Forced Etsy Payments – Is this a good thing or bad?

As many of you know I have been an avid Etsy seller for over 10 years. Making cool up-cycled crafts out of obsolete and retired bits of technology. I think Etsy was only a year old when I started selling. The first five years were great as sales increased year over year and my hobby was making me some extra cash. However as the website became saturated with more vendors, sales have steadily declined. I’m fine with the reduced sales, as it is just a hobby to begin with.

I think its safe to say that the handmade craft market has gone the way of Ebay. The site has matured and there are so many people and companies selling (54 Million Members) that it is incredibly difficult to make a sale, yet a profitable one. It is possible that growth has slowed at Etsy? Since they are now a public company (IPO 4/16/2015) they have pressure to turn a profit for their share holders.

Need a revenue boost = Forced Etsy Payments

It would appear that Etsy would like to have a larger piece of the payment processing pie. Recently they announced to all sellers that they MUST begin to accept “Etsy Payments” or have their selling privileges suspended on May 18th.  I’m not sure how many sellers already use Etsy Payments, but at between 3-4% fee on each transaction it will be a considerable uptick in revenue for the company. Continue reading “Forced Etsy Payments – Is this a good thing or bad?”