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TransferMate has become a participating PSP (Payment Service Provider) for Amazon. This will allow Amazon sellers to use TransferMate accounts to receive their sales proceeds. TransferMate offers local virtual accounts to get paid in multiple currencies by the e-commerce giant.
TransferMate’s accounts cover all of Amazon’s stores in North America, Eurozone countries, the UK, Australia and multiple marketplaces in APAC.
“We’re expanding the ability of Amazon sellers to collect payments across the world in a smart, secure way” said Sinead Fitzmaurice, CEO of TransferMate. “Our virtual accounts will allow Amazon sellers to scale globally into new countries and territories, adding real value to that community and to Amazon itself.”
TransferMate account holders can plug their account details into their Amazon Seller Central portal to receive their sales disbursements. When the TransferMate account holder makes a sale in a country or territory where that account is based, sales proceeds will be paid into that account in the local currency.
These local virtual accounts provide a number of benefits for TransferMate Account holders;
- Scale up globally. Account holders are able to set up an international network of virtual accounts and get paid locally, ‘bringing profits home’ when they want to.
- Local banking footprint. Account holders will be able to open multiple virtual accounts in seconds and not have to individually set-up foreign bank accounts.
- Cut FX costs. By leveraging TransferMate’s network, Account holders will benefit from competitive FX rates and no transfer fees when collecting from abroad in the covered currencies.
Amazon’s Payment Service Provider Program is part of its continued efforts to be the safest and most trusted store in the world for customers and sellers. It is designed to enhance its ability to detect, prevent and take action against bad actors so Amazon and participating PSPs can continue to protect customers and sellers from fraud and abuse.
“We’ve built a global network with compliance and security at its core” continued Sinead Fitzmaurice. “With a global marketplace like Amazon, with millions of sellers and customers transacting billions of dollars every day, there is nothing more important than having an infrastructure that is secure, regulated, and trusted.”
The TransferMate Platform is an integrated payables, receivables and virtual account solution. By signing up with TransferMate, Amazon sellers will be able to pay into 200+ countries and territories in 140+ currencies, and invoice and collect globally. Sellers can pay for all Amazon services through the platform, as well as local taxes and their global supplier base.
Sellers can find TransferMate on their Amazon Seller Central Portal in the Disbursement Solutions category, and more information on how it works here. They can also sign up directly at TransferMate.com.
