What Is the Deposit Method on Amazon?
If you are an Amazon seller, one of the most important things you want to ensure is receiving your sales proceeds quickly and securely. To do so, you must properly set up a deposit method.
A deposit method on Amazon lets you quickly access the money you get from sales. When you use it, your sales proceeds are protected by Amazon's secure payment processing system.
In this post, we will discuss what a deposit method means, how to set up a deposit method, and how to manage your deposit methods.
What Is Amazon Seller Deposit Method?
An Amazon seller deposit method is the bank account Amazon will use to deposit your sales proceeds.
You must provide your deposit method to receive payments for your sales. You must specify your bank account and routing numbers to set up a deposit method. The bank account details can be configured in your Seller Central.
Note. Your bank account information can be added after you sign up for Amazon Pay.
How Does the Deposit Method Work on Amazon?
Generally, Amazon sends payments to sellers every 14 days. If you have money in your seller account, they will send it to the Amazon deposit method specified in your Seller Central. It will be done through an Automated Clearing House (ACH) or electronic transfer.
However, if your account has a negative balance, Amazon will charge your credit card.
After Amazon initiates the payment, it usually takes 3-5 business days for the funds to reach your account.
Amazon will be able to send you money as soon as you set up your deposit method.
How to Set Up Deposit Method on Amazon?
To set up your deposit method, you must add your bank account where you want to receive your money earned from Amazon sales. That must be done in your Seller Central.
Steps to set up an Amazon seller deposit method
- Step 1. Log in to your Seller Central. Make sure to use Amazon Pay (Production View).
- Step 2. Click the Settings tab.
- Step 3. Click Account Info.
- Step 4. Click Deposit Methods.
- Step 5. Click Assign Deposit Method > Use a new bank account.
- Step 6. Enter your bank account information, including the account number and routing number.
- Step 7. Click Set Deposit Method.
How to Change the Deposit Method on Amazon?
In some cases, you may need to change your deposit method and replace it with another bank account.
To change your deposit method, repeat steps 1 to 4 above. Then, click Replace Deposit Method > Use a new bank account, and add the replacement bank account details.
Difference between the Charge and Deposit Methods on Amazon
A deposit method is a bank account used by Amazon to send you money made from sales. On the other hand, a charge method is your credit card charged by Amazon if you owe them money. Below is the difference between the two.
- A charge method is a credit card that Amazon uses to charge you for any fees or expenses that you incur as a seller on Amazon;
- You can only have one charge method;
- Amazon will charge your credit card monthly or, as needed, for any fees or expenses you owe.
- A deposit method is a bank account that Amazon uses to deposit your sales proceeds;
- You can have multiple deposit methods;
- Amazon will deposit your sales proceeds into your bank account every 14 days.
How to set a deposit method on Amazon?
To set a deposit method on Amazon, go to Seller Central and click the "Settings" tab.
Choose "Account Info" > "Deposit Methods," click "Add Deposit Method," and enter the details of your bank account.
Where is the deposit method on Amazon?
You can find your deposit method in your Amazon Seller Central. Go to the "Settings" tab, click "Account Info," and select "Deposit Methods." Your deposit method will be listed there.
How do I verify my Amazon deposit method?
To verify your Amazon deposit method, in the "Settings" tab, click "Account Info" and select "Manage Deposit Methods." Select the deposit method you want to verify, click the Verify button, and upload a scanned copy of a recent bank statement.
Why is my Amazon deposit method invalid in my Seller Central account?
The Amazon deposit method might be invalid because the bank account number or routing number is incorrect or the bank account is not in your name. To fix this, check and correct the bank account details if needed, or add your name as an authorized user on the account.
In conclusion, a deposit method is critical to selling on Amazon. It lets you quickly and securely get the funds you’ve earned from Amazon sales. As an Amazon seller, setting up a deposit method correctly is essential.
Following the steps described in our post, you can successfully add and manage your deposit method.
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