Through this move, Amazon sellers are set to be able to leverage TransferMate’s accounts to receive their sales proceeds. The company’s offering includes local virtual accounts to get paid in multiple currencies by Amazon. Additionally, TransferMate’s accounts include all of Amazon’s stores in North America, Eurozone countries, the UK, Australia, and several marketplaces in the APAC region.
By merging its network and technology, TransferMate entered multiple collaborations throughout the years with banks, fintech companies, and software providers. XTransfer, a B2B foreign trade financial service provider, was also among its partners, with the two companies joining forces back in November 2023 to offer importers and exporters additional market opportunities. At that time, integrating TransferMate’s global payment infrastructure into its platform was set to enable XTransfer to provide its clients with more payment choices and fund collections to local accounts. The capability was set to initially cover the US, Mexico, Malaysia, Canada, Singapore, and New Zealand on behalf of 400,000 merchants.
Becoming a participating PSP for Amazon will allow TransferMate account holders to plug their account details into their Amazon Seller Central portal to receive their sales disbursements. Also, when the TransferMate account holder makes a sale in a country or territory where the account is based, sales proceeds can be paid into their account in the local currency. Commenting on the news, representatives from TransferMate underlined that the move enables their company to extend the ability of Amazon sellers to collect payments worldwide securely and conveniently. Utilising virtual accounts equips Amazon sellers with the ability to scale their operations globally into more countries and territories, adding more value to communities and Amazon itself.
Furthermore, among the benefits of local virtual accounts for TransferMate Account holders, the company underlines local banking footprint, decreased FX costs, and expansion opportunities. At the same time, by signing up with TransferMate, Amazon sellers are set to be able to pay into over 200 countries and territories in 140 countries, as well as invoice and collect worldwide. The company offers sellers the ability to pay for all Amazon services, local taxes, and their global supplier base through the TransferMate platform.
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