Etsy Payments Review
Etsy Payments is a merchant account solution that enables merchants to accept online payments directly through their stores on the Etsy platform. It’s a rebranded version of an older product called Etsy Direct Checkout. Etsy Payments is currently the only payment processing solution available to merchants on the platform at this time.
|Swipe Rate||3% + $0.25|
|Keyed-in Rate||3% + $0.25|
|Early Termination Fee||$0|
|Contract Terms||No Contract Required|
Etsy Payments Overview
Etsy is an online marketplace that specializes in unique items sold by individual creators. The company’s headquarters are in Brooklyn, New York, and Etsy’s CEO is Josh Silverman. Etsy Payments is the company’s integrated merchant account solution.
With Etsy Payments, a merchant can process the payments for the items they sell directly through their Etsy store. This eliminates the need to utilize any third-party payment-processing solutions.
Etsy Payments accepts all major payment types, including credit and debit cards, PayPal, Google Pay, Apple Pay, and more. Etsy isn’t a back-end processor. But it partners with companies like WorldPay, Adyen, and Square to provide this capability to its merchants.
Etsy Payments Pros & Cons
Etsy Payments Products & Services
eCommerce Payment Processing
Etsy offers its merchants a wide variety of services, including integrated marketing and web design tools. But Etsy Payments is a sub-branch of the broader company that only focuses on the processing of eCommerce payments.
With Etsy Payments, you’ll be able to accept just about any type of payment that a customer may want to use, including credit and debit cards, PayPal, Apple Pay, Google Pay, and more.
The only other real feature that’s offered by Etsy Payments is seller protection. When you sell an item through the service, you automatically qualify for Etsy’s Seller Protection Policy. This involves a team of payment specialists and fraud-checking systems working around-the-clock to verify that your transactions are legitimate.
Etsy Payments Advertising & Sales
Etsy doesn’t really need to advertise or sell its EtsyPayments service since it’s the only option that merchants on the platform can use. The company doesn’t engage in any deceptive advertising or sales practices because it doesn’t need to.
Similarly, Etsy doesn’t use independent sales associates to sell this service. That should be viewed as a positive thing, as independent sales agents are often tied to misleading sales practices.
Truth in Marketing
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||Yes|
|Public Pricing Available||Yes|
Etsy Payments Pricing, Rates & Fees
Etsy Payments offers a very straightforward pricing structure that’s generally favorable towards merchants. The company uses a pay-as-you-go system, in which there are no burdensome contracts, massive monthly fees, or hidden early termination fees. Instead, merchants who use Etsy Payments will only pay a per-transaction fee for every item they sell.
The going rate for Etsy Payments is 3% + $0.25 per transaction in the United States. But this rate varies based on the country that the merchant is operating out of. For example, merchants who are based out of the UK will be charged 4% + £0.20 per transaction.
It’s worth noting that this is a bit higher than the industry’s average. However, merchants who want to sell their products on Etsy really have no other choice but to accept these prices if they wish to continue doing so.
Pricing At A Glance
|Pricing Model||Flat Rate|
|Swiped Rate||3% + $0.25|
|Keyed-in Rate||3% + $0.25|
|Mobile Payment Rate|
|Virtual Terminal Rate||3% + $0.25|
|Payment Gateway Fee|
|Early Termination Fee||$0|
|PCI Compliance Fee||$0|
|Equipment Lease Terms||None|
|Address Verification Service (AVS)|
|Account Setup Fee||$0|
|Gateway Setup Fee|
Etsy Payments Contract & Terms
Etsy Payments is a great choice for merchants who value freedom. The company doesn’t require its merchants to sign any multi-year agreements. Instead, you will be free to stop using Etsy Payment anytime you want.
Just remember that to stop using Etsy Payments you would essentially have to stop selling your products on Etsy. So although there’s no contractual agreement in place, it’s not as though you have another payment processor to choose from on the Etsy platform. But at least you’ll never have to worry about any monthly fees, cancellation fees, or early termination fees when you use this service.
Etsy Payments Setup & Support
Setting up an Etsy Payments account is a fairly straightforward process. The company makes it easy to automatically add the Etsy Payments service to your existing Etsy store. Doing so should be as simple as clicking a few buttons and agreeing to a few user agreement forms.
But if you do have trouble, then you can get help with the setup process in two ways. You can either read through Etsy Payments’ online knowledge base or you can contact a representative online to get 1-on-1 setup support.
Etsy’s customer support for merchants leaves a bit to be desired. There isn’t a direct phone number that merchants can call when they have a problem. Instead, they need to go online, request a call, and wait for an agent to contact them. Etsy also offers email support and a forum where merchants can receive answers to their questions.
Etsy Payments Complaints, Ratings & Reviews
Etsy Payments doesn’t have a dedicated profile with the Better Business Bureau. But Etsy has an A rating with the BBB.
There have been some mild complaints filed about Etsy Payments online. Delayed payments are the only real recurring theme between them. But judging by the lack of widespread consumer complaints, it appears as though most merchants are happy with the service they’re getting from Etsy Payments.
|BBB||A, Accredited since 2016 (217 Reviews; 1196 Complaints)|
|2.9 Stars / 268 Reviews|
|Total Online Reviews||4000+|
|Total Online Complaints||1000+|