Amazon being the world’s biggest and largest e-commerce Giant gives business opportunities to all levels of product sellers, from a small seller to big and established seller. The growth stories of many Amazon Sellers are inspirational. Being an Amazon seller is itself a daunting task of keeping pace with the operations part of the E-commerce giant.

There are many areas of these perations, wherein, an Amazon Seller has to be abreast with product sourcing, inventory, warehousing, packing, shipping, and customer service. All these operations involve a lot of money, to be able to sustain the pace of selling and withstand the costs; the Amazon Sellers have to be well funded. So saying the cycle of cash inflows have to be well oiled, smooth and efficient. All Amazon Sellers work on low margins as the competition is intense.

Sellers who are either manufacturers or distributors are the ones who drive e-commerce business on the Amazon platform reaching out to targeted customers world over.

Hence, to sustain the growth and pace, their payment cycle from Amazon has to be very smooth without any hindrance. Coming to the point, the sellers need to have an efficient payment routing system to receive fund payments from Amazon. This operation involves charges for receiving the payment into different countries having different currencies as these sellers sell worldwide; they receive payments in their respective currencies. Amazon payout system is available in only a few countries.

The rest of the sellers from other countries have to arrange their own system of receiving the funds. Amazon allows payouts through Payoneer and WorldFirst. These are money transfer Giants in their respective countries with their own operating style, and terms and conditions. One can route their payouts from Amazon through either one of them to their respective banks. This involves fees and charges. The options of routing the fund transfers from both these banks add cost to the Amazon Seller, as they charge you for being the routing agents so also your bank of your country charges a fee for receiving the same into your account. This is double charging of fees, hence it adds to the cost of the operations. The Amazon Sellers have to be street smart to withstand these and the fluctuating exchange market and get the best market deal for the entire Amazon payouts routed through either Payoneer or World first.

Now is the need to choose the right banking system for a wire transfer to your bank. It is Payoneer Vs Worldfirst – Which is Best for Receiving Amazon Payments? Both these banks have their own advantages and disadvantages. Their banking fees are different. The question is which the best one is.

As the currency market fluctuates according to the exchange rate of the currency, it is important for the seller to hold the currency until you get a good deal for the exchange rate. It is extremely important when the payment from Amazon is large and that you get a good price to enable you to cover some of the profits on your products. Choosing the best bank is the need of the hour, Payoneer Vs Worldfirst – Which is best for Receiving Amazon Payments? Now coming to point of choosing the bank for receiving the payments and holding them until you get a good deal for exchange rate for currencies for worldwide Amazon Sellers. Transferring money to respective banks of the country is cumbersome keeping in view the exchange market. You need to have a system of banking where you can hold the funds for some time and withdraw funds to your bank with favorable exchange rates and fees.

Payoneer Vs WorldFirst – Which is best for Receiving Amazon Payments? Firstly, we will take consideration of Payoneer, its advantages and disadvantages, fees, charges and procedure of banking, convenience, customer service, et al.

Payoneer – The Money Transfer Service Provider

Payoneer started as a money transfer entity, launched its operation in the year 2005, with offices in London’s Square Mile and the New York City. Gradually the enterprise improved its status for processing payments with growing clientele throughout the world. One can bank with it for receiving fund transfers into Payoneer account through ACH (Automated Clearing House) transfers or SEPA (Single Euro Payments Area) transfers before withdrawing the funds into their respective banks of the Amazon Sellers countries. The ACH money transfer involves the transfer between two banks, which is done by Automated Clearing House Network.

These transfers involve funds from other sources, for payments between persons. SEPA denotes for Single Euro Payments Area, this service is provided to cater to the countries of the Euro Area that creates seamless transactions between the area countries. Payoneer is the official payout service provider for Amazon. The Payoneer account works like a bank. The transactions are done
similar to the bank process. You can make payments worldwide and receive funds worldwide, as the company supports over 150 currencies. The operations and transactions are seamless.

Payoneer has a global presence in over 200 countries and offers its services for over 150 currencies worldwide. It is one of the leading payment processors worldwide, providing services to businesses, Amazon Sellers. The customers of their payment processing system are provided with a MasterCard to transact business operations and withdrawal to the banks of their countries. Payoneer acts as an international facilitator for routing payments for receiving or sending. Its payment platform is based on API.

Freelancers and other small businesses depend on Payoneer for receiving International payments, direct to their bank accounts. They can receive payments from the United States, the United Kingdom, Japan, and other countries without any hassle, without having to open a bank account in the respective countries for receiving the payments.

The system of registration and opening of an account with Payoneer is completely online. You have to upload the documents of identification and address proof as supporting documents after you have filled in all the details and information about you and your business. After which you have to wait for processing your documents in about 15 to 21 days and receive your MasterCard. Then there is a MasterCard activation procedure to activate your account. After activating your account, you are ready to receive payments from Amazon.

Payoneer is easy to use as its website is available in most of the languages. One can make payments using e-checks and Payoneer Billing Service. The Payoneer mobile app is available for Android and Apple devices

The exchange rate of Payoneer is based on the present market rates and they may charge extra charges for currency conversion for some of the countries at about 2% to 2.75%, which you would get the intimation in advance before fund transfer is initiated. There is an annual fee of $29.95. Making payments through Payoneer is free. Payments from Payoneer to Payoneer accounts are free. 1% fee is levied for sending and receiving payments through Payoneer.

Worldfirst – The Worldwide Money Transfer Service Provider

Payoneer Vs Worldfirst – Which is best for Receiving Amazon Payments? Now we will consider Worldfirst, Worldfirst started its operations in the year 2004 initially to carry money transfer transactions worldwide based in the United Kingdom. They have offices in about six countries. One can vouch for their Automated Online Service, which is very easy to use. They have a good reputation and are trusted worldwide. They can transfer huge money, and their customer services are the best.

The Worldfirst rates are transparent and depend on the live forex rates, which you can see on their charts before deciding to go for fund transfers. Worldfirst has a minimum amount transaction limit, they do not levy any fees or charges, their charges are dependent on the volume of money involved. You can subscribe to free alerts of forex rates. They do not charge any fees for personal fund transfers. The online sellers and business enterprises are to pay a set amount of fees that are very low. One can keep a tab on the up to date fee structures of Worldfirst sites.

The account opening with Worldfirst is done on phone otherwise; they can access online registration for processing. The options of payments methods are varied according to one’s country of residence.

Some of the features of Worldfirst is digital transfers, credit cards, debit cards. Mobile app features are available for transacting with Worldfirst account on both Android OS and iOS.Worldfirst is huge in its quantum of operations world over.

The advantages and disadvantages vary from both Payoneer and Worldfirst as their systems, processes of conducting business varies.

Payoneer Vs WorldFirst – Which is best for Receiving Amazon Payments?

There is not much of a difference between the two, each having their own pros and cons. The Payoneer is simpler; they service individuals, small enterprises with small transactions also. There is no minimum limit. Whereas Worldfirst has a minimum transaction limit, they service huge accounts. Payoneer charges fees for all transactions from 1% onwards whereas Worldfirst charges nothing until the amount crosses USD 10,000/-

Payoneer services individuals, small business accounts and big corporate accounts; two of them to name are Amazon, Airbnb. The payment services provider headquarters is based in New York. Whereas Worldfirst services big accounts, with their minimum transaction limit, pitched at £1000.00. This wire transfer service provider gives live tracking of the exchange rates, which enables the customer to know exactly what exchange rate they are going to get in the transactions and what would be the minimum fees for the same.

Payoneer and Worldfirst, both being the preferred payout service providers for Amazon, invariably all the Amazon sellers are bound to have accounts with one or both of these wire transfer service providers.

An Amazon Seller who wants to sell outside his country has to have an account any of the two. For small and medium level sellers, Payoneer is the only option because Payoneer lets the small sellers or medium sellers transact in any amounts, as there is no minimum level limit. Hence, most of the small sellers are comfortable transacting with Payoneer even if there are charges and fees starting from 1% onwards. Worldfirst is for bigger and established sellers who operate from several countries and their volume of business too is very high. These big Amazon sellers tend to be benefited from Worldfirst because of its low charges on huge fund transfers.

Payoneer has a wide presence; they operate in over 200 countries and deal in 150 currencies. Worldfirst has corporate offices in about six major countries where some of the big merchants sell their goods worldwide on the Amazon platform.

Payoneer is the most convenient wire transfer provider to direct customers and almost all the Amazon Sellers because of their quick money transfers, they are almost instant within a day. Whereas Worldfirst takes about minimum one to four days for the wire transfer to go through, because they transfer huge amounts of big sellers on the Amazon platform.

Payoneer transactions are convenient because the sellers are issued Prepaid MasterCard, which they can carry on their person, and use it in many ways, they can send payments, receive payments, shop online, and make payments to product vendors. The sellers can hold their currency at Payoneer and use the amounts to make payments in the respective currencies thus saving on the exchange rate. Choice Bank Limited and Wirecard Card Solutions Ltd. are the ones who issue the Payoneer Prepaid MasterCard Cards to the Amazon Sellers and other clients. The Payoneer is Payoneer (EU) Ltd. This is regulated and authorized First Covenant Bank and Financial Services Commission, Gibraltar.

Worldfirst provides services depending on the country you live in. The Amazon sellers can use many options of transactions with Worldfirst like digital wire transfers, credit cards, and debit cards. Opening an account with Worldfirst is very simple, either you can register with a phone to their customer service or do it yourself online on the respective Worldfirst website of your country.

Various regulatory and statutory organizations regulate operations of the regional corporate entities of Worldfirst. They are

1. The UK Financial Conduct Authority and Financial Transactions (FCA) and Reports Analysis Center of Canada (FINTRAC) for WorldFirst UK Limited.
2. The Australian Securities and Investments Commission (ASIC) for WorldFirst Private Limited.
3.  The Monetary Authority of Singapore and the Hong Kong Customs and Excise Department for WorldFirst Asia Limited.

Payoneer Vs Worldfirst – Which is best for Receiving Amazon Payments? Comparison between both on the ease of use parameters, Payoneer offers its services to small sellers, and individuals with any amount of transactions, low transactions to big transactions. WorldFirst is for the big Amazon Sellers.

Take into consideration the promotional offers from both these entities to its clientele

1. WorldFirst encourages customers to refer their services to others by encouraging them to earn rewards.
2. Whereas Payoneer offers USD 25.00 credit into the account of new customers when they reach USD 100 threshold in account balances.

Now coming to the subject of using money transfer service providers as an Amazon Seller-The Advantages and Disadvantages

• Account Security: Both entities Payoneer and
  WorldFirst are secure money transfer providers. More and more new sellers on the Amazon platform are registering with these two service providers.
• Currency Conversion: The currency funds are automatically converted from the receivable currency to the Amazon Seller’s country currency through these money transfer service providers.
• Currency Exchange Rates: The Amazon sellers are allowed to hold their currency for some time until you get a good exchange rate to maximize profits on the payout received from Amazon.

Take this situation, if you sold a product in the United States and receive dollars as payout, which is routed to either Payoneer or WorldFirst, you are permitted to hold the currency in dollars in either of the money transfer providers until you get favorable exchange rate to convert to the currency of your choice.

Payoneer being safe and easy to use for its convenience, most of the features are advantageous to Amazon sellers, one has to keep a watch on the charges and fees the money transfer service provider levies on you. There is also some difficulty with the service provider. It has come to notice that there are numerous instances of unauthorized transactions being done from the Amazon Sellers accounts. In these instances, the Payoneer charges $12.95 for reissuing a new Prepaid MasterCard. Moreover, receiving this reissued card takes up to 21 to 25 days, which is very inconvenient to a regular Amazon seller.

The success stories of Amazon sellers are many, with it too the monetary benefits, the adulation that one receives is heartwarming and amazing. Amazon, the global Giant in e-commerce operations and with wide presence in almost all the countries, provides and creates jobs for many people.

It also arranges the easy to use and smooth functions of selling on Amazon platform. One such initiative is allowing sellers to sell their wares in other prospective countries giving a global reach, and to make payouts to be smooth operations, has chosen two of the efficient money transfer providers Payoneer and WorldFirst, making it easier for the sellers to receive payouts directly into the bank accounts of the seller’s country.

All this without having to open bank accounts in the UK or US otherwise that would be very difficult.