Most individuals are well-acquainted with the name Amazon these days. Henceforth, the firm is a pioneer and in charge of everything from the world’s largest online marketplace to cloud computing solutions. Amazon also offers to the public its payment service provider, Amazon Pay.
What is Amazon Pay?
Basically Amazon Pay is a virtual payment service that allows customers to make purchases on e-commerce sites using their Amazon account credentials. Also, it works with various e-commerce systems, including Shopify, BigCommerce, Magento, and others, to make the checkout process more accessible.
The solution is appropriate for firms that operate online and don’t require bulk discounts or customizing programs. Instead, consider competitors like Square, Stripe, or PayPal, or a dedicated point-of-sale system, if you need support for a more extensive range of payment methods or in-person transactions.
Amazon Pay is a service that allows users to pay for their purchases in various ways. Similarly, Lenovo and Canon are among the clients of this simple-to-use solution. Also, it takes the place of prior Amazon services such as Checkout and Simple Pay.
How to Create an Amazon Pay Account?
If you already have an Amazon account, you can use Amazon Pay wherever the Amazon Pay button displays. There is no requirement to register a second account or recall old passwords because no requirement for additional registration. Instead, Amazon Pay leverages your Amazon account’s information and payment methods.
How does Amazon Pay Work?
For business owners
You’ll need an Amazon Seller account and a plug-in or code on your e-commerce platform to add Amazon Pay to your website. For more than 20 partner e-commerce platforms, the solution provides connections to setup materials.
To get started, follow these general guidelines:
- Create an account with Amazon as a seller. You’ll need to supply your name, address, identification, and the necessary bank, credit card, and tax information.
- Select and configure Amazon Pay as a payment mechanism in your eCommerce platform’s settings.
- Accept both Amazon Pay’s and your e-commerce platform’s payment and security rules.
- To connect your e-commerce site to Amazon Pay, enter credentials and customize settings.
- Add the Amazon Pay button to your checkout process using a plug-in or custom code.
- Before accepting real money, test the payment process to ensure everything is working correctly.
Amazon Pay handles payouts daily. However, funds may take three to five days to appear in your bank account. Following a change in bank account details, there is a one-time three-day payment hold before payout.
Amazon Pay’s reserve policy may apply to some of your transactions. The payment service holds all payments for new vendors for seven days following the transaction. In addition, you’ll be eligible for a less-restrictive “reserve tier” after utilizing the site for six months.
Customers can utilize the Amazon Pay option to safely update address and payment information from their Amazon accounts when checking out. You can also create and sell an Alexa skill to begin accepting Amazon Pay voice payments from Alexa users.
How to Track Transactions Made Through Amazon Pay?
- Sign in to your Amazon Pay account as a customer on the Amazon Pay website.
- Your Accounts page loads, presenting your Account Activity and displaying the most recent transaction along with the Date of the transaction, Merchant, Status, and Amount at the top.
- Click the successful/declined/refunded links on the page to view (filter by) various transaction types.
- By selecting the proper date range and clicking Go, you can view a specific transaction.
- Click Details to discover transaction details like the transaction ID and payment type utilized.
What Payment Methods are Used on Amazon Pay
With Amazon Pay, you can utilize any of your Amazon Account’s payment options (except Amex cards). You can also use your Amazon Pay Balance to make purchases on third-party websites or apps using Amazon Pay.
Pros of Using Amazon Pay
- Customers who have an Amazon account will find it simple and reliable.
- Customers and currencies from all over the world are supported on the app.
- There are no setup or monthly costs.
- Alexa voice integration allows customers to place and track orders.
Cons of Amazon Pay
- Payouts are delayed due to the reserve policy, especially for new accounts.
- There is no payment assistance available in person.
- There are no volume discounts or special packages available.
Amazon Pay is a compelling option for many merchants looking to increase their online sales. If you currently have a regular merchant account, Amazon Pay could help you expand your selling prospects. Signing up is completely free, and pay-as-you-go billing means you won’t be locked into any long-term commitments or monthly expenses.
Amazon Pay has a user-friendly interface, and many users have already signed up for the service. If you have an Amazon Pay checkout, your customers are more likely to feel safe buying from you. In addition, this payment processor’s excellent brand recognition may help you stand out as a more enticing retailer.