Morocco is one of the seven new countries where the services of Etsy Payments, an exclusive payment platform, will now be available. The company plans to expand into three more markets before the end of this year.
The health crisis has given a major boost to online shopping and many online sales platforms are rubbing their hands. This is the case with Etsy, an online shopping site created in 2005, specializing in personal creations or vintage, and listed on the New York Stock Exchange. Its payment platform, Etsy Payments, already present in dozens of countries, has just added new countries to its capillarity. Among these, Morocco, along with 6 other countries. It was on Monday that the company announced that “Etsy Payments will now be available in Israel, Malaysia, Mexico, Morocco, South Africa, Turkey and the Philippines.” Already at the end of May, Etsy Payments announced that Turkey, Malaysia and Mexico would migrate to the platform. Three more countries, not disclosed by the company, are slated to join Etsy Payments eligible countries before the end of the year.
According to Etsy Chief Product Officer, Kruti Patel Goyal, “Sellers on the platform who sign up for Etsy Payments may offer multiple payment options, including Apple Pay, Google Pay, PayPal, Etsy gift cards and all major networks of credit cards. Exclusive use of the platform is not mandatory, as it is located on eBay’s managed payments platform.” However, in the United States and other markets, it is mandatory to offer Etsy Payments as an option. The platform’s ambition is to connect the 2.8 million small businesses in its marketplace to buyers around the world, and offer sellers more payment options, while protecting their stores and streamlining their finances.
In its membership terms, Etsy Payments requires those who sign up for its payment method to accept PayPal through Etsy Payments but you (the seller) do not receive funds into your own PayPal account. “Sellers using Etsy Payments do not need to have an account with any of these services to receive money from them. The buyer can use these payment methods, and your sales funds will be available in your Etsy account thanks to Etsy’s relationship with these payment services,” the platform announces in its terms. The goal according to the company is to enable salespeople to manage all of their store’s financial information in one place, while enjoying “fast and flexible deposits.”
As a reminder, Etsy had a payments agreement with Adyen covering the United States, Europe and other key markets in 2016. When it rolled out Etsy Payments in 2017, reports a specialist outlet, it demanded that all sellers in the United States to accept Etsy Payments, but sellers who previously offered their own PayPal accounts were allowed to continue to offer this option. Now PayPal payments need to be integrated across the Etsy platform. Individual accounts with PayPal have not been authorized in the past year.