Introduction Why India Isn’t Eligible for Etsy Payments
In the vibrant world of e-commerce, platforms like Etsy have become synonymous with creativity and entrepreneurship. However, a peculiar challenge looms over Indian sellers – the inability to receive payments directly on Etsy. In this article, we delve into the intricacies of why India finds itself excluded from this convenient payment option and explore alternative solutions.
Understanding Etsy Payments
Before we explore the specific situation in India, let’s grasp the fundamentals of Etsy Payments. Etsy, in its effort to streamline transactions, introduced Etsy Payments as a secure and integrated method for buyers and sellers. This feature allows users to make and receive payments directly through Etsy, providing a seamless experience.
The Roadblock for Indian Sellers
Despite Etsy Payments being a boon for many, Indian sellers are currently excluded from this privilege. The reasons behind this exclusion are complex, involving regulatory and compliance issues that Etsy and Indian authorities are navigating.
Regulatory Hurdles
One major roadblock is the intricate web of financial regulations in India. Etsy must comply with the stringent norms set by Indian financial authorities, making the integration of Etsy Payments a challenging task. Navigating this regulatory landscape requires time and collaboration between Etsy and the Indian government.
Currency Conversion Challenges
Another factor contributing to the exclusion is the diverse currency environment in India. Etsy Payments primarily supports transactions in major global currencies, and adapting to the intricacies of the Indian Rupee poses technical and logistical challenges.
Security Concerns
Etsy places a paramount emphasis on the security of transactions. Ensuring a robust system that safeguards both buyers and sellers is crucial. The complexity of India’s financial ecosystem adds an extra layer of challenge in meeting Etsy’s stringent security standards.
Exploring Alternatives
While Indian sellers may find themselves excluded from Etsy Payments, all is not lost. Several alternative payment methods can be explored to ensure a smooth and secure transaction process.
PayPal Integration
For international transactions, integrating PayPal remains a viable option. Etsy allows sellers to connect their PayPal accounts, enabling them to receive payments from buyers across the globe.
Bank Transfers and Cheques
Domestically, sellers can opt for traditional methods like bank transfers and cheques. While not as instantaneous as online transactions, these methods offer a reliable way to receive payments within India.
Conclusion
In conclusion, while the unavailability of Etsy Payments in India poses a challenge for sellers, understanding the underlying reasons and exploring alternative avenues can help overcome this hurdle. As Etsy and Indian authorities work towards a resolution, sellers can leverage existing options to ensure a thriving e-commerce experience. In the ever-evolving landscape of online selling, adaptability and resourcefulness become the keys to success for Indian entrepreneurs on Etsy.
FAQ
Why India Isn’t Eligible for Etsy Payments
As of November 2023, new sellers located in India are no longer able to open shops on Etsy to sell either domestically or internationally. India sellers can no longer enroll in India Payments (Razorpay). However, if you already have a shop and are enrolled in India Payments, you can continue selling as normal 1.
Etsy has been onboarding Indian sellers since 2018, but it wasn’t until late 2022 that the platform integrated rupee transactions on the platform 2.
If you are an Indian seller on Etsy, you can accept payments from buyers outside of India using your own PayPal account (also known as “standalone PayPal”), or you can enroll in Etsy Payments using a Payoneer Payment Account 1.
With standalone PayPal, you add the email address associated with your PayPal account to your Etsy Payment settings. When you make a sale, the funds are deposited directly into your PayPal account. Etsy doesn’t manage these funds or have any access to them. This means we can’t assist you with Purchase Protection. Any fees you incur on Etsy are added to your Payment account and a statement will be sent to you each month. You’ll need to pay your billing statement separately 1.
If you are already enrolled in India Payments, you can continue selling as normal
Why did Etsy stop accepting new sellers from India?
Etsy stopped accepting new sellers from India as of November 2023 1. This decision was made after the Reserve Bank of India (RBI) directed Razorpay, a payment gateway used by Etsy, to pause onboarding new merchants 2.
However, existing shops located in India can continue selling on Etsy 1. If you are an Indian seller on Etsy, you can accept payments from buyers outside of India using your own PayPal account or enroll in Etsy Payments using a Payoneer Payment Account
What is Payoneer?
Payoneer is a global payment platform that enables businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments . It provides online money transfer and digital payment services to its customers .
With Payoneer, you can pay, get paid, and grow your business in multiple currencies and markets. The platform empowers you to reach new markets, do business in multiple currencies, and comply with local regulations – all while simplifying the payment experience for you and your clients, partners, and suppliers .
Payoneer offers a multi-currency account that has everything your business needs to pay, get paid, and grow globally . It also provides working capital to its customers
If you are a freelancer, SMB, marketplace, or enterprise looking to solve your biggest payment challenges, Payoneer can help you leverage robust technology, compliance, operations, and banking infrastructure to power your growth
How does Payoneer work?
Payoneer is a global payment platform that enables businesses and professionals from more than 200 countries to reach new audiences by facilitating seamless, cross-border payments 12. It provides online money transfer and digital payment services to its customers 3.
With Payoneer, you can pay, get paid, and grow your business in multiple currencies and markets. The platform empowers you to reach new markets, do business in multiple currencies, and comply with local regulations – all while simplifying the payment experience for you and your clients, partners, and suppliers 1.
Payoneer offers a multi-currency account that has everything your business needs to pay, get paid, and grow globally 1. It also provides working capital to its customers 3.
Here’s how Payoneer works:
- Sign up: Create a Payoneer account by providing your personal and business details.
- Verify your identity: Upload a copy of your government-issued ID and other required documents to verify your identity.
- Receive payments: Once your account is approved, you can start receiving payments from clients and marketplaces around the world.
- Withdraw funds: You can withdraw your funds to your local bank account or use your Payoneer Mastercard to withdraw cash at ATMs worldwide.
- Make payments: You can use your Payoneer account to make payments to your suppliers, contractors, and service providers around the world.
If you are a freelancer, SMB, marketplace, or enterprise looking to solve your biggest payment challenges, Payoneer can help you leverage robust technology, compliance, operations, and banking infrastructure to power your growth 4.