Direct Checout Is Groovy EXCEPT...14 days no deposts... OUCH!

[Former_Member]

I am quite pleased with the direct checout so far. It was really easy to set up and my customers seems happier to pay using a credit card, (many refused paypal in the past) My total sales have gone up slightly since more people have money on their credit cards than in paypal accounts. My regular customers have started to use their cards instead of paypal also. WHich means about 60% of my total sales have been CC transactions.

HOWEVER!!!!!!!

I confirmed my bank account 10 days ago and i am owed A LOT Of money at this point for which i am going to have to wait ANOTHER 5 DAYS... 15 Days with NO MONEY HURTS!!! the lack of cash flow is KILLING me.... I cannot see why money isn't deposited immediatly after an order is marked shipped. Can somone please explain this to me?

[Former_Member]

I know how you feel..
I'm waiting to be paid..Maybe being this is all new with Etsy it will get better down the road:)
The customers will receive their items before we get paid.

Will etsy email us that we were paid or just depositing into our account>?

[Former_Member]

You will get an email saying they sent the money to your bank for deposit.

[Former_Member]

Thank you!...

[BuzzPlanet]

It's to make sure your bank account is correct; and there's no fraud. It's only a one-time hold. The rest of the time; it takes 3 days to have the money deposited (assuming it's shipped); which is pretty standard for credit card processors. Remember, etsy has to get the money from the buyers credit card company; and they don't have the set up to float the money like paypal does.

[BuzzPlanet]

The day your 10 day hold is over; you can click the button to request a deposit; you don't have to wait until the following Monday. But again; it takes a few days to hit your bank account just because that's how banks work; even with e-payments. Whenever there's an INSTANT access to funds; it not REALLY available; whatever institution is just fronting the money.

[vintagemarmalade]

So how long does it take total??? 10 days for the money to get deposited in my account from the time I ship the item???

[millabear · Accepted solution]

Hello,
You can click on "Schedule earlier deposit" if you do not want to wait until Monday for the next deposit. The Monday deposits are scheduled automatically, but you do have the ability to schedule them earlier if you so choose.

Camilla

[Former_Member]

This topic is the exact reason I am considering removing Direct Checkout. I was very happy that Paypal no longer has a monopoly on Etsy. The obvious success and customer appreciation is evident by the immediate use of other alternatives (Direct Checkout) by our customers the minute it became available. My issue is the games Etsy has decided to play in regards to making my funds available to me. There is no valid reason to do this. I have long used Propay as an alternative, and my funds are available in my account immediately and I also use Square, a mobile application on my tablet, and those funds are transferred immediately, however, it states may take up to 3 days to appear in my bank account. As I see it now, Etsy will float my funds for at least 4 -6 , possibly 10 business days at the very least. From Etsy, you are not able to even manually transfer funds until 3 days after the mailing of the transaction, they even waited until 4:30 in the afternoon on the date I used . At which point I got a notice stating it will take 3-7 business days to hit my account. That is a minimum of 6 days, IF I stay on top of everything, manually transfer, etc, etc. That's not going to work for me at all, and there is NO reason for it, because as I stated, I use other services that don't float my funds. And that is EXACTLY what is happening. That 3 day hold from Etsy can generate quite a bit of interest when you consider the amount of funds generated from all of us using this service. So, it should either be free of fees, or my funds need to be available to me for transfer immediately, which still means a waiting period to hit my bank.

[OriginalsbyLauren]

Leigh Ann, I used to have deposits made as soon as I could, but now I usually wait for Mondays. I have had this over 2 months, I think once you get used to it, you won't mind at all.

I still have enough money going into my paypal acct in case I need to get supplies .

If I am in a hurry, I just schedule an earlier deposit.

my bank usually take 2 days to credit my money

[Former_Member]

Lauren, being inconvenienced, and paying fees for it, is not something I intend to "get used" to. What you have chosen to do, wait until "Mondays" is the easiest. Please understand, that if Etsy processes a payment when it's made(and they DO) the HUGE amount of money sitting in an Etsy account that's generated by all of us until Mondays generates an amazing amount of interest, even on a daily basis at less than 1%. We are paying a fee for this service, please remember. And we are not getting the same service that other payment processors provide for the same fees. Once again, we, the sellers are getting shafted. If Etsy wants to hold funds, then they should be content with the revenue said funds generate and not charge us for providing this service to our customers. They still make big money. But as I see it now, they are double dipping and we are paying AND WAITING. The money is not the issue for me at all, it's the principle.

[Davs]

I like DC but I do wish it wasn't the default payment choice for the reason that you get your money right away with paypal.

[millabear]

Hi Leigh Anne,
Direct checkout is definitely an option, and it is not required. For sellers who need money right away to fulfill orders, direct checkout may not be the right option at this time. Please understand that funds being held is for risk management purposes and for the overall safety of the marketplace - but this is not directed at you specifically.

We are looking at solutions for sellers to receive money sooner from orders in a way that is safe for sellers, the buyer, and Etsy, but know that in the meantime, you have the option to turn it off if it is not the right solution for you.

Thanks,
Camilla

[Former_Member]

I went through the same thing, it took two weeks for money to start showing up in my account, and some still hasn't shown up.

[OriginalsbyLauren]

Leigh Anne, maybe dc isn't for you. I love it, but not everyone will, like anything else.

If you do not have a paypal debit card and want the money transferred to your bank, you do have to wait.

I have sold through amazon checkout a few times, and it is complicated to get the money from them.

If you process your own credit cards, they bank makes you wait.

I just think it is part of doing business. I like the money going to my bank, saves me from making withdrawing from paypal.

I have had dc since 2/11, so I have had alot of time to get used to it , it is different than paypal. Alot of buyers do not like paypal, so this gives them another option. My customers love it, so that is the most important thing to me.