Etsy announces multi-market expansion of Etsy Payments to Ukraine, India, Japan, Thailand, Argentina, Chile and Peru power by partnership with Payoneer.
We are excited to announce a significant step in this journey: a multimarket expansion of Etsy Payments to sellers in seven new countries: Ukraine, India, Japan, Thailand, Argentina, Chile and Peru.
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 has introduced Etsy Payments to sellers in over 40 countries since 2012, giving more sellers access to our full suite of payments tools and working with diverse third-party payments providers to streamline the processing of hundreds of thousands of domestic and cross border transactions daily.
For this expansion, we are partnering with global payments provider Payoneer to bring efficiencies at scale and 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, and we plan to launch in India, Japan, Argentina, Chile and Peru by the end of 2023. Sellers enrolled in Etsy Payments are able to access benefits such as:
- Selling confidently with Etsy Purchase Protection, as 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: You can get support around the clock on financial transactions and payments processing on Etsy Payments in our Help Center, including live support for most topics.
- Finally, sellers can more easily manage all their Etsy shop’s financial information in one place.
Additionally, this expansion enables us 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.
eBay also uses Payoneer as payments provider in some countries where Adyen is not available or not cost effective for them - and it has come at extra expense for some of those sellers as Payoneer introduced a new minimum annual payment policy earlier this year.
Previously, Payoneer only charged an annual fee if an account did not receive any payments within a 12 month timespan, but in April 2023 they updated the policy to require a $2,000 minimum in some countries to avoid the $29.95 annual fee.
We are updating the criteria for charging an Annual Account Fee of 29.95 USD in some countries. In the affected countries, starting from the effective date, an Annual Account Fee will be charged if 12 months pass and you have received less than 2,000.00 USD (or equivalent) in payments.
For remaining countries, the criteria for charging an Annual Account Fee remains the same: an Annual Account Fee will be charged if 12 months pass without you having at least one transaction in your account.
Please select your country in the table below to see whether the change in criteria applies to your account, and to see the relevant effective date for your country. Note that, if applicable, on the effective date the updated criteria will be reflected in the Fees page in your Payoneer account.
Check the full list of countries impacted by this change here:
For countries not listed, the old criteria still applies: an Annual Account Fee will be charged if 12 months pass without having at least one transaction in your account.
$29.95 may not seem like a lot, but keep in mind that is in US dollars and depending on exchange rates, it could have more of an impact for sellers in some countries than others.
And even if the amount is relatively trivial, it still sets up an unfair system where sellers in countries where eBay or Etsy are using a different payment processor will not have to pay that fee.
Unfortunately, smaller sellers in those countries are a captive audience. If they live in a country where eBay or Etsy uses Payoneer as their sole payment processor, they have no other option but to use the service once it becomes required.
What do you think of Etsy Payments expanding to Ukraine, India, Japan, Thailand, Argentina, Chile and Peru using Payoneer? Let us know in the comments below!