As an ebook publisher or author you are aware that you could get more sale as well as huge royalty from KDP ( Kindle Direct Publishing) platform rather than any other ebook platform such as Apple iBooks, Google Play store, Kobo etc., If you are a US citizen then you are very lucky because you can get your royalty directly deposited to your US bank account or else you can get paid from KDP via Payoneer.
If you are from NonUS, then Kindle Direct Publishing (KDP) platform only transfer royalty you received from Amazon.com market place and amazon market place located in your country. For example, if you are from India then royalty you received from amazon.com and Amazon.in marketplaces are directly deposited to your Indian bank account through Electronic Fund Transfer (EFT) and there is no Minimum threshold limit for EFT. But the royalty you earned from another amazon marketplace such as amazon.ca, amazon.co.jp, amazon.es etc can be received via checks only if your royalty amount crosses the minimum threshold limit of individual marketplaces.
I’m going to tell you a genuine way to receive the royalty from all the Amazon marketplaces and deposited directly to your bank account with the help of Payoneer. You don’t need to wait until it reaches the Minimum threshold limit. It’ll be automatically credited to your local bank account once your royalty reaches the payment date.
What is Payoneer?
Payoneer is a global Payment company that provides Online Money transfer, e-payment services, cross-border wire transfer, and debit card services for Businesses and individuals. Payoneer account holders have the option to receive funds into their local bank account or through Master debit card.
Sign up and get paid from KDP via Payoneer
You should go to Payoneer website and fill the basic details such as your name, email address, Date of birth, residence address etc., and at last, you need to select any of the identity proof such as Government Issued ID card, Driver’s License or Passport and provide the ID details. Once you are done with everything, go ahead and click the submit button. You can get $25 when you sign up with the special link given below:
Note: You will get $25 if your net balance crosses $100. It is not mandatory that you should get $100 at a single shot to be eligible for this offer even if you get $10, $20 etc in each month and your net transaction crosses $100 then you’re eligible for this offer. If your total transaction crosses $100 and $25 is not loaded to your account please contact me with your Payoneer ID.
Login to your Payoneer account, go to withdraw menu and select “To bank account” option. Enter your bank account details such as Account Number, account name, and branch details.
During the review process Payoneer may ask you to submit the Scanned copy of your ID proof to activate your account so make sure that you have a scanned copy with you and this process may vary by Country. Your application will be submitted and pending for review.Payoneer takes one to two business days to review and activate your Payoneer Account. You’ll get the virtual US, EURO and UK bank account details in your Payoneer account.
If your country is eligible to receive Payoneer Master Card then it’ll take 15-20 Business days to get Payoneer master card delivered to your local address. Payoneer Master Card is not applicable to some countries such as India.
How to find your Virtual US Bank account details in Payoneer?
Login to Payoneer account and go to Receive -> Global Payment service. Select the Payment service Option as USD. Now you can able to see your virtual US Bank account details on the page. Note down the details in notepad.
How to Update your Payoneer account in your KDP?
Login to your KDP account. Go to your account details section by clicking the Account link displayed at the top right corner of your KDP account. Scroll down to ”Your Royalty Payment” section at the bottom of the page. Select the Edit button under the “Your Bank Accounts” details. You can see the “Edit bank account information” pop up the screen.
Enter the following details
Select “United States” as your Bank Country.
Enter Your Payoneer Name in the Account holder name field
Select “Checking” as your Account Type.
For the “Bank Name”, “Account Number” and “Routing Number” use the US Payment Service information provided to you by Payoneer.
Review the details once again and click the Done button.
Now you have successfully updated your virtual US bank account details to KDP. Next step is to update this information to all Amazon marketplaces. At the bottom of this section, you can see the list of market places, Click the button to open the amazon.com and choose to Pay my royalties as EFT and Currency as USD. Now you can see the bank account details populated below. Repeat the same steps for rest of the Amazon marketplaces and at last, don’t forget to click the Save button. That’s it you’re done.
I’m using Payoneer for the past six months and till now I don’t have any issues in the transaction. All the payments are made on time without fail.
Common FAQs about Payoneer and KDP set up
1)How long Payoneer take to review and activate my account?
It’ll take one or two business days to get your account activated.
2)How much will Payoneer charge for this service?
It’ll vary according to the country. You can find an exact fees structure for your country by login to Payoneer account and go to Help->Pricing and Fees. For India, there is no charges or fees so far.
3)When can I expect the royalty from KDP credited to my Payoneer account?
It’ll take one business day or less than that from the KDP Payment date.
4) How long will Payoneer take to credit the royalty into my local bank account?
As soon as royalty credited to your Payoneer account, it’ll be automatically credited to your local bank account. This process will take 3-4 business days to show up in your local bank account.
5)Whom should I contact in case of any Payment issues?
First, you’ve to confirm with KDP Support and ensure that your payment is processed then contact Payoneer support to track the status of your payment. If the Payment is successfully credited to your Payoneer account then you have to reach out to your local bank for further investigation. Click the link below to open new Payoneer account.
Please let me know your doubts via comments