Remitly, a popular money transfer app and financial services company, has just partnered with Etsy to put more choice and control in the hands of sellers on the platform. Certain sellers in select countries will be able to choose Remitly as a payment provider when onboarding with Etsy, and be able to get paid through the wallets and local banks they already use.
While the option is only available for new Etsy sellers as of right now, it wouldn’t be surprising to see it expand to legacy merchants on the platform if the initial rollout goes well, though there are no guarantees of that happening.
New Partnership Gives Etsy Sellers More Choice in How They’re Paid
This new partnership between the two companies aims to put more control in the hands of Etsy sellers when it comes to how they’re paid. Beginning this fall, new international sellers on Etsy in 15 select countries will be able to choose Remitly as a payment provider when onboarding with the platform.
However, neither Remitly nor Etsy has revealed which 15 countries will be able to choose Remitly as a payment provider yet.
The way this partnership gives sellers more control is by letting international merchants hold their funds in USD, convert them to their local currency on their own schedule, and then deposit this income right into their local bank account or mobile wallet.
This lets sellers choose to convert their currency at a time when the market rate is favorable for them, rather than being forced to convert currencies automatically, even if the rates aren’t great that day.
Speaking about the partnership, Senior Director of Product at Etsy, Megan Oxman, said that “Adding Remitly’s payments platform as an option in Etsy Payments will give many sellers another dependable way to get paid, through the local banks and wallets they already use.”
This collab is the first major partnership of its kind for Remitly, and is another step in the company’s shift from just serving individual customers to also helping companies with their cross-border finances.
For Etsy, it’s another move that shows the company is looking out for its sellers, and follows other decisions that also benefit sellers, such as the platform rolling out ad groups to help sellers organize listings.
Only Available to New Etsy Sellers Currently
The partnership is currently only available for new Etsy sellers, as they’ll need to select Remitly as a payment provider during onboarding, and there’s no way for existing Etsy sellers to choose Remitly as their provider.
While this may be upsetting to current sellers, there’s certainly a chance that the integration eventually comes to legacy merchants on the platform.
It’s possible that the companies wanted to test things out with new customers during onboarding first, and then eventually scale up the partnership once the integration is tested and proves to be working as intended.
If the initial rollout is successful with new users, it wouldn’t be surprising to see the feature eventually reach all sellers, but there’s no way to know for sure what the companies have planned for this partnership in the future.
Our Take: There’s No Better Time to Get Started on Etsy
Between this announcement and other positive changes for sellers (such as improving purchase protection for sellers) that the platform has made recently, companies that haven’t started selling on Etsy may want to consider it once this partnership goes live.
Choosing Remitly as a payment provider is likely to be a popular choice among new international sellers, as it not only saves you money by letting you convert currency on your own terms, but also lets you continue to use the local banks and mobile wallets that you’re already comfortable with.
Of course, not every country is included, so make sure to confirm your country is supported once Etsy and/or Remitly release those details to ensure you can take advantage of this new partnership.
