The Biz
What is Etsy Payment Reserve?
What is Etsy Payment Reserve?
In the realm of online marketplaces, where creativity thrives, there exists a platform known as Etsy. It has always been a sanctuary for artists and artisans alike, a virtual haven where they can showcase their handmade treasures to the world. But within this seemingly idyllic realm, shadows lurk beneath the surface, threatening to dismantle the very foundations upon which these small businesses were built.
With utter disbelief, small business owners recently bore witness to an unsettling situation. The Etsy payment reserve system emerged like an unexpected storm cloud on their horizon, casting a dark shadow over their hopes and aspirations. Under this newfound policy, 75% of their hard-earned takings would be held hostage for a staggering 45 days, a veritable eternity in the world of commerce.
Nothing but Excuses
The marketplace behemoth defended its decision with lofty claims of ensuring safety within its domain. They claimed the Etsy Payment Reserve was a measure designed to shield both sellers and buyers from potential mishaps or malicious intent.
However, those who poured heart and soul into nurturing their creative enterprises could not help but feel betrayed by this sudden turn of events. Small businesses began to flounder, unable to fulfil orders as Etsy withholds what was rightfully theirs.
Amidst whispers of discontent that now reverberate through countless online forums and social media platforms alike, one resounding question echoes through the minds of these embattled entrepreneurs: How could Etsy justify such actions?
Crippled by the Cost of Living
The artisans of Etsy, those who invest countless hours perfecting their craft and curating their virtual storefronts, now face an arduous battle on two fronts.
Not only must they contend with a global crisis that has brought economies to their knees, but they must also navigate treacherous waters within the very marketplace that once promised them sanctuary.
It is indeed disheartening to witness companies operating with such impunity, trampling upon consumer rights without a second thought. The Etsy sellers’ plight serves as a chilling reminder that these entities often answer to no one but themselves.
A Call to Boycott & Mass Exodus
The first whispers of discontent arose from British sellers who had fallen victim to Etsy’s withholding practices. Over twenty courageous souls came forward to share their harrowing tales with none other than the BBC.
One particular seller stood out from the rest – a disabled individual whose livelihood depended solely on Etsy. She recounted how her pleas for help were met with callous indifference, as if her struggles were inconsequential in the grand scheme of things. It was this callousness that grabbed the attention of the Handmade Community and sparked debate across social media.
Many others echoed her sentiments – artists and creators who had poured their hearts into their craft only to be silenced by fear. Fear that speaking out would result in their shops being torn down, leaving them without means to support themselves or their families.
Etsy disputes this and says that it wouldn’t retaliate against a seller for voicing their opinion. It says it takes seller feedback very seriously.
Together we Stand
Word of this injustice spread like wildfire, carried on the wings of social media and whispered conversations shared between friends.
The call to boycott rings loud and clear across nations and continents. It is not merely a plea for justice; it is a demand for accountability.
Sellers put online shops in ‘holiday mode’ after website’s move to hold back up to 75% of takings for as long as 45 days Etsy has said it is “substantially decreasing” the amount of sellers’ funds held in reserve globally after UK vendors began boycotting the online craft marketplace over a hold-up in payments.
Sellers say they have found it almost impossible to find out why their funds had been placed on reserve, with inquiries answered by bots giving stock answers that often did not apply to their case.
Join the Revolution
Of course, as the Founder of the Silk Purse Guild, I would love to have you over here with us. SPG takes no commissions and charges no listing fees. Just like craft fayre, businesses are paid directly by their customers, with no interference from us.
Etsy still has a place in the Handmade community, as it packs the punch of traffic that is quite unrivalled in our industry. It should however be used as a tool, and not your entire business strategy.
The uproar does however restore my faith in the incredible human beings behind the millions of small businesses that make our communities unique, across the globe.
Something Rather Shady
Far be it from me to be a conspiracy theorist, but further digging has uncovered a rather shady deal with the company YouLend. The timing seems a little suspect, and they do always say “follow the money” if you want to get to the bottom of any unsavoury business.
I will drop the link to an interesting article here, and let you make up your own mind as to whether these events are in any way connected. Personally I will say that I do not approve of any company encouraging small, handmade business owners into debt, especially when they have worked so hard to earn each and every sale. For more information, check out this blog post by TIZZIT.co
NOT COOL ETSY!Need a Change?
We are always looking for ambitious, enthusiastic and entrepreneurial people to join our Guild. If you are based in the UK and all shades of awesome, get in touch.
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