One-day payouts were introduced at Amazon Accelerate 2022, an in-person and online conference for established sellers and those interested in selling to learn about the latest innovations, expand their knowledge base, and network with others.
The newly launched Express Payout moves money from Amazon to sellers’ bank accounts in 24 hours instead of the usual three to five days it typically takes for the funds to move through the ACH payment network, according to a press release emailed to PYMNTS on Thursday (Sept. 15).
“You want to receive your hard-earned money as quickly as possible. We heard you,” said Priya Padmanabhan, Vice President of Financials and Developer Experience.
Express Payout funds are available within 24 hours “any day, any time (even Sundays)” and the service was made possible because of “our integration with the network of hundreds of banks and credit unions that support Express Payout,” Padmanabhan said.
Express Payout is available to U.S. sellers in all 50 states who have an in-network U.S. bank account; sellers in U.S. territories are not eligible. In order to signup for Express Payout, sellers can’t have transactions that are more than $1 million at the time of the payment initiation, according to the release.
During the promotional period until October 2023, the Express Payout service is available for free. After that, Amazon will charge a flat fee of 50 cents per Express Payout. Sellers will be notified in advance of the promotional period’s end and if the fees change.
Amazon Accelerate was held Sept. 14–15 in-person in Seattle as well as virtually and included talks by the new CEO of Worldwide Amazon Stores Doug Herrington and tennis champion, successful entrepreneur, and small business advocate Venus Williams. The event also included learning sessions, live Q&A periods, and other information to help sellers grow or launch eCommerce businesses with Amazon.