TransferMate has officially become a member of Amazon's Payment Service Provider (PSP) program. This collaboration will offer Amazon sellers more convenient, efficient solutions for receiving payments and making transactions.
As a participant in this program, TransferMate allows Amazon sellers to open local currency accounts through its platform to receive payments from Amazon. Sellers can open accounts covering Amazon marketplaces in North America, Europe, the UK, Australia, and multiple countries/regions in the Asia - Pacific region. Sellers only need to enter their TransferMate account details into the Amazon Seller Central platform. When they make sales in an Amazon marketplace associated with the account, Amazon will pay the funds into this account in the local currency.
Sinead Fitzmaurice, CEO of TransferMate, said, "We are expanding the ability of Amazon sellers to collect payments worldwide in a smart and secure way. Our virtual accounts will enable Amazon sellers to expand into new countries and regions globally, adding real value to both the seller community and Amazon itself."
Through the TransferMate platform, sellers can not only save on foreign exchange fees but also transfer funds in different currencies as needed and use the funds in their accounts for local payments. The local virtual accounts provided by this platform offer several advantages:
- Global Expansion: Sellers can establish an international network of virtual accounts and transfer their profits back to their home countries when necessary.
- Local Banking Coverage: Sellers can open multiple virtual accounts within seconds without the need to set up foreign bank accounts individually.
- Reduction of Foreign Exchange Costs: By leveraging TransferMate's network, sellers can enjoy competitive foreign exchange rates and incur no transfer fees when receiving overseas payments in the covered currencies.
The TransferMate platform is an integrated payables, receivables, and virtual account solution. After registering with TransferMate, Amazon sellers can make payments to over 200 countries and regions in more than 140 currencies, issue invoices and collect payments globally, and open virtual accounts supporting more than 20 other currencies for use outside of Amazon.
Amazon's Payment Service Provider program is part of its continuous efforts to become the safest and most trustworthy shopping platform in the world for both customers and sellers. This program aims to enhance its ability to detect, prevent, and take action against malicious actors, enabling Amazon and participating payment service providers to continue protecting customers and sellers from fraud and abuse.
Sinead Fitzmaurice further stated, "We have built a global network with compliance and security at its core. For a global marketplace like Amazon, with millions of sellers and customers transacting billions of dollars every day, nothing is more important than having a secure, regulated, and trusted infrastructure."
Amazon sellers can find the TransferMate PSP program page through the Disbursement Solutions category in the Amazon Seller Central portal, or they can register directly on TransferMate.com. This collaboration will undoubtedly bring more convenience and advantages to Amazon sellers in managing their funds in global trade, helping them achieve greater success in the international market.
