Etsy is expanding its proprietary payments platform to seven new countries. The company announced on Monday (Aug. 3) that Etsy Payments will now be available in Israel, Malaysia, Mexico, Morocco, South Africa, Turkey and the Philippines. The new markets add to the late May announcement that Turkey, Malaysia and Mexico would migrate to the platform. The company says it will roll out to three more markets before the end of the year.
According to Etsy Chief Product Officer Kruti Patel Goyal, sellers on the platform who enroll in Etsy Payments can offer multiple payment options, including Apple Pay, Google Pay, PayPal, Etsy gift cards and all major credit card networks. Exclusive use of the platform is not mandated, as it is on eBay’s managed payments platform. However, in the U.S. and other markets, it is mandatory to offer Etsy Payments as an option.
The company’s value proposition for the payments platform is that sales made through Etsy Payments are eligible for Etsy’s seller protection policy, which is the company’s complaint mitigation service. Etsy also says that sellers can manage all the financial information for their shops in one place, and can take advantage of “fast and flexible deposits.” Sellers using Etsy Payments are also included in other programs, such as multi-shop checkout, shipping features and seasonal promotions.
“At Etsy, our foremost goal is to connect the 2.8 million small businesses on our marketplace with buyers around the world. We provide the cutting-edge technologies that enable seamless and safe shopping experiences so our sellers can focus on what they do best: creating and selling the unique items that buyers love,” said Goyal in a statement. “As shoppers are increasingly turning to eCommerce, Etsy Payments allows sellers to offer more payment options while protecting their shops and streamlining their finances.”
Etsy had entered into a payments arrangement with Adyen covering the U.S., Europe and other key markets in 2016. When it rolled out Etsy Payments in 2017, it required all sellers in the U.S. to accept Etsy Payments, but sellers who already offered their own PayPal accounts were allowed to continue to offer that option. Now, PayPal payments must be integrated into the overall Etsy platform. Individual accounts with PayPal have not been allowed for the past year.