Amazon Announces 'Amazon Seller Wallet,' Will Roll Out Over Next Few Months
Amazon has announced a new financing tool for sellers called "Amazon Seller Wallet," and the company says they will roll it out over the next few months.
"This early stage solution gives sellers an easy, hassle-free way to hold, view, and transfer Amazon store proceeds directly to their bank account on their schedule—all within Seller Central," the company said in a July 25 statement.
Amazon says they will not charge a fee for the service or require sellers to have a minimum amount. However, volume-based currency conversion and international transfer fees will apply when sellers convert and transfer funds, Amazon says.
Currently, a "select number of small businesses" that currently sell on Amazon have access to the Amazon Seller Wallet.
"We plan to collect feedback from sellers and continue to refine this tool over time," the statement reads. "We look forward to offering this tool to more sellers, introducing it in other Amazon stores, and building out further capabilities, like third-party payments and foreign exchange rate tools, in the future."
Other than the announcement with these basic details, Amazon has not released much information about how specifically the Amazon Seller Wallet would work. It appears this will be a slow, invitation-only roll-out to start, and we expect more details about how this program works to gradually trickle out over the next few months.
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