Sorry I have been sleeping under a rock probably.. but..
I am sure when I first had an Etsy store I used to get my payments directly to my PayPal account.
Now I notice with my newer shop that payments go straight into my bank account.
Question is... Can I get all my payments going into my PayPal account not my bank account?
I like to use my PayPal like a savings account and would prefer to have my Etsy sales stay there. I can see no settings to change this.
Is this no longer an option on Etsy?
Etsy Payments were never sent direct to Paypal accounts. A few years ago, if an Etsy customer chose to purchase through Paypal when going through checkout, then that payment would go direct to your Paypal account.
The changes that took place in the last few years:
- shops in many countries (but not all) were required to take Etsy Payment (previously called Direct Payment)....whereas before it was voluntary whether you accepted DP/EP or not. Once that happened, more buyers would use Etsy Payments since it was the default payment option. Much fewer buyers would choose Paypal.
- Etsy then offered integrated Paypal, which meant if the buyer choose Paypal, it would get processed through Etsy's account with Paypal, not the sellers own Paypal account. Payment would end up coming through Etsy Payments. When this change occured, older shops had the option to either integrate Paypal, or keep Paypal separate. Shops that opened after that change did not have the option to keep Paypal payments separate from Etsy Payments, they only could get integration.
Since our shop has been on Etsy for almost a decade, we decided at the time of change, to keep Paypal separate. Most of our orders end up being EP, a few are Paypal and those Paypal sales go to our Paypal account.
If you did not opt to keep PayPal separate at the time all were switched over to etsy Payments then all your payments go to your bank.
You will need to transfer the funds from your bank to PayPal if you so desire.
If I opted to integrate my seperate paypal- if someone uses paypal the transaction only shows up in Etsy not paypal correct. So at tax time I only have to deal with calculating revenue from Etsy? Sorry if this is a dumb question...
Yes, if you integrate Paypal with Etsy payments. ALL payments go to your payment account on Etsy.
Buyers can still pay with Paypal if you integrate but no money goes to your Paypal account.
You won't know if a buyer used Paypal or their credit card to pay.
Nope! that is why I shut down. Called me spoiled perhaps. A customer bought, I got paid via PP. I saw the money instantly.. and HAD it to use for more supplies.. The flow was fast, and customers were happy. I dont have a week to fool around and get a deposit, etc... buy what i need and wait another week to get it. It slows things down to much. I packed the item and off it went. Same morning... I like happy buyers! I would get my payment and go right to the post office.. no waiting for some site to tell me I had been paid. and wait and wait... for it to circle around forever..
I do the same but the threads I have been reading support this new policy of only having deposits to a bank account. This is messy for me now as I kept them separate and now will have to examine things much closer and take the time to transfer money into paypal that was previously auto deposited. I really liked having the bank account and paypal separate as I use paypal for online purchases. No place will accept Etsy for purchases so it will now turn into a round robin to transfer money for purchases. sigh, why can't they just leave it alone?
It's going to ruin sales too. Big time. When sellers have their money in their Paypal, they spend it. It's immediate spending money for supplies, something for yourself.
I'm actually confused here. I get the impression Etsy will be intregating my Paypal with Etsy Payments whether I like it or not. I have til the 15th of May and if I don't they will do it for me. I wish Etsy would not change things and justify by saying it's better. I've looked on forums in the past and certainly sellers don't agree with changes as with this one. Also because Paypal is so instant means I can post almost immediately. With Etsy payments I'm actually posting items before the money reaches my bank account.
You have been paid, as long as the money is in your payment account. So yes, you should mail your items after the sale. When it reaches the bank is irrelevant, at least in relation to when you should ship.
It's frustrating! I think ETSY wants to recover every cent of profit possible. But as a business, we take out Paypal loans to survive the slow season. So this is going to be a tough transition. ETSY does not consider their customers who run the shops that make money for them. PLEASE someone start an ETSY competitor that actually cares about their shop owners!!!!