Amazon buyers will soon be able to pay for their purchases electronically through their bank accounts. In addition, sellers were told they will see the bank accounts associated with their Amazon accounts automatically set up as payment instruments.
Amazon buyers simply select their bank account as a payment method during checkout if they choose. Buyers and sellers who wish to delete their bank account information from the list of available payment options must visit their Amazon.com Your Account page.
Prior to this change, Amazon accepted American Express, Diners Club, Discover, JCB, MasterCard, Eurocard, Visa, Visa Check Cards, Amazon.com gift certificates, and checks, money orders, or cashier's checks denominated in U.S. dollars and drawn on a U.S. bank. It also accepted Borders Gift Cards and Waldenbooks Gift Cards as payment for qualifying orders.
Amazon.com will create an electronic funds transfer or bank draft, which will be presented to the buyer's bank or financial institution for payment from their bank account. Bank accounts must be valid automated clearing house ("ACH")-enabled at a U.S.-based financial institution, and transactions must be payable in U.S. dollars.
Before Amazon began sending email to its customers to inform them of the changes, Amazon warned readers on its seller announcement board to be wary of phising - or hoax - emails.
Earlier this month Amazon announced a deal with Coinstar allowing people to trade in coins for Amazon gift-certificates at Coinstar kiosks (http://www.auctionbytes.com/cab/abn/y05/m09/i15/s04).
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