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March 23, 2023

Amazon Offers Marketplace Sellers Faster Payments

Posted In: Retail Articles

Amazon is offering sellers on the its 3P marketplace a faster way to get cash that’s coming their way.

Express Payout is a new service Amazon is offering to its marketplace sellers in the United States. Instead of waiting three to five days for money to clear the ACH payment network, eligible sellers can receive deposits in 24 hours via an integrated network that includes hundreds of banks and credit unions

Sellers can qualify for Express Payout if they have an account with an in-network U.S. bank and live in one of the 50 states; sellers in U.S. territories are not eligible. Eligible sellers also must have transactions of $1 million or below at the time of the payment initiation.

Amazon sellers that quality can opt-in to the Express Payout service on the Deposit Methods page on Seller Central. Amazon won’t charge for the Express Payout service through September 2023. After the promotional period ends, Amazon plans to charge a flat fee of 50 cents per Express Payout. 

Sellers enrolled in Express Payout will find the new service only works with the specific bank account that they’ve designated in the set-up process. All payouts of $1 million or less from U.S. Amazon stores will run through Express Payout unless the seller opts out or is no longer eligible. The rule includes automatically-scheduled payouts through a seller’s settlement cycle as well as any manually-initiated payouts.

If a seller using Express Payout opts out, the bank account designated will return to the default Standard Payout setting. Standard Payout sends money through ACH payment networks in the current three-to-five-day timeline with no fees.

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