Friday, 20 May 2016

Amazon and payments

More changes from Amazon for self-published authors. I have always opted to receive a cheque when more than $100 or £100 has accumulated but recently Amazon informed me that they were no longer sending out cheques and would I please fill in my details to receive payments directly into my bank. I'm not happy with the decision, but there doesn't seem to be any get out clause. Authors in America who receive US dollar payments won't worry, but every cheque I cashed at my bank had a conversion charge on it. Admittedly it was not a huge sum, but now I wonder if every paltry amount sent to me is going to incur a conversion charge.

Here's what Amazon say:
"As part of our ongoing efforts to improve the Kindle Direct Publishing (KDP) program, we're changing the default payment method in your country to Electronic Funds Transfer (EFT) in September of this year. Checks will no longer be offered as a payment method.

EFT payments are paperless, secure, and fast. This environmentally friendly method deposits royalties directly into your bank account, with no minimum payment threshold. This means you will be paid electronically in full 60 days after the end of every month for sales within that month. Instead of waiting up to three weeks for your check to arrive, EFT payments should appear in your bank account within five days after the end of the month."

This could turn out horrendously for me - last month Amazon told me I had earned 54 rupees in India. That intrigued me, fascinated me that someone in India was actually reading my books. But wait - I had no idea what an Indian rupee was worth, though I have always known it's a very small amount. I checked this morning. A rupee is worth 0.01016 of a pound sterling. I think I earned 50 of them, so that means £0.50. The bank will charge more than that to convert the rupees into sterling. 

Unless  EFT payments don't require conversion, I think I am going to be annoyed.  


Vonnie said...

None of my payments via PayPal or direct credit have required much juggling. The PayPal ones show a conversion rate but there's no charge by PP. So far the direct credit ones haven't incurred a bank charge but who knows? The banks in Australia are the greediest businesses in the entire world, so no doubt sooner or later I'll get a 'charge.'

Jen Black said...

I suppose I'll know by the end of the month when the first payments go out. Let's hope it all goes smoothly with no charges!