Amazon Introduces Express Payouts
Amazon announced a new Express Payout option at the Amazon Accelerate conference today.
This new will allow sellers to receive deposits within 24 hours rather than waiting 3-5 days on ACH bank transfers.
The service will be free through October 2023, then will incur a flat fee of $0.50 after that.
Priya Padmanabhan
You want to receive your hard-earned money as quickly as possible. With Express Payout, you can receive deposits from Amazon in your bank account within 24 hours—any day, any time (even Sundays).
Express Payout—announced at this year’s Accelerate—is a new payments service available now to U.S. sellers. Instead of waiting three to five days for money to clear the ACH payment network, eligible sellers can receive deposits in 24 hours thanks to our new integration with a network of hundreds of banks and credit unions
It’s a game-changer for small- and medium-sized businesses who can use fast access to funds to help grow their business.
Who can use Express Payout?
To be eligible for Express Payout, you must:
- Have an account with an in-network U.S. bank.
- Live in one of the 50 states. Sellers in U.S. territories are not eligible.
- Have transactions of $1 million or below at the time of the payment initiation.
- If you meet all of the above requirements, you can opt-in to the free Express Payout service on the Deposit Methods page on Seller Central (login required).
Are there any fees?
Express Payout is available for free until October 2023. After the promotional period ends, we’ll charge a flat fee of 50 cents per Express Payout. We’ll notify you before the promotional period ends, and of any other fee changes, and you can deactivate the service at any time through Deposit Methods.Once I sign up, which payouts are affected?
Once you’ve enrolled in Express Payout, the new settings apply only for that specific bank account. All payouts of $1 million or less from the US Amazon store will be completed through Express Payout, unless you opt out or are no longer eligible. This includes automatically-scheduled payouts through your settlement cycle as well as any manually-initiated payouts.What happens if I opt-out of Express Payout?
If you choose Express Payout and then opt out later, your bank account will return to the default Standard Payout setting. Standard Payout sends money through ACH payment networks in the current three-to-five-day timeline, with no fees.For more information, login to Seller Central to review Express Payout terms and conditions.
It's important to understand this feature only speeds up the processing of payouts once funds are disbursed, it does not speed up the processing/disbursement timeframe.
Some sellers may already be seeing 1 day deposits, depending on how quickly their bank processes incoming ACH payments, so it's not yet clear exactly how much of an improvement this will be for most sellers.
Although, in reality, most people see the payments within 24 hours anyways. So not really sure how much of a benefit this is.
— Chris Potter | eCom Finance Strategist (@ChrisPotter361) September 15, 2022
