Amazon sellers will be able to continue receiving money via OFX as the platform becomes part of Amazon’s approved payment services provider program.
Currency broker OFX has become a member of Amazon’s new approved payment services provider program. The move will make it easier for Amazon sellers using the platform to get proceeds from their international sales.
Amazon’s approved payment services program is a new initiative to drive up security on the platform and protect its users from fraud and abuse.
Sellers can now choose between having their proceeds delivered directly to them by a deposit taking bank or to a bank account issued by a payment service provider which participates in the scheme.
For those sellers who choose to go with PSP, Amazon will only accept payments from bank accounts which are members of this program.
The new rules have had a significant impact on FX providers such as OFX. Previously sellers could have worked through Amazon. However, with these new provisions in place, they would have to either be a PSP provider or a bank. Only a select few FX providers have so far been signed up to the scheme, which places those which are in an advantageous position.
Amazon’s online marketplace has grown dramatically over the past few years with sellers of all sizes using the company’s vast distribution network to sell all over the world. The platform means that even individuals can suddenly operate with internationally based customers.
However, alongside the ecommerce boom has come a surge in online risk. Like all ecommerce platforms Amazon has had to up its game to limit the activity and fraudsters and malicious actors. Their PSP provider program is their attempt to create a safer online environment for sellers and buyers. However, it can create disruption to sales, with disbursements being interrupted to sellers not using approved payment avenues.
OFX’s inclusion in this program will enable sellers to continue using OFX as they were before.
Tom Cropper has been writing for us since 2015. Tom is a financial journalist and his work has appeared in titles such as the Guardian, Euromoney and many others.