Etsy Getting Paid 2023 - How to Get Paid on Etsy? What is Etsy Payments?

Etsy, one of the most reliable intermediaries for selling or buying products abroad, is widely used across Turkey as it can also be used as an individual account. Etsy allows payment collection processes to be carried out easily.

At the same time, shops can reach wider audiences in the Etsy marketplace. In other words, it is possible to benefit from the advantages and innovations provided to users.

Providing substantial support to its users in terms of correct store design and sales strategy, Etsy is highly useful for exploring international marketplaces. In this sense, Etsy Payments, which has been frequently used in Turkey recently, is one of the most significant advantages provided to the company's users.

Which Payment Channels Does Etsy Use?

Among the most frequently used Etsy payment collection channels are Etsy Payments, PayPal, Etsy Shopier, and Other. These payment channels have different usage procedures and rules within themselves.

Etsy is a marketplace that brings together artisans and manufacturers from many parts of the world, connecting them with buyers.

Through this platform, you can sell your own products. At the same time, it is possible to buy or sell second-hand, antique, vintage items, or hobby supplies.

Through Etsy, you can set up your store and easily deliver your existing brand's products to many users.

What is Etsy Payments?

Etsy Payments is the platform's own dedicated payment processing system. When you receive your payments through Payments, you have to pay a processing fee determined according to your country of residence.

When the buyer prefers to pay you this way, the money is not sent directly to you; instead, it is first transferred to the site's escrow pool. Once it is confirmed that the product has reached the buyer, the money is released to the seller. In this way, both the buyer is protected regarding the delivery of the product and the seller is protected regarding receiving the payment.

What is Etsy Payments Turkey?

Etsy Payments Turkey is the payment processing system of the platform, which has been operating in Turkey for two and a half years. Now, buyers in Turkey can also pay for products using their credit or debit cards through this system.

This system, much like in other online marketplaces, is a payment method that utilizes an escrow system. For Turkey, the Payments commission is 6.5% + 3.00 TRY. Other payment alternatives include international wire transfer, Payoneer, PayPal, Iyzico, and Shopier.

What Payment Options Does Etsy Payments Offer to Its Customers?

Using this payment option integrated into the platform itself, you can make your payment using any of the preferences: credit card, debit card, Etsy Credits, Etsy gift card, PayPal, Klarna, Sofort, iDeal, Apple Pay, Google Pay. In this sense, Payments provides convenience by offering customers a wide range of payment options.

How to Apply for Etsy Payments?

To use the Payments system, you need to apply from your account. After logging in, you can apply from the "shop manager" section. For the application, you will be required to enter necessary information such as bank name and bank account details, identity document, and residential address. Once your information is verified, your application is approved.

If the "shop manager" section is not visible in your seller account, you can also proceed by going directly to the Etsy Payments application page. Because of its trustworthiness, most sellers and buyers prefer this method for their payments. Therefore, you can apply for Payments to make sales that are both easy and secure.

Receiving Payments from Etsy with PayPal

Like Etsy Payments, PayPal is also one of the highly frequently used payment channels. The card linked to this channel is crucial for receiving payments. Almost all transactions take place through the linked card.

Although it does not offer the opportunity to receive payments with a single click to sellers, it is generally known as a very advantageous channel. However, this payment channel is not available for use in Turkey.

For those who specifically want to use it, there is an option to open an account from another country, but only the active language of the relevant country can be used. At the same time, the bank account must also belong to the selected country.

Receiving Payments with Etsy Shopier

This Etsy payment channel is one of the most useful methods. This is because Etsy steps aside here, and the payment is made directly between the buyer and the seller. The biggest disadvantage of this situation is that it creates insecurity.

At the same time, situations like delays in the approval process, uncontrolled limits, and high commission requests might arise. However, payments can be received soundly through this channel. It is also possible to say that this channel is preferred by many users.

How to Get Paid on Etsy?

To perform Etsy payment transactions, first of all, the "Other" option of the relevant shop or store must be enabled. Next in the process, the Etsy shop can be activated by choosing at least 5 products.

Apart from the Etsy side of the operations, there is also a Shopier side. Within this scope, after a shopier.com membership is created, the Etsy option must be selected in order to receive payments from Etsy.

The store or shop name is added here. In the final step, it is sufficient to mark the 'Connect to my Etsy shop' option and click 'Allow Access'.

When receiving payments with Etsy Payments, a deposit transfer fee of 42 TRY is charged for money transfers of over 600 TRY.

How Does Your Money on Etsy Transfer to the Bank Account?

For sales made through Etsy, the transfer of the sold products' fees into the account depends on the banks' policies. In this context, the designated fee is usually deposited into the linked bank account within 72 hours at the latest.

For shops newly starting to sell on the platform, their earnings are transferred to the account within 7 business days during the first 3 months. Alongside this, the earnings of shops and sellers who have completed their first 3-month period are transferred to the account on the next business day. It is possible to track the account status from the "Available for Deposit" section of the shop.

How to Complete Bank Verification for Etsy?

To complete Etsy bank verification, the steps listed below can be followed:

• 'Shop Manager' must be selected on the Etsy website.

• Next, 'Finances' and then 'Payments settings' must be selected.

• After clicking the "Update" button on the section with bank details, bank information should be updated.

• In the subsequent step, the account information of the country where the account will be used must be added.

• Etsy will send 1 or 2 micro-deposits to the account to verify that the account belongs to a real person. It may take 3-7 days for this deposit to arrive.

• When the deposit arrives, the received amounts must be confirmed on Etsy. In this way, it is possible to perform bank verification accurately and securely.

What Are the Commission Fees When Receiving Payments on Etsy?

Etsy payment transaction fees are a matter that varies from country to country. Therefore, different fees apply to Etsy Turkey. Thus, it is possible to encounter a VAT rate in almost every sale.

In addition, a listing fee of $0.20 is charged for each product listed on the platform. The sales commission for each product is 6.5%. This specified fee applies not only to the product itself but also to the packaging and shipping processes.

You can choose your preferred method among the payment collection ways on Etsy and conduct your transactions accordingly. Etsy Payments is a system designed to simplify the payment process and offers many different payment methods.

At the same time, you may also consider alternative payment methods. When deciding which method is suitable for you, you must ensure that the payment process meets the needs of both you and your customer.

Ultimately, the key to being a successful seller on Etsy lies in providing your customers with an easy and seamless shopping experience. We wish you great sales!