A few days later, I’m still lurking around Etsy. Time to take the plunge and open my own shop, but first things first. I need a Paypal account.
Turns out it’s remarkably easy. Etsy and Paypal make the connection pretty foolproof (which is good news for this fool). I clicked through from the Shop Settings on etsy.com and got to Paypal. Made it as far as the Merchant Services page and began wondering “Hmmmm…which kind of account do I need? What’s it going to cost? How am I sposed to know all this?”
Then I saw the Paypal phone number. Need Assistance? Call Sales!
There’s nothing like having a real live person to answer your questions. I spoke with Chris, told him I wanted Paypal for a shop on Etsy. He was right on it, took my basic information and emailed me a link, where I set up my password and security. I then needed to authenticate the connection between paypal and my bank account. Since I didn’t want to give Paypal the passwords for my online banking, I opted for the process where Paypal makes two tiny deposits into my bank account, then emails a link where you confirm those amounts.
A day later, there were the Paypal deposits. I followed the Paypal email, confirmed what the deposits were, and presto! I was up and running!
And fyi, there was no charge yet from either system. Paypal takes its payment out of charges as they get processed. 30 cents per transaction and 3.9% of the total as of summer 2011. So I don’t pay anything to Paypal until somebody actually buys something from me.
And Etsy. Likewise, Etsy takes a portion of each sale – 20 cents per transaction and 3.5% of the total. So you do the math. For a fine art print that sells for, say $20, with $5 shipping, Etsy and Paypal together will keep 50 cents and 7.4%. So for a $25 sale, they take $2.35. I keep around 90% of the money. Not too shabby.
Oh, yeah. There’s all those other Etsy charges. Little 20 cent fees to list products. To renew them. 20 cents here. 20 cents there. How much can that all add up to, after all?
Illustration courtesy and © Dan at Palmetto Puzzle Works on Etsy www.etsy.com/listing/69324814/hand-cut-wooden-jigsaw-puzzle-dollar