Etsy Payments Guide: Start Selling Globally in 2024

What is Etsy?

Etsy is a marketplace where a variety of items are sold, including:

1. Handmade Crafts: Original creations made from various materials.
2. Vintage: Items over 20 years old, ranging from clothing to furniture.
3. Craft Supplies: Everything needed for crafting and art.
4. Digital Products: Templates, illustrations, and e-books.
5. Customized Goods: Made-to-order items, from portraits to jewelry.

Etsy Payments is Etsy's payment solution for convenient transactions. Check the list of countries where Etsy Payments is available.

To withdraw your earnings, you will need to create an account with the payment system Payoneer.

I have a separate article on how Payoneer works.

Is it really possible to earn money on Etsy?

Yes, and here's why:

1. Etsy has a large audience: Over 60 million visitors per month.
2. Access to the global market: Etsy operates in 234 countries.
3. Sales statistics: $12 billion in 2022.

Many creators turn their Etsy shop into a stable source of income.

Let's take a look at some popular shops on Etsy.

BusyPuzzle: wooden puzzles for children.

Total sales: 670K+, last month: 7K+.

SoGoodSoWood: leather goods.

Total sales: 437K+, last month: 3K+.

NeDlyaSkuki: lingerie and adult products.

Total sales: 50K+, last month: 1.5K+.

Sales statistics are taken from HandDadeHunt.

On Etsy, you can sell not only physical but also digital products.

For instance, an illustration file is being sold.

1. If you're an illustrator or designer considering selling your work, I recommend studying how Shutterstock works (as well as Gumroad).
2. For freelancers who can take on custom orders, earning on Fiverr might be suitable.
3. Additionally, if you have your own audience on social media, you can earn through subscriptions on platforms such as Patreon or Buy Me a Coffee.

How to start on Etsy?

Steps to follow:

1. Registration and opening a shop: Choose a shop name, add shipping and return policies.
2. Creating listings: Add your products with detailed descriptions, prices, and high-quality photos.
3. Payment setup: Enable Etsy Payments to receive money from buyers.
4. Shop promotion: Use social media, blogs, and other channels to promote your products and shop.
5. Order management: Keep track of orders, ship products on time, and provide excellent customer service.

What are Etsy's fees?

1. Listing fee: $0.20 per item.
2. Transaction fee: 5% of the item price.
3. Payment processing fee: 2.9% + $0.25 per transaction.

How to create a shop on Etsy?

Registering on Etsy is straightforward but requires time to add all your products and set up the shop.

Steps will include:

1. Shop preferences.
2. Name your shop.
3. Stock your shop.
4. How you'll get paid.
5. Set up billing.
6. Your shop's security.

Detailed instructions can be found in Etsy's official guides.

How to promote your shop on Etsy?

To effectively promote your Etsy shop, use these strategies:

1. SEO optimization: Use relevant keywords in titles and descriptions to improve visibility on Etsy and search engines.
2. High-quality photos: Take clear, well-lit, attractive photos from various angles to attract potential buyers.
3. Social media marketing: Share your products on social media platforms like Instagram, Facebook, Pinterest, and Twitter. Use hashtags, stories, and posts to engage more people.
4. Customer reviews: Encourage satisfied customers to leave positive reviews. High ratings and good reviews can boost your shop's trustworthiness and attract more buyers.
5. Etsy ads: Consider using Etsy's advertising platform to directly promote your listings.

How to ship products?

Check what shipping options Etsy provides for your country.

For example, for Ukrainian sellers, Etsy has integrated shipping options through Ukrposhta, FedEx, and UPS.

Now, let's figure out how to withdraw money.

How to withdraw money from Etsy?

To be able to sell on Etsy, you'll need to enable Etsy Payments and create an account with the payment system Payoneer when setting up your shop.

What is Etsy Payment?

Etsy Payments is a convenient way for sellers to accept payments.

This system consolidates various payment methods, allowing purchases directly on the Etsy site.

Etsy offers the most convenient payment options in each country, helping to increase sales and profits.

You don't need to worry about payment processing, and you can use the saved time to develop new products.

To withdraw money from Etsy, you need to use Payoneer.

What is Payoneer?

Payoneer is a convenient way to receive payments for freelancers and sellers on marketplaces.

Registration with Payoneer is free.

You can transfer money in dollars to your local bank card or get a Payoneer bank card and not transfer funds to an account in your local bank.

I have an article that explains this payment system in detail.

How does withdrawal from Etsy and Payoneer work?

1. When you register your shop on Etsy, you link it to your Payoneer account.
2. Buyers pay for your items on the site through Etsy Payments, and all earned money is stored on Etsy.
3. Then, you can withdraw it from Etsy to Payoneer, and from Payoneer to your bank account.

Additional resources

In the article, we briefly discussed why Etsy is a promising place to start your business.

If you want to dive deeper into this topic, here are two highly-rated Etsy courses on Udemy:

1. Etsy Shop SetUp, SEO & Ads - Beginner To Advanced 2023
2. Etsy Goldmine: Generate Passive Income with Digital Products