Payments Technology Converts to Revenue for Etsy

Thanks to Etsy’s sophisticated payments platform, the market for handmade arts and crafts has gone global. Don’t miss this unique opportunity to peek at Etsy’s playbook for success at TRANSACT, where Etsy’s Senior Director of Payments, James Esposito, will take the keynote stage. Join over 4,000 attendees to learn how Etsy drives up revenue for its 1.7 million sellers and makes shopping easy for its 27.1 million customers worldwide.

Etsy has leveraged many innovative retail technologies, including promoted listings, customized shipping label options, sophisticated fraud detection software, and – perhaps most importantly – a custom “Direct Checkout” feature that allows sellers to accept multiple forms of payments, from credit cards to ACH transfers to PayPal, Apple Pay, and many more. Etsy reports that shops offering multiple payment options make 45% more sales than stores that only support one type of payment.

Beyond offering more choice to buyers, Etsy’s platform is truly helping its marketplace go global. Etsy offers machine translation in 10 different languages, and Direct Checkout takes the guesswork out of currency conversion, allowing buyers and sellers in 36 countries using 12 different currencies to purchase items seamlessly. Eliminating the uncertainty that used to accompany cross-border purchases has boosted sales exponentially for the 44 million goods listed on Etsy. The company reports that when it enabled Direct Checkout in Yen, sales in Japan increased by 25%. Overall, Etsy saw an impressive 33% growth in revenue during the third quarter of 2016 alone.

Choice and flexibility are critical stitches in the Etsy tapestry. No payments professional should miss this opportunity to learn from Etsy’s success – we’ll see you at TRANSACT!