Etsy Financial Changes Now Live for Most Sellers

In April, Etsy announced they were changing the way sellers would manage their money on the platform. Effectively, the company was combining a seller’s payment account and billing into one dashboard.

The changes went live for virtually all sellers on Sunday, July 1, but the company also said on Friday it had listened to feedback from sellers and would be tweaking some areas.

Since our announcement, a lot of you have shared your feedback and we’re listening. We’re hard at work making the redesigned payment account the best it can be for you and your shop, and to help make that happen, the new experience will now be released later this year.

We know how important managing your finances is and we appreciate your patience and your thoughtful feedback about this change. We’ll continue to update you as the new experience becomes available.

Non-Eligible Sellers

For sellers in countries not eligible for Etsy payments, they’ll continue to see the taxes and fees Etsy charged on their monthly statement and in their recent activity displayed in USD.

Those sellers may continue to pay their outstanding balance via PayPal or with the credit card on file.

If you are an Etsy seller, what do you think about this new combined payments and bill section by Etsy? Let us know in the comments section down below or over on our Facebook Group.

2 COMMENTS

  1. It’s an interesting move on Etsy’s part and equally curious how they tried to spin it.

    In the past, when a seller paid by credit card, Etsy’s was charged a fee (there’s no additional cost to the seller).

    A seller can earn points on their credit card, which is a benefit to sellers.

    Sellers are also able to defer payment of their Etsy bill until the end of month (which allows a float system of cash on hand). This is a very common business practice.

    Going forward:

    Etsy won’t have to wait for the end of the month for payments – it will be a pay-as-you-go system – giving Etsy the additional funds during the month (which increases interest collected on a seller’s money).

    Etsy will no longer have to pay credit card fees when a seller uses their card to make a payment on their account.

    Etsy won’t have to worry about non-payment issues and collections.

    All in all, it is a big win for Etsy. For the Seller, it’s a direct financial loss in a wave of increased costs to sellers.

    Here’s the curious part:

    An announcement from Etsy read: “Earlier this year, we announced plans to make managing your shop’s finances easier by combining your payment account and changing how you’re billed on Etsy.”

    I understand why Etsy is doing this as it has obvious financial benefits to Etsy and to shareholdrs. However, I’m a bit put off by the sugar-coated wrapping of “make managing your shop’s finances easier” that became the motive presented by Etsy to its sellers.

    That is such a condescending giant truck load of elephant poop. Whoever wrote that makes Etsy sellers sound like a bunch of 1950’s housewives who need a man to handle the money. Really?

    Just be honest Etsy. It’s a financial boost for Etsy’s bottom line; a decision that has nothing to do with sellers running their business or any “help” to make things easy. As sellers, we have the hope that in the long run, it will be a boost to the health of the platform which will hopefully benefit everyone.

    But let’s just all be grownups and say what’s really going on OK?

    • “That is such a condescending giant truck load of elephant poop.”

      My favourite sentence anyone has left us on this website so far made me genuinely laugh out loud. 😀

      But I do agree with you, some of these updates we have from marketplaces are all framed as ‘we have your best interests at heart’ and the end result feels like they are just taking more money with little in return.

      Marketing mumbo jumbo speak.

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