Are you looking for an Amazon money transfer service that meets your business needs? Then you’ve come to the right place, since in this article, I’ll share the top factors you should consider when choosing the best service for your needs.
The money transfer service industry is projected to grow by around 15% each year and it’s expected to be around $110 billion by 2032. Therefore, you have a large list of companies to choose from and the competition is improving. Hence, you can get a better deal to avoid paying high fees and bad currency conversion rates.
Continue reading to learn more about the top 7 factors you should consider to ensure you pick the best money transfer service for your Amazon business.
One of the biggest things you should consider is the fees charged by the money transfer company. They might be a percentage of the amount sent, or a fixed fee that doesn’t scale with the transfer size.
The fixed fee option is better when sending large amounts of money. That’s because the fee is capped and will not increase too much. Some services provide a mix of fixed and percentage-based fees. This is a good option for Amazon sellers that need to send small and large amounts of money.
You should compare the fees of several transfer specialists to ensure you find the most competitive option. However, it’s not just about the fees as you’ll see in the sections below.
2. Accepted Countries
You should take the time to make sure that the money transfer service supports the countries you want to do business in. Transfer companies like Wise and Payoneer, support hundreds of countries, while others are limited to just a handful. It would be a waste of your time to register an account to a transfer company that has a limited range of countries.
You may need to have accounts with several money transfer companies to ensure that you have coverage of the entire globe. You’ll never know when you need to pay suppliers in a new country for your Amazon products.
3. Currency Conversions
It’s likely that you will need to convert currencies as an Amazon seller. This is especially true if you’re selling on multiple Amazon marketplaces. I recommend that you look at the currency conversion rates for the currencies that are of interest to you. For example, if you plan on making USD to GBP transfers, then compare the rates to the mid-market rate. The latter is the best possible rate given current market conditions.
Overall, Amazon sellers should use money transfer services instead of banks to convert currencies. That’s because the rates are more competitive since banks charge a markup of up to 5%. This can significantly reduce your profitability.
4. User Interface
Make sure to choose a money transfer company with a good quality user interface that’s easy to use from day one. Therefore, you can quickly sign into your account and make the transfers you need. The best user interfaces will have a small number of distractions and a clean look. Also, it should take a minimal number of steps to complete transactions.
You can test several user interfaces by creating accounts with multiple money transfer companies. However, this is time-consuming so it depends on how important user interfaces are to you.
5. Extra features
You should also look out for extra features that add even more value to the money transfer company. Here is what Amazon sellers should keep an eye out for:
- Loans: to jump start your Amazon business, you’ll need as much money as you get your hands on. Hence, you may want to consider getting a loan that allows you to make bigger product orders out of the gate.
- Credit cards: you may need to take advantage of credit cards to pay for orders. Hence, it makes sense to find a transfer specialist company offering competitive credit cards. They should be from proven payment processors like MasterCard and Visa.
- Customer service: pay attention to the quality of the customer service. Ideally, it would be available 24/7, and there should be a mix of phone, live chat, and email support. This ensures that you can get the help you need to overcome issues.
6. Transfer Speed
To improve the quality of your cash flow, you may end up reducing the transfer speed. In fact, it’s possible to receive instant transfers, thereby allowing you to get paid quickly. Also, you can pay suppliers faster, so you can get the product shipped faster too.
Most money transfer services offer instant transfer speeds, or at the very least 1-2 processing days. This is faster than international bank transfers, so you can save time. However, the transfer speed depends on the amount of money sent, the currencies involved in the transaction, and the countries.
7. Mobile App
It’s convenient to send money using a mobile app. Hence, you should look at the quality and functionality of the money transfers mobile app. Inspect the list of features and the user rating to determine if it’s worthwhile to use.
It takes just a few minutes to download and install money transfer mobile apps. You can download these apps from Google Play or the App Store. Also, there is no charge to use these apps, since they are provided by the money transfer services.
Final Thoughts on Amazon Money Transfer Services
To conclude, you’re spoilt for choice when it comes to selecting a good quality money transfer service. That’s because there are many high-quality companies, including Wise, Payoneer, XE, PayPal, and much more.
You should consider checking out several transfer specialists to find one that matches your preferences. Ideally, you’ll find one that doesn’t reduce your profitability and offers every feature you need to succeed.