How To Use Payoneer For Your Royalty Payments
Selling books on Amazon is very easy to set up. But, if you live in certain countries, it’s much harder to actually receive your royalties. Payoneer provides an easy to use solution and we’ll talk you through how it works.
What is Payoneer?
Payoneer is a financial services company that provides online money transfer and digital payment services. The most well-known company that does this is PayPal. Other digital payment services include Transferwise and Shopify.
Won’t Amazon and Apple Just Pay Me?
If your bank account is in one of the following countries, you will get paid monthly via EFT from Amazon and Apple Books. If you are in one of these countries, you probably won’t need to use Payoneer.
- United States
- United Kingdom
- European Union countries
- India (some Amazon territories)
But if your bank account is in one of these countries listed below, your option for payment is a wire transfer. This takes longer to receive and involves fees and often currency conversion, both at the Amazon and bank end. Not the best solution.
- New Zealand
- India (the other Amazon territories)
- All other countries
Note that if you use an aggregator service such as Draft2Digital, they will pay you into your bank account. So that is another way to solve the issue.
How Does Payoneer Solve This Problem?
Payoneer uses their Global Payment Service to create a US bank account like account. This account receives the royalties and goes straight into your Payoneer account. From there you can either withdraw to a bank account in your country or use their linked Mastercard as a debit card.
How Have We Used Payoneer?
Here at Old Mate Media we use Payoneer with both KDP and Apple Books. Previously, we were waiting months to receive royalties from territories with smaller sales numbers. Then, suddenly an amount would appear in our account, reduced significantly by fees.
Now, we get paid monthly, no matter the size of the royalty. We are then able to withdraw these funds to our Australian bank account when we need them.
I recommend Payoneer as a solution for any Australian or New Zealand based authors. It has made our payment processes much easier.
Where To Next?
I hope that this has proven useful and will help authors outside of Amazon’s bank friendly countries to essentially get paid faster. This is just one of our many indie author guides, so do check out the full collection. Of course, the best way to stay in touch with our latest guides, is to sign up to our author newsletter. And you can find us on all the major social platforms, so do come say hi on Facebook, Instagram or LinkedIn.