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Etsy is updating their policies and enrolling payment holds, similar to Amazon

Kika Angelic

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The popular e-commerce platform Etsy, which offers their site to crafty merchants of handmade items or collectors of vintage finds is now enrolling payment holds, which are already present on marketplaces such as Amazon or Ebay.

While now, sellers can disburse their funds immediately after getting paid by buyers, starting 23.February 2021, affected sellers won’t get paid until after delivery of goods to buyers.

According to Etsy, this move will bring extra protection to their marketplace and less than 1% of overall sellers will be impacted.

Here you can view the full updated policy: Click here.

Etsy relies on different risk factors (and whether and how these factors have changed over time) to determine whether and how much of a Reserve should be applied to your payment account, including: 

  • How long you’ve been in business on Etsy (including how long since you’ve made your first sale)
  • Details of your sales (including volume and average sales earnings)
  • The extent of any backlog of orders from your shop
  • Availability of shipping tracking information
  • Types of goods you sell (whether they’re ready to ship or made to order)
  • Ratio of cases (disputes) opened by buyers in respect of your sales
  • Suspensions or warnings already received 
  • Estimated delivery times; and
  • Shipping status of active orders

Here you can read the full announcement from Etsy regarding the matter:

Updates to Etsy’s seller policies 

Etsy’s policies (we call them Our House Rules) are the terms that apply to just about everything that happens on Etsy. We occasionally make updates to those policies and as an important member of our community, we’ll let you know about significant changes that might affect you. Read on to see our latest updates before they go into effect on February 23, 2021. We’ll keep the jargon to a minimum.
Extra protection for the Etsy marketplace
More and more people are doing their shopping online and millions of new buyers have recently discovered Etsy, but that also means some sellers are seeing an increase in customer issues. To keep buying and selling on Etsy safe and easy for everyone, we’re introducing payment account reserves. 

What’s a reserve? It means that sellers who meet certain criteria will have a percentage of each sale held before the funds are available for deposit. For now, this means some sellers may have a reserve placed on their account for a short period after their first sale. You will not have a reserve placed on your account at this time because you made your first sale more than 90 days ago.

We don’t expect you to be affected by this change, in fact fewer than 1% of Etsy sellers will be affected by this change right now. However, we wanted to let our entire seller community know about this added protection.

Learn more about payment account reserves in our updated payments policy.
See the Etsy Payments policy

In addition to the changes outlined above, we’ve made a few small adjustments to our seller policies. We’ve also added a bit more information about your responsibility to follow local tax laws and clarified that Etsy may take action against your shop if you’re not adhering to those requirements. You’ll receive additional info if these changes affect your shop. Read our updated policies.

These updates take effect on February 23, 2021. If you keep using Etsy after that date, you acknowledge and agree to our updated policies. You got this email because you’ve made a sale on Etsy in the past two years. You may have opted out of Etsy’s marketing emails, but we’re required to send you these policy updates. Got more questions? Check out our Help Center.

➡️ If you are an Amazon Seller who needs help with any Amazon-related issues such as suspensions, listing blocks or is looking for professional assistance, please don’t hesitate to subscribe to my new OnlyFans page at: www.onlyfans.com/kikaangelic

Many Amazon sellers recently started trading stocks and crypto currencies, hoping to diversify their income, which is a very good idea with all the uncertainty which comes with the platform. For this reason, we launched a new Facebook group, Crypto Arbitrage Income (Bitcoin, Crypto, Altcoins, Blockchain, Trading) – feel free to join us and forget about the troubles of selling on Amazon for a moment! Regarding Amazon Seller Performance, you can always participate in our Amazon Seller Performance – Friendly Advice – Worldwide group, where you will be very welcome. If you are an Amazon Seller who needs help with any Amazon-related issues such as suspensions, listing blocks or is looking for professional assistance, please don’t hesitate to subscribe to my new OnlyFans page at: www.onlyfans.com/kikaangelic

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How to reconcile invoices in Xero with incoming deposits from the sales channel

Kika Angelic

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Once you have sent a settlement to Xero you will be able to reconcile the settlement against the disbursement Amazon, eBay, Shopify or Etsy will have paid out to your bank account.

If you need guidance on how to send your settlements to Xero from Link My books read this help article.

The good thing about settlement based accounting is that when you do so the amount shown on the invoice in Xero and the amount you receive into your bank from the sales channel will be exactly the same. This makes it really easy for you (or your accountant) to reconcile your bank account.

All you need to do is locate the deposit on your bank statement reconciliation in Xero and click on the OK button, as shown below:

This will work for settlements in your home currency, so if the invoice is in GBP and your bank account is in GBP too.

IMPORTANT – If the currency of the invoice is different to that of the bank account, then follow the instructions in this article on How to reconcile foreign currency settlements.

Why are some of my settlements being sent as bills instead of invoices to Xero?

When Link My Books sends your Amazon settlements to Xero we do so in the form of an invoice (almost always). 

You may have noticed that we sometimes send your settlement (or part of it) as a bill instead of an invoice and wondered why we do that…

Since Xero does not allow negative total invoices, if you have a settlement which is for a negative amount then we have no choice but to send it as a bill instead.

Why would I have a negative invoice for a settlement?

There are two main reasons as to why you may have seen this happen in your Link My Books account.

  1. You have a negative settlement. This can occur if your Amazon fees and advertising costs are larger than your sales amount. In this case Amazon will actually charge your card on file with the settlement amount and produce a negative total settlement report.
  2. If you have a settlement that spans two months and you also have a large reserved balance by Amazon. In this case we split the settlement by month so we create two invoices but because the reserved balance will always fall in one or the other invoice it will end up meaning that one of your invoices will be for a negative total.

I hope you found this article helpful. Many Amazon sellers recently started trading stocks and crypto currencies, hoping to diversify their income, which is a very good idea with all the uncertainty which comes with the platform. For this reason, we launched a new Facebook group, Crypto Arbitrage Income (Bitcoin, Crypto, Altcoins, Blockchain, Trading) – feel free to join us and forget about the troubles of selling on Amazon for a moment!

Regarding Amazon Seller Performance, you can always participate in our Amazon Seller Performance – Friendly Advice – Worldwide group, where you will be very welcome.

If you are an Amazon Seller who needs help with any Amazon-related issues such as suspensions, listing blocks or is looking for professional assistance, please don’t hesitate to subscribe to my new OnlyFans page at: www.onlyfans.com/kikaangelic

Additionally, here you can watch my YouTube video, where I am presenting you several secret tips about appealing Amazon Seller Account suspensions (don’t be confused by the opening of the video, where I am enjoying a vacation – it’s a part of the story):

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How to reconcile foreign currency settlements through Xero

Kika Angelic

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Reconciling foreign currency settlements against their local currency amounts in Xero differs depending on whether you use Amazon currency conversion tool or not.

If you have entered your GBP bank account as the deposit account for all your Amazon funds, including those in EUR, USD and CAD, then Amazon will use their Amazon Currency Conversion platform to convert your EU, USD or CAD payments into GBP before they pay them out to you.

If you have added local bank accounts for each of the different currencies that Amazon uses then they will pay you out in those currencies without first converting them to GBP.

If you are using the Amazon Currency Conversion platform then when your settlements are sent to Xero we will add their converted amounts to the invoice references like this:

“(€5.79) LMB-FR-1012345678-1 (converted to GBP 4.88)”

This makes it easier to find and match the foreign currency settlements with their GBP bank lines.

To do so if you take the amount you received in GBP and simply search for that value in the reference search box and untick the show GBP items only box, then Xero will show the invoices which have that figure in the reference which should make it much easier to identify them.

The steps are:

  1. Click the “Match” tab
  2. Un-tick the “Show GBP items only” checkbox
  3. Copy the amount you received in GBP and paste it into the “Search by name or reference” box
  4. Click “Go”
  5. Tick the invoice and hit reconcile.

I hope you found this article helpful. Many Amazon sellers recently started trading stocks and crypto currencies, hoping to diversify their income, which is a very good idea with all the uncertainty which comes with the platform. For this reason, we launched a new Facebook group, Crypto Arbitrage Income (Bitcoin, Crypto, Altcoins, Blockchain, Trading) – feel free to join us and forget about the troubles of selling on Amazon for a moment!

Regarding Amazon Seller Performance, you can always participate in our Amazon Seller Performance – Friendly Advice – Worldwide group, where you will be very welcome.

If you are an Amazon Seller who needs help with any Amazon-related issues such as suspensions, listing blocks or is looking for professional assistance, please don’t hesitate to subscribe to my new OnlyFans page at: www.onlyfans.com/kikaangelic

Additionally, here you can watch my YouTube video, where I am presenting you several secret tips about appealing Amazon Seller Account suspensions (don’t be confused by the opening of the video, where I am enjoying a vacation – it’s a part of the story):

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Should you be worried when your ODR exceeds the 1% target?

Kika Angelic

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Many Amazon Sellers are contacting me through my OnlyFans page daily, seriously worried about their Seller Accounts being labelled as ”At Risk” of deactivation. But does this orange warning status actually mean anything bad? Learn more in this article!

Amazon has their minimum performance targets for Order Defect Rate, Cancellation Rate, Late Shipment Rate and many other metrics. Whenever a Seller Account exceeds the maximum permissible defect rate, a warning will appear.

Typically, the affected seller will also receive the following e-mail from Amazon Seller Performance:

Warning: Your order defect rate is higher than 1%

Hello,
We have identified that your Order Defect Rate has exceeded the target rate. If this problem continues, it may result in account deactivation.
Why did I receive this message?
We have taken this measure because your Order Defect Rate has exceeded the target of 1%. Order Defect Rate is the percentage of all orders that result in negative feedback, an A-to-z Guarantee claim that is not denied, or a credit card chargeback out of total orders during a given 60-day time period. Amazon’s Order Defect Rate policy can be found at: https://sellercentral.amazon.com/gp/help/200285170.
We’re here to help
If you have questions about this policy or your account, or believe that this was sent in error, please contact us at https://sellercentral.amazon.com/cu/contact-us.
What can I do to avoid account deactivation?
Please ensure that you no longer violate the above policy. Review your orders to determine the cause of the issues contributing to your Order Defect Rate. You can appeal any A-to-z claim, negative customer feedback, or service chargeback that you believe should not be counted in your Order Defect Rate by visiting the following links:
— Appeal A-to-z Claims: https://sellercentral.amazon.com/gp/help/G202041210
— Request removal of seller feedback: https://sellercentral.amazon.com/gp/help/20231
— Appeal Chargeback Claims: https://sellercentral.amazon.com/gp/help/202145040
You do not need to submit a plan of action to us at this time.
You can view your account performance at https://sellercentral.amazon.com/performance/dashboard?reftag=ah_em_op or by selecting Account Health on the home screen of the Amazon Seller app on your iOS or Android device. The Account Health page shows how well your account is performing against the performance metrics and policies required to sell on Amazon.
Sincerely,
Seller Performance Team
Amazon.com
http://www.amazon.com

In regards to Order Defect Rate, Late Shipment Rate or Cancellation Rate, if you are a small seller, your metrics will typically greatly exceed the targets following a single defective order. Seeing this on your Account Health Dashboard can be quite alarming.

However, please note that no Seller Account will get suspended over 1-2 or 3 defects. Amazon can see, that you are a small seller. Even if you have a 50% Order Defect Rate with 1 defective order out of two, you are not worse off than someone with an 1.02% ODR!

Many Amazon Sellers wrongly believe, that the best approach is to try to get into touch with the buyer at all costs and make them withdraw the A-Z claim or negative feedback. They are trying to achieve this by offering free items, full refunds or even extra credits issued on the top of a full refund.

Doing this is a terrible idea, as it can be picked up by Amazon’s automated bots as a serious violation of their Seller Code of Conduct. My advice is to never contact buyers who left a negative feedback or opened a valid A-Z claim in an attempt to have the defect removed. The best thing you can do is avoid getting additional defects and complaints by learning from your mistakes and implementing preventative measures.

If you are an Amazon Seller who needs help with any Amazon-related issues such as suspensions, listing blocks or is looking for professional assistance, please don’t hesitate to subscribe to my new OnlyFans page at: www.onlyfans.com/kikaangelic

Additionally, here you can watch my YouTube video, where I am presenting you several secret tips about appealing Amazon Seller Account suspensions (don’t be confused by the opening of the video, where I am enjoying a vacation – it’s a part of the story):

I hope you found this article helpful. Many Amazon sellers recently started trading stocks and crypto currencies, hoping to diversify their income, which is a very good idea with all the uncertainty which comes with the platform. For this reason, we launched a new Facebook group, Crypto Arbitrage Income (Bitcoin, Crypto, Altcoins, Blockchain, Trading) – feel free to join us and forget about the troubles of selling on Amazon for a moment!

Regarding Amazon Seller Performance, you can always participate in our Amazon Seller Performance – Friendly Advice – Worldwide group, where you will be very welcome.

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