordable option for these needs. Learn more about the wonderful services they provide, and sign up for three months of commission free use. Get started today!
When it comes to running your cross-border Amazon business, managing profitability is key to your growth and success. The first and most important thing is to keep costs low, without compromising on the service you’re receiving. Make sure that you’re always getting the most value from your vendors. Things to consider include pricing (of course), but also range of services and ease of use. Don’t forget that time is money, too.
1. Keeping Money Transfer Costs Low – Look Beyond Transaction Fees
Saving money is an issue that goes a lot deeper than just securing cheaper transaction fees. While low fees are important (especially compared to using banks), zero fees are even better. Using a free and fast in-network payment solution to pay your vendors and suppliers can add up to significant annual savings. A company like Payoneer already has a huge infrastructure in place with a large network of Amazon-specific suppliers active in their ecosystem. This makes it even easier to take advantage of their in-network Make a Payment service. This is especially true for Chinese suppliers where Payoneer is the largest payment provider. Chinese suppliers in China benefit from a reduced withdrawal fee of just 1%. Most Chinese suppliers prefer to get paid through Payoneer. Suppliers in the US, UK and EU benefit from a low 1.5 $/£/€ per withdrawal, provided they are receiving and withdrawing funds in the same currency. Other non-wire transfer options, like Alibaba’s Trade Assurance service, charge a minimum of 2.4% in commissions.
2. Selling in Europe? Simplify Your VAT Payments
For eSellers active on Amazon’s European markets, paying VAT is a topic that’s more relevant than ever before. VAT collection across Europe has become a lot stricter in recent years as cross-border eCommerce is growing. Currently, the only options to pay your VAT have been to withdraw your earnings, convert back to EUR, send a wire and lose up to 5% in transfer fees or to try and open a local EU bank account and deal with the hassle of opening and managing the account (e.g., bank commissions, needing a local accountant, maintaining a personal presence in that country, etc.). Payoneer offers their customers a free, value-added service to send VAT payments to various European authorities. This service also cuts out the middle man which saves a lot of the hassle and paperwork required when dealing with banks. Currently, Payoneer supports VAT payments without transfer fees to the United Kingdom, Germany, France, Italy, Czech Republic, and Poland and will be adding more countries soon.
3. Streamline Amazon Store Management with Non-Invasive Payments Provider Integration
eSellers compile all their Amazon income information (complete with easy exports to Excel), making it easier to keep track of which Amazon stores are generating the most money at any given time. This functionality also allows Payoneer account holders to generate bank statements for Amazon with the click of a button, making it easier to stay on top of managing their Amazon accounts.
For AMZScout customers registering for Payoneer, Payoneer is offering to waive 100% of ALL fees for 3 months after registration!
