Etsy, which is one of the most reliable intermediaries for selling or buying products abroad, is very common throughout Turkey because it can also be used as a personal account. Etsy makes it easy to receive payments.
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.
Etsy, which greatly supports its users with the right shop design and sales strategy, is highly useful for exploring international marketplaces. In this sense, Etsy Payments, which has been frequently used throughout Turkey recently, is one of the key advantages provided to the company's users.
Which Payment Channels Does Etsy Use?
Among Etsy's payment collection channels, the most commonly used can be listed as 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.
You can sell your own products through this platform. At the same time, it is possible to sell or buy second-hand, antique, vintage products, or hobby materials.
Through Etsy, you can set up your shop and easily bring the products of your existing brand to many users.
What is Etsy Payments?
Etsy Payments is the platform's own dedicated payment processing method. When you receive your payments through Payments, you have to pay a processing commission determined according to the country you are in.
When the buyer chooses to pay you through this method, the money is not sent directly to you, but is first transferred to the site's escrow pool. After it is confirmed that the product has reached the buyer, the money is forwarded to the seller. In this way, the buyer is protected regarding the delivery of their product, and the seller is protected regarding getting paid.
What is Etsy Payments Turkey?
Etsy Payments is the payment collection 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 with a credit or debit card using this system.
This system is a payment method that uses an escrow system, just like in other online marketplaces. The Payments commission for Turkey is 6.5% + 3.00 TL. Other payment preferences include international wire transfer, Payoneer, PayPal, Iyzico, and Shopier.
What are the Payment Options Offered by Etsy Payments to its Customers?
Using this payment option, which is integrated into the platform itself, you can make your payment using any of the following options: credit card, debit card, Etsy Credits, Etsy gift card, Paypal, Klarna, Sofort, iDeal, Apple Pay, and 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 must apply from your account. After logging into your account, you can apply from the "shop manager" section. For the application, you will be asked to enter necessary information such as bank name and bank account details, identity document, and residential address. Your application will be approved once your information is verified.
If the "shop manager" section does not appear in your seller account, you can also go to the Etsy Payments application page to carry out your transaction. Due to its reliability, most sellers and buyers prefer this method for their payments. Therefore, you can also apply for Payments to make selling both easy and secure.
Receiving Payments from Etsy with PayPal
Just like Etsy Payments, PayPal is also one of the highly common payment channels used. The card linked to this channel is very important for receiving payments. Almost all transactions take place through the linked card.
Although it does not offer sellers the opportunity to receive payments with a single click, it is generally known as a highly advantageous channel. However, this payment channel is not available for use in Turkey.
For those who especially want to use it, it offers the opportunity to set it up in another country, but only the language of the respective country can be active there. Also, the bank account must belong to the chosen country.
Receiving Payments with Etsy Shopier
This Etsy payment collection channel is one of the most practical methods. This is because Etsy is bypassed here, and the payment is made directly between the seller and the buyer. The biggest disadvantage of this situation is that it creates mistrust.
Additionally, issues like delays in the approval process, uncontrolled limits, and high commissions may occur. However, payments can be received reliably through this channel. It is also possible to say that the channel is preferred by many users.
How to Receive Payments on Etsy?
For Etsy payment collection processes, the "Other" option of the respective shop or store must first be enabled. Following this step, the Etsy shop can be activated by choosing at least 5 products.
Apart from the Etsy part of the process, there is also a Shopier part. In this context, after creating a shopier.com membership, the Etsy option must be selected to receive payments from Etsy.
The name of the store or shop is added here. Lastly, it is sufficient to check the 'Connect to my Etsy shop' option and click 'Allow Access'.
When receiving payments with Etsy Payments, a deposit fee of 42 TL is deducted for money transfers above 600 TL.
How Does Your Money from Etsy Transfer to Your Bank Account?
In sales made through Etsy, the transfer of the fees of the sold products into the account depends on the status of the banks. In this context, the specified amount is usually deposited into the defined bank account within 72 hours at the latest.
For shops that have just started selling on the platform, their earnings are transferred to their accounts within 7 business days during the first 3 months. In addition, the funds of shops and sellers who have completed the first 3-month period are deposited into the account on the next business day. It is possible to check the account status from the "Available for Deposit" section of the shop.
How is Bank Verification Done for Etsy?
To perform Etsy bank verification, the steps listed below can be followed:
• 'Shop Manager' should be selected on the Etsy website.
• Then, the Finances and Payments settings options must be clicked.
• After clicking the "Update" button in the section containing the bank details, the bank information must be updated.
• Following this, the account details of the country where the account will be used should be added.
• Etsy will send 1-2 micro-transfers to the account to verify that the account belongs to a real person. This transfer may take 3-7 days to arrive.
• When the transfer arrives, the amounts received must be verified on Etsy. In this way, it is possible to complete bank verification accurately and securely.
What are the Commission Fees When Receiving Payments on Etsy?
Etsy payment transaction fees vary from country to country. For this reason, different fees apply to Etsy Turkey. Thus, it is possible to encounter a VAT rate on almost every sale.
In addition to this, 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 determined fee applies not only to the product itself but also to the packaging and shipping processes.
You can choose whichever method you prefer 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.
Along with this, you can also consider alternative payment methods. When deciding which method suits you best, you should make sure that the payment process meets the needs of both you and your customer.
Ultimately, the key to being a successful seller on Etsy is to offer your customers a simple and seamless shopping experience. We wish you many sales!
