Once you start selling your books, you'll receive royalties from all the platforms. For that to happen, you need a way to receive the money. Different platforms have different ways of paying authors. To receive your money:
STEP 1: CONFIRM YOUR TAX NUMBER
Most governments consider the royalties/profits that come from your self-publishing endeavors as taxable income. Of course this income will only start being taxed when you show a net profit, but you still need to make sure you have a tax number just in case. If you're underage, you'll probably need a guardian to publish for you so make sure to talk to them then get their tax number. Different countries require different tax numbers. Find out which ones you need.
STEP 2: OPEN A BANK ACCOUNT
Most platforms, especially KDP, pay through Electronic Fund Transfer (EFT). To be paid via EFT, you need to have an account with a bank that supports EFT. Most North-American and European Union Countries are supported. However, to make sure your country is supported check the information on your KDP account.
If your country isn't supported, there's always Payoneer.com which has collaborated with different banks around theglobe to give business people outside supported countries bank accounts thatare EFT enabled and can receive payment in most currencies. It takes a bit oftime to have an active Payoneer account because their customer service is a bitslow and you'll need to send identity and location confirmation documents. Somake sure to register early.
STEP 3: REGISTER WITH PAYPAL
Some platforms prefer payment through online payment systems specifically Paypal. But it is even more essential that for paying service providers like editors and cover-designers. It is the most used money-transfer service so there is no way you can avoid ever using it, and why should you? You only need an email address to open it, and a working credit or debit card to verify the account. The card should have at least $2 because Paypal will charge it that amount to confirm your identity and to make sure that the bank account actually exists.
STEP 4: GET A SHIPPING ADDRESS
In some cases, you might not be able to get an EFT enabled bank account or access to online payment systems. In this case, most platforms will choose to pay you via check. To receive this check you need a shipping address or a post office box number. The shipping address or mailbox is also useful for receiving copies of your paperback book.
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