How Loop helps Canadians sell with Amazon.com

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Are you a seller on Amazon.ca looking to expand on Amazon.com?

With an Amazon.ca Professional Seller Account, combined with Loop’s USD Bank Account and Multi-Currency Card, Amazon.ca sellers like you can expand your business internationally more easily and cost-effectively than ever before. 

Top 3 reasons to get started on Amazon.com: 

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1. Get started in just a few clicks

An Amazon.ca Seller Account offers access to the entire North American market, streamlining your operations, and making cross-border product listing, inventory and selling simpler. Businesses with an existing Amazon Canada Professional Seller account are allowed to list products in the US by default (Amazon Unified Selling Account*).   

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2. The opportunity is huge

There are 148 million Prime users in the US. Canadian third-party sellers from all 13 provinces and territories grossed more than $1 billion on Amazon.ca in 2019, growing 40% year-over-year, and MORE than $2 billion on other Amazon stores around the world. 45% of SMB sellers use Amazon to sell their products to customers outside of Canada.

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3. Easy to operate

Amazon offers fulfilment services (FBA) for all its merchants that frees you from the headache of managing cross-border logistics. You can find further details here.

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Does an Amazon.ca seller need a US Bank Account for selling on Amazon.com?

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It is not mandatory for Canadian sellers to possess a local US bank account in order to list their products on Amazon.com. You can provide a Canadian bank account, however, your USD payouts will be converted to Canadian dollars where Amazon does not provide the best exchange rates, adding costs to your business that can easily be avoided. 

This is where Loop comes in. Loop offers no-fee US Bank accounts, which is much different than USD bank accounts (and much better). Our US bank accounts are US-domiciled, meaning your US bank account is based in the US, eliminating all cross-border fees. 

This allows you to receive USD payouts faster and convert your money to CAD at market-leading rates. You can also send and receive USD Local ACH transfers and international wires using your Loop Account. Deposits with your Loop USD bank account are also FDIC insured. 

In addition, Loop US accounts come with multi-currency cards allowing you to spend in multiple currencies without any FX fees.

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How to Get Setup and Sell with a new Amazon Canada Seller Account

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If you don’t have an existing Amazon Seller account, you can sign up here. To sell in the US, you need a professional account that costs $29 CAD per month. Generally, Amazon will reach out to you for document verification and then will approve new accounts within a week.

To register, you would need the following information:

• Active Credit Card - available in your Loop dashboard.
• Government-issued National ID such as a passport or driver’s license.
• A valid bank account with a routing number - also available in your Loop dashboard. 
• Tax information like your CRA number.
• A valid phone number and email address

Amazon provides a beginner-friendly e-book for new sellers with details covering every aspect of running an Amazon store, including listing, selling and delivering products.

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Loop takes Amazon.com sellers to the next level

Many business owners have told us they’re tired of hidden bank fees, low credit limits, visiting bank branches just to move money or waiting weeks to get paid. There's a better way! With Loop, get multi-currency credit cards, make global payments like a local, access market leading FX rates, get funding, integrate with Quickbooks and so much more.

Loop's platform lets you do business like a local, and that means eliminating as many bank fees or FX fees as possible. When you make purchases or receive money from your customers in foreign currencies, you won't be charged the typical 3-5% fees associated with currency conversion.

Grow your global business, without worrying about costly transaction fees or slow payment times. Switch to Loop for an all-in-one global banking platform, get started in just a few clicks.

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