WePay is Better Than Etsy
I posted a previous review of my favorable experiences with a free WePay online store. I want to revisit this issue because Etsy has now emailed its users to roll out and activate a direct checkout payment service for major credit cards. Here’s the catch: the fees are almost the same as PayPal.
Under this new model, Etsy will take $0.25 fee per transaction and 3% commission in addition to the standard per item listing fees and 3.5% sales commission. People that use the direct checkout payment feature are effectively doubling Etsy’s take of each sale. Instead of giving a better rate to its users, Etsy wants to pocket money that is going to PayPal. My upside would be $0.05 and 0.5% savings per sale, a mere fraction of the benefit Etsy gets.
Gee, thanks a lot Etsy.
I neither love Etsy enough to want to give them more cash flow nor hate PayPal quite enough to give up their public name recognition and security guarantees. I know a lot of people have PayPal horror stories and they are generally known for their abominable customer service. I have no viable motivation to activate direct checkout payment services on my Etsy account. They are simply offering this service in the interest of their own financial gain.