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