The official press release emphasised that Etsy is focused on scaling its reach and providing payment technology that enables safe, secure, and simplified shopping experiences on its marketplace. The company is now expanding to seven new countries, which are Ukraine, India, Japan, Thailand, Argentina, Chile, and Peru.
As stated in the press release, Etsy Payments is at the core of Etsy's payments technology. It is a flexible and secure payment infrastructure that aims to benefit both buyers and sellers. Buyers are able to transact confidently and depending on their market, have access to choose from a range of local payment methods, including PayPal, credit, debit, bank card, Etsy Gift Cards, and Etsy Credits. For sellers, Etsy Payments enables them to reach more potential customers and reduce friction at checkout – which increases the likelihood of conversion – while simplifying how they get paid.
Since 2012, Etsy has introduced Etsy Payments to sellers in over 40 countries giving more sellers access to the full suite of payments tools. It has also worked with diverse third-party payments providers to streamline the processing of hundreds of thousands of domestic and cross-border transactions, every day.
Furthermore, the company highlighted that for this expansion, it is partnering with global payments provider, Payoneer. This partnership is aimed at bringing efficiency at scale as well as seamless payouts to sellers in their local markets and the currency of their preference.
Etsy Payments is now being rolled out for sellers in Ukraine and Thailand, as the company plans to launch in India, Japan, Argentina, Chile and Peru by the end of 2023.
Benefits that sellers enrolled in Etsy Payments can access
- Selling with Etsy Purchase Protection: purchases made from sellers using Etsy Payments are eligible to qualify for this coverage, meaning that Etsy will refund buyers and sellers can keep their earnings if a qualifying order is damaged or doesn’t arrive.
- Getting dedicated support: sellers are able to get support around the clock on financial transactions and payments processing on Etsy Payments, including live support for most topics.
- Sellers can more easily manage all their Etsy shop’s financial information in one place.
About Etsy
Etsy is the global marketplace for unique and creative goods. In a time of increasing automation, Etsy's mission is to keep human connection at the heart of commerce. The company helps a community of sellers turn their ideas into businesses. Moreover, the Etsy platform connects them with various buyers looking for an alternative.
