Etsy is expanding managed payments to sellers in seven new countries in partnership with company Payoneer: Ukraine, India (exports only), Japan, Thailand, Argentina, Chile and Peru, the company announced on Tuesday.
The marketplace began managing payments on behalf of sellers in 2012, expanding it to over 40 countries since then. Rather than buyers paying sellers directly, they pay Etsy, which disburses the funds to sellers.
Etsy said the expansion enables it to welcome new sellers to Etsy, “allowing us to provide economic opportunities to more creative entrepreneurs around the world while working to keep our platform safe and secure.”
In announcing the news on its blog, Etsy said:
“Etsy Payments is at the core of our payments technology: it is a flexible and secure payments infrastructure that benefits both our buyers and our sellers. Buyers can transact confidently and depending on their market, have access to choose from a range of local payment methods, including PayPal, credit, debit, or 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.”
Etsy also announced the news in a post for sellers, telling them it is “always working to get you the tools and services that will help your business thrive.” Etsy also told sellers that buyers love having payment options. “Last year 75% of Etsy transactions used a payment method other than PayPal.”
The head of Payments and Risk at Etsy Chirag Patel said, “We’re excited about the continued global expansion of Etsy Payments, which benefits both sellers and buyers as we work to make relevant payment options available across our global marketplace. We’re just getting started, and cannot wait to see the potential that this Etsy Payments can unlock for our community at large.”
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