Etsy Launches Card Reader for Real World Payments
Etsy, “a marketplace where people around the world connect to buy and sell unique goods,” has expanded its offline presence with the introduction of their Etsy card reader. The card reader, much like Square or PayPal’s, is designed for in-person credit and debit card transactions. Etsy’s card reader is just one more stop in their expanding and inclusive marketplace.
“Ninety percent of all retail purchases are still made offline. We know that many of our sellers sell in channels other than their online Etsy shop,” stated Etsy’s Director of Payments and Multichannel Sales, Camilla Velasquez. “In fact, 35% of Etsy sellers sell at craft fairs.”
The benefits of Etsy’s card reader compared to its rivals are simple.
The reader automatically connects with the user’s online marketplace and Shop Payment Account. Inventory and funds will be updated immediately so users won’t have to spend any time adjusting their online account if they had used another card reader. The card reader will send an email receipt to the buyer, which will include links back to similar Etsy shop items. Therefore, it’s a way of keeping the interested buyers on their site to continue shopping.
“Quick Sales” will be a feature of the card reader, which will allow users to input a price directly into the Sell on Etsy app for items that are custom, new, or just not in the online system yet. Payments processed on the card reader come along with a 2.75% charge per swipe – the same as Square – unless the user manually inputs the credit or debit card number. In that case, the fee is changed to 3% plus $.25 per entry. All major credit and debit cards work with their card reader.
The card reader is a big step into the offline world for Etsy as they plan to become an ever-growing presence in flea markets and craft fairs. In addition, sellers can now use Etsy Local, a website where sellers can post where they will be so that their followers can find them in person.