Article by Dmitriy Ivanov
What is it?
Amazon Payments is a product brought up by the Amazon.com that provides the customers to make their transactions online. It was launched in 2007 with the mission of providing the customers with the same checkout experience as given by the Amazon.com website. Amazon Payments provides a range of products for individuals, businesses as well as developers.
For consumers, Amazon Payments can be used to purchase goods and products from Amazon.com and payments can be made using their already registered-for accounts that they used while shopping on Amazon.com. Customers won’t be needed to re-enter their credit card number or the bank account number as they are already synchronized by the Amazon.com accounts. Amazon WebPay is another service to receive payments using the Amazon Payments webpage.
For businesses, Amazon Payments allows US based web merchants to order for consignments and pay for them using the online payment system. Orders might be bulky or even small; the payment system remains the same.
How it works?
Amazon Payments allows their users to receive money using API and make payments using ACH. They charge 2.9%+ $0.30 for each transaction crossing $10, and 5%+ $0.05 for transactions under $10. The percentage is lower that 2.9% for larger transactions. While reviewing the cost one has to pay, it might seem a little expensive than other payment processors in terms of transactions involving amounts lower than $10, but the fee is quite reasonable, given the number of facilities that you can take advantage of. Plus the percentage charged gets lower as we move onto larger transactions. This practice is nowhere to be seen, helping consumers with bulky transactions.
One can process their money on their mobile phone too. With the official Amazon Payments app, you can buy stuff in just 3 taps. Plus, you can send and receive your money effortlessly online. Sending money involves 3 simple steps:
- Enter the recipient’s email address in the To field.
- Enter the amount to be sent
- Click on Send
And it’s done! Can you believe it? Just three simple steps and you have transferred money to the recipient’s account. All one has to do is open an account on Amazon Payments, or use the Amazon.com account if it exists.
With all the proper reviewing of the website one does feel quite attracted to it. It’s got everything, one can shop online, send and receive money online, transactions can be done over the smartphone and it all comes at a cost acceptable by all. And the icing on the cake is the ease with which all the fund transfer can be done. That’s all a customer can ever ask for from a payment processing system. Amazon Payments is already trusted by many, and is surely living up to the standards set by Amazon.com. One doesn’t need to look deep into the success mantra of Amazon Payments. It is simple and does all the jobs quickly. That’s the best way you can describe their working.