What are Amazon Payments, and how does it work?
Amazon Payment, or now known as Amazon Pay, is one of the online payment platforms that are undoubtedly a competitor to PayPal. At least so far, it is widely used in the United States, but not so much in Europe.
But what is Amazon Payment? Is it safe? What benefits can you offer us? That’s all we’re going to talk about below, so you know exactly what this online platform is all about.
What is Amazon Payment?
Amazon Payment is an online payment platform that allows users to pay for their purchases using an Amazon account. Payments can be easily used by customers, credit card, bank account, or balance in your Amazon Payments account.
In other words, users use information already stored in their Amazon accounts, log in and make payments instantly on all web pages that accept this payment platform. Users can view the payment status or issue a full or partial refund by simply clicking the Amazon Payments button located below your purchase order.
Amazon Payments deposits funds into a payment account as soon as a customer’s transaction passes through it. At this point, it is important to note that the funds are kept in the account as a reserve after 14 days, and after that time, the funds can be transferred to a bank account or Amazon gift card.
Is Amazon Payment Secure?
When using an online payment platform, doubts can harm you, especially in important payments. Each of these platforms has security systems that make them the least secure. But, no doubt, the strong point about Amazon payments is that it protects user data. Why? Okay, because you can buy in online stores that are not affiliated with Amazon without having to disclose your data or register at the time of purchase.
In other words, Amazon will protect your identity, and that online businesses (e-commerce) will only know about your account that is provided for payment. But it will not be a bank account or a credit card. An email will work, as is already the case with PayPal. Only then are we talking about the email through which we have registered with Amazon?
In this way, Amazon becomes a mediator when shopping online, making sure transactions are efficient and, otherwise, making claims.
Advantages and disadvantages
Amazon Payments follows the same guidelines as PayPal, another successful platform when it comes to online payments. However, like any of them, it has its ups and downs.
In general, the benefits of Amazon Pay are as follows:
- Possibility to buy quickly, without entering your data, but they are already responsible for handling everything with the payment method.
- You have the Amazon A2Z Guarantee, which protects you if you expect it to be damaged, damaged or broken, or not delivered to you.
- Buy safely because you don’t have to share your information with the seller or even part of it.
- It is possible to donate to NGOs.
The most important one of these platforms is, of course, its implementation. And although there are more and more e-commerce platforms that pay for PayPal, this is not the case with Amazon Payments. It is not available in as many online stores as you would like, limiting its use greatly.
Benefits if you are a buyer
By digging deeper into the platform, we can find benefits for both buyers and sellers. In the former case, an important advantage is that you do not have to provide any personal information in your purchase as a buyer. You don’t even have to provide your address to place an order since Amazon already has that data and is the one that will take care of everything.
In addition, you have 90 days of protection to claim, something that, along with other platforms, for example, PayPal, is reduced to 60 days.
Benefits if you are a seller
As a seller, there are advantages to using Amazon Payments, even though it starts with a big loss. And what if, without giving the data to buyers, you can’t register that user in your database, and therefore you can’t count it in terms of advertising or subscriptions (unless that person is in them)? Do not agree to join).
But, one of the benefits of these groups is that they get the information they need to receive receipts or deliveries. This information is passed on to sellers through your seller’s account, and will be protected so that you can not use it freely, but only through this function, will send you the purchased product ۔
On the other hand, sellers will also be protected from fraud so that there is protection for the workers and the sellers.
How Amazon Payment Works
Customers can withdraw funds from their Amazon Payments account anytime they are available. Withdrawal of funds from a bank account usually depends on the bank, which takes 5 to 7 business days.
Keep in mind that all shipping and payment information is stored securely in the Amazon Payments account so that customers can access it to pay for their goods or services.
That way, you don’t have to have multiple accounts because all you need to do is sign in to Amazon and use your Amazon Payment Account to make payments without having to re-enter credit card information or other personal and financial information.
Amazon Payments is currently used in e-commerce platforms such as Shopify, Priest Shop, Magento, and WooCommerce. These use a special plugin to enable the payment system and are very easy to install and use, giving online stores more options.
How to pay with Amazon Payments
You should know that Amazon Payments’ payment method is always made through Amazon (or from Amazon Prime). To do this, you have to register and make a payment. The source will have to be obtained. As you know, the only ones accepted in this case are a debit card, a credit card, or a prepaid card, which is very common like MasterCard, Maestro, American Express, Visa Electron, Visa;
Once you have this payment method, you can use it in e-commerce, where they have enabled payments through Amazon Payments or Amazon Pay, either via computer, mobile or voice orders. A source can be paid through Alexa.
Amazon Payments Costs and Fees
Although there is no charge for buyers to use this payment method, it is not for sellers. To accept payments through Amazon Payments, they have to pay a commission, as is the case with PayPal.
Thus, the rates are as follows.
If they are national transactions, depending on the amount of money, it is divided into five trees. Specific:
- Less than 500 2,500,3.4 equals a rate of 0.35% + ٪ XNUMX.
- 2,500,01,10,000 to € 2.9,0,35 corresponds to XNUMX ٪ + € XNUMX.
- € 10.000,01,50.000 to € 2.7,0,35 corresponds to the rate of XNUMX ٪ + € XNUMX.
- 50.000,01,100,000 to € 2.4,0,35 corresponds to the rate of XNUMX ٪ + € XNUMX.
- € 100.000,1.9 plus 0.35 equals the rate of ٪ + N XNUMX.
If they are an international transaction, an additional fee will be required for payments depending on where the payment is made in Europe, Canada, and Albania.
- The European Economic Area and Switzerland do not pay commissions.
- Canada, Channel Islands, Isle of Man, Montenegro, USA, pay 2% commission.
- Albania, Bosnia and Herzegovina, Russian Federation, Macedonia, Moldova, Serbia, Turkey, Ukraine will have a 3% commission.
- The rest of the world has a 3.3% commission.