Shopping > Bye Bye Etsy Hello Bonanza
 

Bye Bye Etsy Hello Bonanza


Etsy has changed their payment policy. I used to just get payments to my PayPal account. Now Etsy wants the sellers to accept all sorts of payments that will go into our bank accounts. That means I would have to give them my bank account number...ain't gonna happen. They also wanted me to email them a copy of my driver's licence, government issued ID or passport...also, ain't gonna happen. On May 17th, when this change takes place, Etsy will be holding onto any payments that need to go through the bank, for 2 to 5 days. Then the bank will hold onto them for 2 to 5 days. It's ridiculous and I'm not putting up with it so I've moved to Bonanza where all of my income will go, instantly, into my PayPal account. Also, Etsy charges a .20 listing fee for each item you put in your shop and four months later it expires and Etsy removes the item from your shop. On the other hand, Bonanza charges no listing fee and the item stays on you shop shelve until you remove it or it's sold.


Why is Etsy making these changes? So they can cash in on literally millions of dollars in interest and conversion fees. Etsy claims to have 1.7 million active sellers. Anyone who does not comply with the new order will have their shop suspended. So, I will be closing my Etsy Shop in May.
I have already opened my new shop here:
https://www.bonanza.com/booths/Nittineedles
There are lots of patterns I have designed and some vintage patterns. Also my hand spun/dyed yarns and hand knit gifts. Please check it out. You never know. You might just find something that tickles your fancy.


posted on Apr 26, 2017 11:44 PM ()

Comments:

It's good that you are able to analyze the situation and change course. Giving them your personal information seems like an invitation to identity theft.
comment by tealstar on May 8, 2017 5:32 AM ()
Since Bonanza is also a U.S. company, eventually you may be facing the Etsy situation all over again. I had this happen at my domain escrow site, and both the buyer and seller has to submit a bunch of ID. I believe the govt. is cracking down on any online business that offers financial services and demanding they comply with US Patriot Act rules.
comment by drmaus on Apr 27, 2017 9:47 AM ()
It won't happen for quite a while. Bonanza is to Etsy as Greasy is to Blogster.
reply by nittineedles on Apr 29, 2017 7:29 PM ()
This is how google pays content creators on youtube. I've been doing it for a few years without a problem. Of course, content creators aren't collecting money, just getting paid, so it's a bit different.
comment by jjoohhnn on Apr 27, 2017 6:13 AM ()

Comment on this article   


1,345 articles found   [ Previous Article ]  [ Next Article ]  [ First ]  [ Last ]