Etsy’s Latest Payment Processing Option
Launched in May 2017, Etsy Payments is a merchant account solution that enables Etsy sellers to accept debit and credit card payments through their e-commerce stores. Etsy Payments is a rebranding of Etsy Direct Checkout and is not related to Sell on Etsy, which is a discontinued mobile card swiper from the company. Etsy Payments is the only option for accepting e-commerce payments through Etsy at this time, and it enables merchants to accept all major credit cards, debit cards, Etsy gift cards, PayPal, Google Pay, Apple Pay, Klarna invoices, iDEAL, and Sofort transactions.
Etsy Backend Processors
Etsy is not itself a payment processor, so it has integrated third-party payment processors to provide its credit card processing service. The service is made possible through Etsy’s partnerships with PayPal, WorldPay, Adyen, and other payment processors such as Square for in-person payments. Funds collected through Etsy Payments are deposited directly into the merchant’s bank account every Monday, but merchants can manually initiate a deposit on other days of the week. For each payment through Etsy Payments, U.S. merchants are assessed a per-transaction fee of 3% plus $0.25. It is important to note that this fee applies to the full purchase price of the item, including shipping and any applicable sales tax.
Etsy Location and Ownership
Etsy is headquartered at 117 Adams St, Brooklyn, New York 11201. Josh Silverman is the CEO of Etsy.
Etsy Payments Review Table of Contents
- Costs & Contract: Etsy Payments offers a fixed per-transaction rate of 3% plus $0.25 for US merchants with no other monthly fees.
- Complaints & Service: Etsy Payments has received more than 10 public complaints.
- BBB Rating: Etsy Payments does not have a dedicated profile with the Better Business Bureau. Etsy currently has an “A” rating and has received 1,196 complaints and 217 reviews in the last 3 years. The company has been accredited by the Better Business Bureau since 2016.
- Sales & Marketing: Etsy Payments does not hire independent sales agents and has not received any complaints about its sales practices.
- Rates & Fees: How Merchants Got The Best Rates With Etsy Payments