Once you’ve received your unique collection accounts from Currenxie, you will need to update your bank account details on your Amazon store(s).
Simply log into your Amazon Seller Central account, click to edit your details and enter the new bank account information.
As per Amazon policy, the change of bank account information may trigger a KYC review. As a result, Amazon may take several hours to a few days before amending your merchant account with your new bank details. Buyers can still purchase your goods during the review but you might not be able to add new listings or withdraw your sales earnings until the review process is completed by Amazon. Different Amazon marketplaces tend to also have different time lags. The EU tends to take a few days while Japan for example is far quicker to accept changes.
Why does Amazon do this?
Amazon is determined to protect your store from being hacked and needs to make sure that it is the actual seller and not a hacker, who updated the bank information.
Here is what sellers can do in order to make the KYC review as quick and easy as possible:
1. Contact your Amazon account manager IN ADVANCE
Reach out to Amazon support via your online Amazon Seller portal and notify them that you plan to change your seller account details, e.g. company name, address, bank account info etc. This will ensure that your KYC review is handled by someone at Amazon as soon as possible.
2. Prepare all the documents BEFORE making the changes
Please prepare all the supporting documentation before changing any details on Amazon Seller Central. Amazon will typically ask for a bank letter or statement proving account ownership. Importantly, the bank account ownership document has to match up with your Amazon seller account details. Currenxie can speedily issue bank account ownership confirmation letters confirming collection accounts issued to its online sellers. Just contact your Currenxie account representative and he or she will assist you.
3. Choose the optimal time for your account changes
Time your account changes to minimise or eliminate any potential disruptions. For example, if you are in a high season (e.g. just before Christmas or Valentine’s day), when your store is likely to be receiving increased volumes of orders, then we would recommend that you delay any account changes till after that time. In addition, if you make changes just before the weekend or a public holiday, your account review might take slightly longer. When changing a bank account associated with your Amazon store withdrawals, we would recommend that you have a 4-days buffer before and after your scheduled Amazon disbursement to avoid interruptions in your regular sales revenue payouts.
4. Use your usual IP address, device and location
Amazon systems sometimes flag and suspend your account for additional review if your IP addresses and geolocation metadata change - so it is important from where you are logging in to Amazon and on what device. Consider this if you are travelling and accessing your Amazon seller store from a country other than your stated place of business. Amazon may assume the login from another location is a hacking attempt and pre-emptively suspend your seller account.
Currenxie is dedicated to offering the best and most cost-efficient digital payment solutions and business advice to e-Sellers from around the world. We want to help you grow your business.
If you are interested in learning more about how to sign up and start saving money with our e-Seller solutions, please contact us on email@example.com. We would love to hear from you!