In time for the holiday season, Etsy Inc. announced that it has expanded Etsy Payments into seven new markets. The expansion allows sellers globally to offer their buyers more payment options and streamline finances.
The expansion, in partnership with financial technology company Payoneer, has already launched for sellers in Japan and Ukraine. The marketplace plans to launch this technology by the end of the year in:
Etsy Payments “benefits both sellers and buyers as we work to make relevant payment options available across our global marketplace,” said Chirag Patel, vice president and general manager of payments and risk at Etsy, in a press release.
Etsy is No. 17 in the Global Online Marketplaces database. The database is Digital Commerce 360’s ranking of the largest such marketplace by total gross merchandise value.
Etsy Payments expansion details
Sellers who enroll to use the Etsy Payments technology will have access to the marketplace’s full suite of payment tools. This includes “multiple payment options, including PayPal, all major credit card networks, debit and bank card, Etsy Gift Cards, and Etsy Credits,” the marketplace wrote in the press release.
“Additionally, sellers in these regions will benefit from Etsy’s Purchase Protection Policy, which allows Etsy to better support sellers should an issue with a buyer arise, along with easier management of their Etsy shop’s financial information in one place,” the release said.
Patel wrote in an Etsy blog post that the marketplace hosts hundreds of thousands of transactions daily. It has 6.4 million sellers and more than 91 million buyers. Because of that, he said, Etsy is “laser-focused on scaling our reach and providing world-class payments technology to enable safe, secure and seamless shopping experiences for everyone, everywhere on our marketplace.”
The marketplace introduced Etsy Payments to more than 40 countries since 2012, he wrote.
Patel spotlights Ukraine sellers
“Etsy Payments’ launch comes at a critical time for Ukrainian small businesses’ ability to access global markets, and it is part of our commitment to open doors to financial security and economic empowerment for artisans and creative entrepreneurs,” Patel wrote.
He said Etsy continues to stand by its seller community in Ukraine, facilitating ways for buyers around the world to directly support Ukrainian sellers’ small businesses. Etsy Payments being available to Ukraine-based sellers lets them open Etsy shops and “have access to an enhanced payments platform and reach more potential customers.”
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