With new sales coming in from across the globe, it can be difficult to manage your Amazon business’ profits. Figuring out exchange rates, seller fees and international transfer fees can become a giant headache. Fortunately, Amazon has introduced a new digital wallet that allows sellers to efficiently manage all these factors before receiving the final payout. Understanding this new technology will save you the headache of money management and make your sales experience less frustrating.
Simple and Effective
One of the biggest perks of Amazon is that your products can be purchased almost anywhere around the world. This allows for a huge market size and the potential for constant growth. However, with nearly 200 different currencies in the world, it can be difficult to keep track of exchange rates on top of the regular Amazon fees.
With the Amazon digital wallet, you’ll be able to easily manage these factors straight from Seller Central. The wallet allows you to hold funds until you’re ready to transfer them to your account, condensing transfer and exchange rates, rather than requiring them to be dealt with at every sale.
This can also make tracking your sales and income much simpler. Money can be held in the wallet for an indefinite amount of time, allowing you to hold your weekly or monthly sales and collect the funds as it suits your business.
One of the biggest concerns with any online wallet is security. Without strong encryption and backend code, hackers could break into the system and compromise your information or money.
With Amazon, this worry can be put to rest. Because the wallet is directly linked to Seller Central, all of Amazon’s current information security measures are automatically in place.
In a global company such as Amazon, security is taken very seriously, as any breaches would have worldwide consequences. As a result, your data and any funds stored in an Amazon wallet will be safe and secure.
The Amazon wallet is a very new seller tool, released on August 22. Because of this, it is currently available for a very select group of Amazon sellers. As feedback rolls in and the wallet is refined, it will become available to more sellers. The wallet is currently free for sellers to use, apart from regular exchange rates and international transfer fees.
Though in the beginning stages now, Amazon is hoping to introduce new capabilities into the software as more sellers use the wallet and submit feedback. This could include third party payments and foreign exchange rate tools, making it much easier to accept additional types of payments.
The new Amazon wallet has great potential to help you manage and track your sales. Though not currently available to everyone, the wallet will soon be available for all Amazon sellers, allowing you to access the service for free from Seller Central. With built in Amazon security and more powerful capabilities on the way, getting started with the Amazon wallet will help simplify your money management, saving you time and helping you grow profits.
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