New Paypal Direct Payment Changes

[Former_Member]

I've just been reading about Etsy's new direct checkout with paypal, and was just wondering what people thought about it.
Linking it all together makes sense I guess, but then I do use my paypal account to buy things so can't decide whether to opt out of the changes or not.
Any thoughts welcome!

[mazedasastoat]

I'm exactly with you there, I suppose it would be nice to have all the money coming in to one place, but how will I buy anything if my regular PayPal account is empty? However, since I started to take credit cards through Etsy, my PayPal sales have dropped considerably, so I tend to treat my PayPal account even more as if it's not real money but just internet shopping tokens... so maybe it will be good for me! :-)

[Lasercutz]

I'm in two minds - PayPal statements aren't the best for reconciling so have opted out as until I can see how much info we get.
It could mean trying to work out what payments make the total from Etsy to PP is then reconcile PP payments which I also get from my own web page.

If they convert the total from USD to GBP it could be a pain to then work back the exchange rates.....

[mazedasastoat]

I was wondering about currency conversion rates. I sell in dollars, so all the money I have coming in needs to be converted to pounds at some stage. At the moment I can choose to convert the money in PayPal from dollars into pounds when the exchange rate is good, but the money in my payment account gets converted automatically when someone pays. It can make the difference between about 58p to the dollar or 64p to the dollar, which soon adds up. It will make my accounting easier though, because I won't have to keep dual currency PayPal records.

I think I might give it a whirl. I notice that we in the UK can separate the accounts at any time in the future, although in the US they can only go back to the old system until the end of October. I'll just have to remember to transfer money into my PayPal account if I want to buy anything.

[DamianMilesJeweller]

I've opted out of PayPal, just because of their "the customer is always right, even if they're not and we will take away your money" policy.

I don't like their way of operating and it's such a pain to get the charges listed for my accounts.

[Lasercutz]

I wish I could opt out of PP - my bank fees last year were just of £1000 most of that were PP fees!! A lot of my customers prefer it as they also sell online so I don't think I can do away with it completely and so setting up another method on top doesn't make sense!.

[Former_Member]

Thanks for the replies and advice.
I've decided to opt in, hoping they keep the option to be able to opt out of it if I want to in the future.
Though I must admit I hadn't considered the exchange rate. I sell in dollars so everything does have to converted so maybe I will miss out on a few pennies. Looks like I'll have to do some sums!

[AnimalGlassDesigns]

I've just opted in too. Most of my Etsy sales are direct check out anyway, so decided it was easier to combine them into the one account.