Amazon recently rolled out its Express Payout scheme, and the sellers are thrilled about it. Under this service, all eligible Amazon Sellers can get their payments within 24 hours instead of waiting for 3-5 business days.
Amazon announced that this service would be available to all US-based sellers across all 50 states. Unlike the standard payout system, this service will be available any day, including Sundays.
But there is more to Express Payout, and if you are an Amazon Seller, I recommend you go through this article carefully before opting for the Express Payout option.
What is Amazon Express Payout?
Amazon Express payout is a service by Amazon that will allow sellers to get their payment deposits as fast as possible. This means that you can get your money within 24 hours. The speed of these transactions and payments can help small sellers and businesses with the expenses flow.
If the payments are processed within 24 hours, the sellers wouldn’t have to deal with the hassles of bank delays and holidays to get their payments. Express Payout would ensure that the sellers can quickly receive the funds for their everyday expenses without any trouble.
Amazon initially announced the Express Pay services to be completely free. However, this was only for the initial promotional period. After the end of the promotional period, which Amazon will notify, Amazon will charge a flat fee of $0.50 per payout.
Who is eligible for Express Payout?
The Amazon Express Payout service is available to all eligible sellers on Amazon. To avail of this service, you must meet specific requirements set by Amazon.
Active Seller on Amazon
To be eligible, you must be an active seller on Amazon. This includes having no earlier issues with Account suspension or violation of Amazon Sellers Policies.
Verified Business
You need to have a legally registered and verified business by Amazon. You must provide Amazon with all the necessary details and documents of your business, including Tax information. According to the guidelines, you will not be eligible for the service if you haven’t completed your business verification on Amazon.
Payment Method
The sellers opting for this service must have an account with an in-network U.S. Bank. Amazon must verify this payment method.
Payment Limit
All the payments made through the Express Payout service can be $1 Million or less at the time of payment initiation. So, you must have transactions that are less than $1 Million.
Compliance with Amazon Policies
If your seller account has had issues with Amazon policies related to payments and transactions, then Amazon can prohibit you from opting for this service. You can contact the Amazon Support Team.
The Amazon Express Payout Services are only available in certain countries, and Amazon is actively covering all 50 U.S. States first. If you are an overseas seller, check whether this service is available in your location.
You can easily opt-in for the Express Pay services if you fit the above criteria.
Does Amazon charge for the Express Payout service?
Amazon Express Payout Services are available for free till September 2023. After this promotional period is over, Amazon will charge an amount of $0.50 per Express Payout.
Amazon will notify you once the free period is over, and if a seller wants to opt out of the service, they can deactivate it at any time through their accounts.
How to sign-up for Express Payout Services?
It is really easy to sign-up for Express Payout Services. If you have a Sellers Central Account, then just follow the steps below:4
Log in to your Sellers Central Account on Amazon.
Verify that all your business information is correct and verified.
Go to the “Settings” option on your Seller Central Account and select “Account Info.”
Under the “Account Info” tab, click on “Deposit Methods.”
Click on the “Express Payout” option on the next page. Fill out all the necessary details, and you are done.
If this option is not visible in your Sellers account, you might either not be eligible for this service or unavailable in your region. You can contact the Amazon support team to help you with any issues with this service.
What Happens To My Payouts After I Sign Up?
Once you sign up for the Express Payout services, you can start using this service for all payments and transactions of $1 Million or less.
It is worth noting that the services for Express Payout will apply to only the specific bank account the seller chose. All future payments will be settled using this service unless they are above $1 Million or you opt-out. The service will include all kinds of automated and manually generated payments.
Amazon Express Payout service will allow sellers to get their hard-earned money to them faster. This will help small business owners to build a smooth cash flow for their everyday expenses.
Can I Opt Out Of The Express Payout?
You can opt out of Express Payout Services anytime. Once you opt-out, your payments and transactions will resume with the standard method or whichever method you select.
To opt out of the Express Payout Program, follow these steps:
Go to your Sellers Central Account
Select the “Settings” tab and click on “Ac00count Info.”
Under this, click “Deposit Methods” and select the Standard Payout Option.
Once your payment method is successfully updated, Amazon will make your payments through the standard method instead of Express Payout.
What are the benefits of Express Payout Services?
There are a lot of benefits to the Express Payout Program by Amazon.
Faster transactions
One of the key benefits of Amazon Express Payout for sellers is the speed of transactions. With this service, payments are usually processed within 24 hours, which can help sellers ensure that their contractors, freelancers, or vendors are paid promptly. This can help improve relationships with these parties, leading to better performance and increased trust.
Low transaction fees
Another advantage of Amazon Express Payout is the low fees. Compared to traditional banks or other payment providers, the fees Amazon charges for using the service are generally lower. This can help sellers save money on transaction fees, which can add up over time, especially for businesses that make frequent payments.
Simplified payments
Amazon Express Payouts can help simplify the payment process and reduce the need for sellers to maintain multiple accounts in different countries or regions. This will benefit sellers to get their money quickly without the hassles of delayed payments or banking hours.
Smooth Cashflow
Amazon Express Payout can help sellers improve their cash flow. By allowing payments to be processed quickly and efficiently, sellers can receive funds more quickly and reinvest them in their business. This can help them grow their business more effectively and take advantage of new opportunities.
Frequently Asked Questions (FAQs)
How many days does Amazon Payout?
Amazon generally settles the Seller Payout every two weeks. If you have opted for the Amazon Express Payout method for disbursements, then you can get your payout within 24 hours.
How do I request a payout on Amazon?
You can request a payout on Amazon by logging into your Seller Central Account and going to the Payment Summary. Under the Payment Summary section, select “request disbursement.”
How do I check my Amazon payout?
You can check your Amazon Payouts by going to your Seller Central Account and selecting the Account Info option. You can select Reports Menu from here and go to “Payments.” Under the “Statement View” tab, you can view your Amazon Payouts.
How often does Amazon send payouts?
If you are on the Standard Payouts Method, Amazon settles the payments every two weeks. However, using he Express Payout Method, you can get your disbursements within 24 hours.
Conclusion
Amazon Express Payout can significantly impact sellers by providing a fast, convenient, and cost-effective way of getting their money. By streamlining payment processes, reducing transaction fees, and improving cash flow, this service can help sellers improve their relationships with their partners and grow their businesses more effectively.
Stay tuned for more helpful content on Amazon!
Samrudha Salvi ‧ Author
With more than 5 years on selling on amazon, and helping 100s to get started on Amazon.
