Amazon launched a new program called the payment Service Provider program (PSP). Amazon announces the program is to enhance the ability to detect, prevent, and take actions against potential bad actors. So that Amazon can continue to protect customers and sellers from fraud and abuse.
Key information for sellers about the new program
Amazon announces:
Sellers that choose to use a payment service provider (PSP) to receive their Amazon store sales proceeds will be required to use a PSP that is participating in this program.
No action is necessary
- Sellers do not use a PSP, but instead are using a bank account that a bank directly issues to them.
- Sellers use a PSP that already signed up for the program, including LianLian Pay, Payoneer, PingPong, and WorldFirst.
- And sellers are using ACCS and are disbursing their Amazon store proceeds to a bank account that a bank directly issues to them or by a participating PSP.
Need to take action
If the Amazon seller’s PSP has not yet participated in the program, sellers have to do something. Amazon recommends Sellers to encourage their PSP to participate in Amazon’s payment Service Provider program. And if the payment service provider does not plan to participate in the program, sellers should switch to a participating PSP or use a bank account directly issued to you by a bank by May 31, 2021.
Beginning on March 1, 2021, sellers adding a new bank account from a PSP must use a PSP that is participating in the program.
Go to check the announcement on Amazon Seller Central.
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