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Thread: QUESTION ABOUT PAYMENTS


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Permlink Replies: 12 - Pages: 1 - Last Post: May 25, 2012 3:09 AM Last Post By: diamondlifestyle
philcyberia

Posts: 393
Registered: 01/15/12
QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 12:53 AM
 
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Hi All

I am in the UK and understand that in order to get paid (by cheque) I need to hit $100 US and £10 UK. I passed the UK threshold in March, so hoping that I will get a payment at the end of this month. The US one has onlty just been passed, so I believe it will be around the end of July before I receive that. I have two questions about payments:

1. Once the initial payments have been made does Amazon revert to paying monthly even for authors in the UK who have to be paid by cheque? And do you have to hit a certain amount for them to do this (like you do for your initial payment) or do they simply send a cheque out for whatever amount you have made in royalties?

2. I know there are various reports on KDP but is there one that shows you how much has been paid out to you by Amazon (as in money that has actually been sent to you) and how much is still owed to you? For example, if I receive my UK royalties at the end of this month, is there a section of the report where that payout will be logged?

Thanks guys!

Reno
quiet_heart_press

Posts: 220
Registered: 12/24/07
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 1:21 AM   in response to: philcyberia in response to: philcyberia
 
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Tthe terms for payment are always the same. If you earn $100 in March, you get paid the money at the end of May, like you said. Then, if you earned $80 in April and $220 in May, you would get $320 at the end ofJuly. If you earn less than $100 in any month, that money is added to the next month, and so on, until you reach the $100 point. That is for checks.

For electronic bank deposits in the US, the minimum payment amount is $10.

The only record of actual payment you receive from Amazon for electronic payments will be an email. Mine says "Remittance Advice", and gives the details of that one payment. You should print each email, keep it in a folder, and save each email, also, for your own records. I do not get paid by check, so I don't know what they do there.

David
philcyberia

Posts: 393
Registered: 01/15/12
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 1:56 AM   in response to: quiet_heart_press in response to: quiet_heart_press
 
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Brilliant, thanks David!
jpf1994

Posts: 152
Registered: 10/11/11
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 4:26 AM   in response to: philcyberia in response to: philcyberia
 
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Question- I didn't see an option for electronic payments, where is that option given?
quiet_heart_press

Posts: 220
Registered: 12/24/07
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 6:57 AM   in response to: jpf1994 in response to: jpf1994
 
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Question- I didn't see an option for electronic
payments, where is that option given?

worltoflit,

I am in the US, so my answer is for US accounts. I believe it is the same for accounts in other Amazon stores, like the UK, as well.

When you first signed up, you were required to choose between being paid by check or by direct deposit. No account can be set up without that choice being made. I don't know when you joined here, but I joined in 2007, and the direct deposit option was given then. I just looked, and the option is still there.

You will find the information in your account. Click on the link to "Bookshelf", or "Reports" and look at the very top of the page. There is a link there that takes you where this information is shown.

I don't know if you can change how you are paid, but you could ask KDP support (not another department).

David
diamondlifestyle

Posts: 4,193
Registered: 07/02/11
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 8:21 AM   in response to: jpf1994 in response to: jpf1994
 
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I'm in the UK and here's what happens...

firstly, go to your account (link on the top right on your bookshelf or report screen) then set up your payment options, it will ask for your IBAN number, that should be published on your bank statement. it's an international bank routing code. there's another number they want as well, can't remember the acronyn but again it'll be on your statement, or alternatively phone your bank and they'll tell you what it is.

you'll see in the payment drop-down an option for each domain (.com, .co.uk, .de, .fr, .it, .es) from the UK you can get bank transfers from every domain except .com so change the option to bank transfer and enter the routing codes. once you hit £10 / E10 you'll get your payment. (oddly enough I did get a cheque from .de once for £0.25 - yes GBP not E - I think they got bored of waiting for me to sell more than two books!)

for .com you will get a cheque as david described. your bank will charge you a fee and make you fill out about a million forms in order to cash it, and you're at the mercy of the exchange rate. I'm with halifax and my local branch are getting quite adept at it now, when I first went in with a cheque they all stared at me blankly and soon I had a crowd of people consulting manuals on how to process it. most attention I've ever got from the place in my life...halifax charge £5 to cash foreign cheques and their exchange rate is usually favourable.

there are two ways of cashing a foreign currency cheque into a uk bank account - either the bank will pay on it as soon as they've processed it, on the understanding that if it bounces they'll take back the money plus charges from your account, or you can wait for it to clear before you get paid. if you wait, expect to be waiting about 8 weeks. unless you're being paid a massive amount I wouldn't bother (and unless the cheque is over about £300 the banks say not to bother waiting, either).
thorkill71

Posts: 261
Registered: 03/06/12
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 8:24 AM   in response to: philcyberia in response to: philcyberia
 
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Do you get paid any faster if you choose the direct deposit option?
shaddamax

Posts: 1,722
Registered: 08/09/11
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 8:44 AM   in response to: thorkill71 in response to: thorkill71
 
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Payments are issued on the same day, but CHecks have to go through the mail, then into your bank, and then however long it takes to clear. Direct deposit is in your bank the same day and clears in 24 hours, usually
quiet_heart_press

Posts: 220
Registered: 12/24/07
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 8:54 AM   in response to: diamondlifestyle in response to: diamondlifestyle
 
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(oddly enough I did get a
cheque from .de once for £0.25 - yes GBP not E - I
think they got bored of waiting for me to sell more
than two books!)

diamond,

I believe Amazon is (I'm writing from the US, remember) is required to make a payment at the end of each accounting cycle year, to clear up their accounts, whether a seller has sold enough for a "usual" payment or not. I got a very small payment once, also. Just a couple of dollars from Germany, I think, the first year Germany had its own Amazon store.
philcyberia

Posts: 393
Registered: 01/15/12
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 9:50 AM   in response to: diamondlifestyle in response to: diamondlifestyle
 
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Thanks for that - I didn't realise it would take so long for a US cheque to clear in a UK bank! Still, perhaps that's one way of stopping me from spending it within hours of receiving it - probably the only way I will ever save any money!

Thanks for the detailed response, much appreciated. x
diplosmokus

Posts: 16
Registered: 02/06/12
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 4:20 PM   in response to: philcyberia in response to: philcyberia
 
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I bank with Lloyds in the UK, I paid in a Cheque for $102 on a Wednesday £57.38 was cleared to spend on the Friday. They said that a flat £7 fee was charged per visit, no matter how many cheques i was cashing, so it might be worth saving them up and doing them in bulk if you have the patience.
philcyberia

Posts: 393
Registered: 01/15/12
Re: QUESTION ABOUT PAYMENTS
Posted: May 24, 2012 4:46 PM   in response to: diplosmokus in response to: diplosmokus
 
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Ah, that's very useful to know. Thanks for the tip!!
diamondlifestyle

Posts: 4,193
Registered: 07/02/11
Re: QUESTION ABOUT PAYMENTS
Posted: May 25, 2012 3:09 AM   in response to: quiet_heart_press in response to: quiet_heart_press
 
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Ah you may have been right. Sadly, as the DE cheque doesn't have the price written in pence, only in pounds, I can't cash it anyway because the written amount doesn't match the monetary amount. Plus I'm not that cheap that I acutally would cash a cheque for 25p anyway lol.

BACS payments are made same day, give or take. If you opt for the cheque to be cashed before it's cleared the money is paid as soon as it's been processed (usually within a day or two). If you opt to wait until it's cleared it will take anything up to 8 weeks.
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