Every other Monday I receive Etsy payments directly into my bank account. It’s pretty awesome to see a monetary reward for all the hard work I put in during the week. If you have an Etsy shop (and if you’re reading this I’m sure you do or you’re thinking of starting one) then you’re going to want to get paid, right? Well, there are a few different Etsy payment options. After reading this quick little post you’ll be able to decide which is right for you and your business.
Etsy Payments
Etsy offers a few different ways to get paid. These choices change when you change the way you accept payments from customers on Etsy. If you live in an area that offers “Etsy Payments”, Etsy will require you to use this method. Etsy Payments was formerly known as “Direct Checkout”. There really are tons of advantages to this method and I highly recommend it even if you do not live in an area where Etsy requires it. This is by far the safest method for you as a seller and it offers great options for your clients. It gives the customer peace of mind knowing their payment info is secure rather than being rerouted to another website, such as PayPal, to make the payment before being allowed to complete the purchase. For this post I will only go over the payment options you have when you are using Etsy Payments.
Payment Options
Okay, so you’ve set up your Etsy shop and you’re making sales. How are you going to receive that income from Etsy? Well, that’s really up to you. You can choose to get paid, daily, weekly, bi-weekly or monthly. Etsy (using a third-party company) will deposit your funds directly into the bank account you set up when you created your shop. If you are new, new, NEW, Etsy will hold funds for 3 days from the date a client purchases an item. Then they will be available for deposit into your account. Once you are more established and have made a few transactions, funds will become available one day after your item is purchased.
Etsy’s default payment selection is weekly. If you leave the settings as is, you will receive payments from Etsy every Monday (excluding bank holidays) for all transactions that are fully funded. That is, for anything that is not still in its holding period. It can take anywhere from 3-5 days (mine always show up later the same day) for the funds to show up in bank your account. This just depends on your bank and their rules and regulations. You’ll get an email from Etsy when they initiate the funds transfer.
How to change your payment frequency
If you don’t want to get paid every Monday, you can just switch to one of the other payment options.
Here’s what you’ll do:
- First you will want to log into your shop from a computer. You cannot do this from a mobile device. Navigate to your Shop Manager. Go to etsy.com and select “Shop Manager” (pic 1) from the top menu bar.
2. Once you are in your shop manager, navigate to finances (pic 2) and then payment settings.
3. Once you are in payment settings, use the drop down (pic 3) to select “Once per month”, “Every two weeks”, “Once per week” or “Every day”.
Please note, Etsy has minimum amounts for daily disbursement. Etsy will not make a deposit into your account on any day your Etsy Payment Account does not have enough funds available to meet the minimum daily disbursement amount. Please see pic 4 for the minimum disbursement amount for your area.
And that’s it! Now you have control over how often you’re receiving money from Etsy. Choose whatever works best for you and start getting paid to do what you love! I like the every other week method. I explain why I think that’s best in this post about paying your Etsy bill directly from your Etsy payment account. I wasn’t really a fan of having to pay an Etsy bill at the end of the month. If you’re not either you should totally read that post.
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