Whoopie I was so excited to receive the news at Singapore Etsy sellers can now accept direct checkout as a form of payment!
It’s a great deal for me because I have had to reject international buyers because they don’t have a Paypal account. Prior to this, all my international customers must pay via Paypal. Local customers have the option to pay via iBanking.
Setup is super easy – just enter your bank account info and allow Etsy a few days to verify it.
It is so cool because just one day after I set up direct checkout, I have an order from US and the customer paid via direct checkout. It’s very convenient for buyers because they can now pay via:
- Credit cards
- Debit/ bank cards
- Etsy gift cards
- Apple Pay
So many options!! And the funds get transferred directly to seller’s bank account every other Monday (for sellers in Singapore). Check out this page for more info about receiving & disbursing payments.
Note that there is a processing fee for direct checkout transactions though. This is on top of the usual listing fee (USD 0.20) and Etsy transaction fee (3.5% of item price)! For Singapore sellers, it is 4.4% of item price including shipping + SGD 0.35 flat fee per order.
Example (fx rate = 1.4):
Item price: USD 4.90
Shipping: USD 4.00
Listing Fee: USD 0.20
Etsy transaction fee: USD 0.17
DC flat fee: SGD 0.35 (approx USD 0.25)
DC processing fee: (SGD 6.86 + SGD 5.60) * 0.044 = SGD 0.55 (approx USD 0.39)
Note: DC fees are in local currency. You might be affected if you list your items on Etsy in USD (like myself)!
You can refer to this page for more info about seller fees.
Happy selling & don’t forget to drop by my Etsy shop! 😀