USD Amazon collections available to Banking Circle clients

Friday 5 June 2020 06:03 CET | News

Payments businesses have now the possibility to offer their marketplace sellers virtual IBANs to collect the proceeds of their online Amazon store in the US via Banking Circle.

Amazon settles merchants in the currency of their home country regardless of whether merchants also have a USD account. For example, if a UK seller has a USD account based in the UK, Amazon automatically converts the payment to GBP as the account is in the UK. The merchant is charged 3.9% of a transaction’s value by Amazon for this conversion, which eats into their profits.

Using Banking Circle Virtual IBAN, Payments businesses can offer their merchants US bank details, allowing them to collect funds in USD from Amazon and take charge of their foreign exchange.

Banking Circle clients can offer their merchants virtual IBANs for collection from marketplaces in EU marketplaces (sellers are provided with a DE IBAN and can receive SEPA credits), in UK marketplaces (sellers are provided with a sort code and account number and can receive BACS, CHAPS, and Faster Payment credits), and US marketplaces – sellers are provided with an ABA number and account number and can receive ACH credits (from Amazon only).

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Keywords: SEPA credits, ACH credits, IBANs, Amazon, Banking Circle, EU marketplaces, Faster Payment credits, merchants, Virtual IBAN, SMEs
Categories: Payments & Commerce
Countries: Europe, United Kingdom, United States
This article is part of category

Payments & Commerce

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