This week there is again a lot of exciting news for Amazon Sellers. For those involved in foreign exchange transactions, the new iBanFirst payout feature is particularly interesting. This is based on the Open Banking system. We would also like to draw your attention to the Amazon promotion on sales tax services. In addition, there are current announcements on the sales tax exemption and the payment service provider program.
Disbursements according to Open Banking System
iBanFirst is a reliable partner for foreign exchange transactions. Now the company has released a payment feature built on the Open Banking System, which allows you to receive withdrawals to your iBanFirst account without leaving the platform. This way, foreign exchange transactions become even less complicated. You will also save time and have a better overview of your account. If you’re wondering how the whole thing works, here are the instructions: first, you need to check if your bank allows withdrawals to the online platform. After that, you need to synchronize the two accounts. Once you’ve done that, your account manager will take care of the rest!
At this point, we have a savings tip for you: With our link*, you can perform fee-free transactions for the first two months after opening an account with iBanFirst. So feel free to take a closer look at the offer!
Amazon sales tax services promotion campaign
As an Amazon seller, you must always comply with the respective sales tax guidelines. Amazon provides help in the form of sales tax services. These cost 50 euros per month. As a result, Amazon takes care of the sales tax registration. In addition, you receive a suitable EORI number. As part of a promotion, you can take advantage of the registration and tax representation for free for the first six months. After that, the service costs at least 33.30 euros per month. You can register for the promotion in Seller Central.
Sales tax exemption
Due to the sales tax reform of the European Union, there is news regarding the sales tax exemption. Accordingly, Amazon is changing the terms and conditions for the sales tax exemption. As a result, from July 1, 2021, Amazon Sellers will have to pay VAT in the countries where you sell if you have distance sales with a value of more than 10,000 euros.
Reminder: Amazon Payment Service Provider Program
July 15 is the deadline for Amazon sellers to select a payment processor. After that, there will be no more payouts to sellers who do not have a payment processor participating in the program. If you are still looking for a suitable payment service provider, we can highly recommend Payoneer. Payoneer has been part of the payment processor program from the beginning and holds the largest market share in this area. You can find more information here.*
These were the most important Amazon news this week. Also, do you have questions about iBanFirst’s Open Banking payout system or need help registering for sales tax services? We will be happy to provide you with advice and assistance in this regard. Just send us a message – without any obligation, of course.
We look forward to hearing from you.