Etsy Payments Expands Its Global Reach
Big News for Global Sellers
Etsy has announced a significant expansion of its Etsy Payments platform, extending services to sellers in Thailand and Ukraine, with Japan, Chile, Argentina, Peru, and India (for export sales) to follow. This expansion is a game-changer for sellers in these countries, providing them with the ability to seamlessly manage their shop's finances and tap into a broader international buyer market.
Why Buyers Prefer Etsy Payments
Etsy Payments introduces a more versatile payment method, enabling buyers to select from an array of options such as PayPal, credit and debit cards, Etsy Gift Cards, and Etsy Credits. With more payment choices, Etsy Payments has become a favored option, evidenced by the 75% of transactions last year that did not use PayPal.
Benefits for Sellers
The transition to Etsy Payments not only makes shops more attractive but also boosts sales potential — sellers have reported a 7% increase in sales post-switch. Additionally, shops using Etsy Payments may qualify for Etsy-funded coupons and feature in site-wide promotions. Importantly, transactions processed through Etsy Payments are eligible for Etsy Purchase Protection, with coverage during the holiday season doubling to $500 USD.
Partnering with Payoneer
In collaboration with Payoneer, Etsy Payments facilitates secure and straightforward payments for sellers. Once enrolled, sellers will receive weekly deposits from sales into their Payoneer account, with automatic withdrawals to local bank accounts in their currency, ensuring ease of access to funds.
Understanding the Fees
Etsy ensures competitive rates for transactions through Etsy Payments. Fees are location-based, and sellers are advised to review detailed articles on Etsy Payments and Payoneer fees to understand the cost structure.
Sellers eager to switch can enroll through the Shop Manager by navigating to Finances > Payment settings. Notifications will be sent to sellers as soon as they are eligible for enrollment.
Etsy Payments will be required in 2024, making early enrollment advantageous. Etsy commits to providing ample notice before the mandate and offers support for any related queries. This move will see Etsy Payments becoming the sole payment method, replacing PayPal.
For details on Payoneer integration, signing up, or connecting existing accounts, sellers can refer to Etsy's Help Center.
*The reported increase in sales is based on past data and is not guaranteed. Terms apply for coupons, promotions, and Etsy Purchase Protection.