Before I get to the money talk, I’ve updated the post on Creating NCX Table of Contents because in Amazon’s acceptable eBook files to upload, they now say that only MOBI files generated using their own software will be accepted. This is just as easy to do now – easier in fact, so I’ve changed the instructions, and will change the screenshots as quickly as I can.
Yesterday saw Amazon announce that the Kindle Scout programme will be available to writers worldwide and not only in the US. This means that anyone can now submit a previously unpublished novel for voting on by readers for a chance at a $1 500 advance and a fifty percent royalty rate, with a five year publishing contract and Amazon advertising. With readers voting rather than trying to storm the mostly unread traditional slush piles, this is a great way for Indies to spread their publishing wings.
Now to the cash problem. Only authors in the United States and certain other countries are eligible for royalty payments by electronic funds transfer. This means that those not eligible get their royalties in the form of paper cheques every time they have one hundred dollars in their Amazon accounts. Bank charges on cashing these are high, and they take ages to clear. Rather than getting paid that way, why not get yourself a Payoneer account instead? It’s very easy to do.
Go to the Payoneer site and register. They then post you a pay as you go credit card. Once you get this card in the mail, you activate it online following their step by step instructions. You will be issued with your own US cheque account details. Next, you click on the button to request that you be allowed to receive payments in the US. Payoneer will request that you upload your identification. Load up a PDF copy of your passport or identity document, and after a short wait you’ll be approved.
Log on to your Amazon account and select EFT as the method for you to receive your royalties. Fill in the exact details that you have for your US account and click save. Within a few days you’ll start getting emails from Amazon letting you know that payment has been made, and Payoneer email you too when the funds arrive.
To draw your cash just use the card at any ATM in your country, or use it the same as you would any other credit card online or in stores – as long as you have money in it that is. Payoneer charges are just under thirty dollars a year, although once your balance reaches a hundred dollars they gift you with twenty five dollars, so your first year comes cheap. The cash withdrawal fee is three dollars, but these charges are still way below what the bank will take converting the paper cheque.
Any other US companies that pay by EFT can pay you this way too. So if you sell art or anything else online in America your earnings are easy and convenient to get to like this.
Lit World Interviews 
Reblogged this on Jo Robinson.
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Reblogged this on Chris The Story Reading Ape's Blog and commented:
NEWSFLASH…
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Thanks for sharing Chris! 😀
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Welcome Jo 😀 XXXX
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Thank you, what a great idea.
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Pleasure Laurie! It really is good. The royalties accrue separately with each marketplace on Amazon so I would imagine waiting for all of them to arrive could take more than a lifetime in some cases. This way you get all your hard earned pennies. 🙂
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Yes old Amazon certainly worked that out to help themselves originally. At least this way they aren’t benefiting from your pennies while they’re accruing.
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You’re so right. I was thinking the other day about the authors who pass away without heirs or a will. Their royalties must just add up in some sort of holding account. And then the royalties of non US authors who don’t get paid by EFT must be quite a fat sum considering that there are millions of books for sale. All those pennies really must add up to millions and supply quite a nice bunch of interest.
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Thanks for jogging my sleepy brain Jo, I’m going to have to take another look at my will. 🙂 Yes there would definitely be oodles of pennies hanging around.
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Reblogged this on Smorgasbord – Variety is the spice of life and commented:
More excellent publishing updates from Jo Robinson on Lit World Interviews. EFT payments from the US for Amazon authors outside the country and also new Mobi guidelines for uploading to the site. Get over there and catch up.
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Thanks for sharing lovely Sally! 🙂
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great stuff Jo.. feather duster in hand..and a pinny.. XXS
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This is great news and more than welcome. I will most certainly check this out once I am back off holiday.
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Excellent. I can vouch for it because I use it in South Africa and haven’t had any trouble at all so far. Enjoy the rest of your holiday!
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I’m a Swiss/Canadian living in Switzerland, but with a Canadian bank account. My royalties will be going to that bank account. (As Switzerland and the USA have a tax treaty, I was able to avoid paying tax by supplying my Swiss tax nr.). According to the Amazon manual, this is supposed to work?
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my situation: I must receive a payment from US by EFT, they require me the acconut number, the routing number and the bank name.. Will I be able to send these information to the company with a Payoneer account in order to receive my payment?
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