I've about had it with Etsy...

[WhistlingBadger]

I manually input my account info. Now they are going to wait a day, deposit $.01 to "verify the account" (didn't I just do that?), then maybe deposit my money? One could almost start to suspect that they just don't really want to give sellers their money...

 

[Alice B]

most banks and platforms hold onto every dollar as long as they can in the interest of "security"

 

[Alice B]

if you want to accept credit cards and have a costco account sign up for elavon. They are prompt at depositing and the $5 monthly fee if no sales is very reasonable

 

[WhistlingBadger]

Today, I got this message:
You have successfully changed the bank account on file with your Etsy shop, WhistlingBadger. Any time your bank account information is added or changed, Etsy places a five day hold on the funds in your Shop Payment Account. This is to protect your account from possible misuse. Once the five day hold has lifted, your deposits will be placed in your account.

Oooookay! Five more days, then we'll see what else they can throw at me. It has already been a week since the buyer paid Etsy for my work.

 

[TwoTankAmin]

Fortunately, I do not use Etsy.
I closed my Paypal account a few years ago.
I like money that folds.

 

[WhistlingBadger]

30% to sell on Etsy?

By the time they take out everything (tax, shipping, fees...), it's close to that, yes. Sellers see anywhere from 70-90% of their actual sale price. My buyer paid about $650, and I'm going to see about $480 of that. This assumes that, at some point, they give me my money at all. So far they've taken a 100% cut. Hopefully that will change in a couple of days.

 

[Back in the fold]

Fortunately, I do not use Etsy.
I closed my Paypal account a few years ago.
I like money that folds.

Online banking spooks me . I used to use my debit card for online purchases but not anymore . Etsy gives me the shivers . I’ve never used them but the reviews are concerning . Most sellers seem legitimate but some not and there doesn’t seem to be any way to know until you buy . I’ve been tempted but have resisted so far . I too like real folding money but it’s becoming a less used thing all the time . Our State of Montana Fish and Game department will now only take license fees by credit or debit cards . There is no longer an option to pay cash . I used to wonder how a cashless national system could even be possible but not anymore .

 

[anewbie]

you should not use a debit card but a credit card. The problem is the legal protection for debit card is much more limited.

I thought govt agency (i.e, fish and game department) were legally required to accept cash but who knows what states can do or will do or in the case of the ill won't do.

 

[Back in the fold]

you should not use a debit card but a credit card. The problem is the legal protection for debit card is much more limited.

I thought govt agency (i.e, fish and game department) were legally required to accept cash but who knows what states can do or will do or in the case of the ill won't do.

Yes , that’s what I do now . I got a credit card with a small limit just for that purpose .
Governments do whatever they want these days and the people be damned . If something is against the law they change the law .

 

[anewbie]

Yes , that’s what I do now . I got a credit card with a small limit just for that purpose .
Governments do whatever they want these days and the people be damned . If something is against the law they change the law .

Yea ! Damn the govt.

 

[TwoTankAmin]

I refuse to use a Debit card. I have an ATM card which lets me vank by the cash machine at and branch of my bamls. I have 2- Chase and Citibank, I have the ATM card at both.

My reason for no being willing to use a Debit card is they rip off the vendors. When I use a CC the bank is lending me money to pay a vendor. This shifts the rist of one not paying their C bill to the bank onstead of the vendor. This is a good thing for the vendor as it shifts the risk from the vendor to the bank. For takig this risk the bank charges the vendor a fee on the the transaction. Most vendors build this into the price of their goods or sevices.

But with a debit card if one does not have the funds in their account, the transaction does not happen. So the bak os not taking any risk but it still taking their cut for the vendor. I will not support this practice and so will not accept a Debit card from either bank.

My cedit rating ia about 825, I am almost 0 risk to the banks and I have always paid my full balance every month now for many years.

 

[Back in the fold]

I refuse to use a Debit card. I have an ATM card which lets me vank by the cash machine at and branch of my bamls. I have 2- Chase and Citibank, I have the ATM card at both.

My reason for no being willing to use a Debit card is they rip off the vendors. When I use a CC the bank is lending me money to pay a vendor. This shifts the rist of one not paying their C bill to the bank onstead of the vendor. This is a good thing for the vendor as it shifts the risk from the vendor to the bank. For takig this risk the bank charges the vendor a fee on the the transaction. Most vendors build this into the price of their goods or sevices.

But with a debit card if one does not have the funds in their account, the transaction does not happen. So the bak os not taking any risk but it still taking their cut for the vendor. I will not support this practice and so will not accept a Debit card from either bank.

My cedit rating ia about 825, I am almost 0 risk to the banks and I have always paid my full balance every month now for many years.

Not sure how a debit card rips off a merchant . We have a Winco grocery store that only accepts debit cards , checks and cash because they don’t have to pay the credit card fee . They have good prices because of that . Same thing with my LFS . She charges 3% if you use a credit card but nothing on a debit card .

 

[TwoTankAmin]

Debit Card Processing Fees vs Credit Card Processing Fees​

Credit card processing typically costs more than debit card payments, but the gap isn't as wide as many business owners think.

• Average credit card fees: Most processors charge 2.6% to 3.5% plus $0.10-$0.15 per transaction for credit card processing. Premium rewards cards often trigger higher interchange fees.
• Average debit card fees: Range from 1.5% to 2.9%, with regulated banks capped at lower interchange rates due to federal regulations.

from https://www.jim.com/blog/debit-card-processing-fees

The debit transaction has no risk for the bank. The charges should be much lower than they are. The transaction is risk free to the bank unlike with a CC where the bill comes later to the CC holder. If you believe that no CC holder fails to pay 100% then you are living in another Universe.

And it you do not think banks are greedy you must be living on another planet at least

 

[Back in the fold]

I know I pay 100 % on a credit card . I don’t dispute that but the merchant pays a fee to the credit card company or bank , I’m not sure which , on top of the charge . Banks are greedy ? Maybe , maybe not , they’re part of a manufactured money system and they do what they’re allowed to do by law .

 

[GaryE]

I've seen stores in Europe without cashiers - just security guards. Ditto for taking public transit in many places. I prefer to use a debit card over cash, although it leaves me with no change for people begging.
I'll often go weeks without cash - with no problem.
My credit card is one I avoid using though.