Etsy is providing a one-month grace period to any seller who needs extra time paying their bills due to the COVID-19 outbreak. The news came in an email from Etsy CEO Josh Silverman on Friday, and the devil is in the details.
The company is also investing $5 million in Offsite Ads credits, so sellers won’t be charged for sales from the brand new program through at least the end of April.
A spokesperson told EcommerceBytes, “We’re committed to supporting our sellers during these challenging times, and one of the best ways we can help is by bringing them buyers so their businesses continue to thrive. We understand these are extraordinary circumstances, and we’ll continue to stand by our sellers as this situation evolves.”
The spokesperson referred us to this help article on Etsy.com for details for the actions Etsy is taking to help sellers.
Sellers should read it carefully, since Etsy will continue to deduct selling fees before disbursing funds to sellers. According to the article, “Fees will be deducted from your payment account as usual, but if you have an outstanding balance on April 1, we won’t suspend your shop for an overdue payment and you won’t need to make a manual payment until May 15.”
There are additional details in the article you should take the time to review.
Friday’s email letter from Etsy’s CEO follows:
To the Etsy community:
We are all going through very trying times. As Etsy’s CEO, I’m acutely aware of the important role we play in the lives of our entire community. In times of crisis, small businesses and the self-employed face enormous financial challenges. This is the community that Etsy is built to support, because behind every purchase, there’s a person, not a factory.
Etsy is here for you
At times like these, we long to surround ourselves and those dear to us with objects that provide comfort, joy, and relief – a cozy blanket, a kids crafting kit, some calming candles. From self-care to workspace organization to games and toys, Etsy has it. But unlike other retailers, when you buy those items here, you’re directly making a difference in people’s lives.
You can help small businesses
Small businesses need support now more than ever, but supporting them can seem hard when visiting the local shopping district is discouraged. Simply choose to shop on Etsy. We have well over 2 million sellers open for business, often working out of their homes to create something that you’ll use and cherish everyday.
Steps Etsy is taking
We are also taking significant steps to assist sellers in continuing to have a steady stream of sales and have more money on-hand to put towards their daily needs.
- Etsy will invest $5,000,000 over the next month to drive sustained business for sellers
- We will also provide a one month grace period to any seller who needs extra time paying their bills
We believe these programs will meaningfully help sellers during these challenging times.
We’re one community
History has shown us that during times of greatest difficulty, we see the best of humanity. Our choices have the potential to meaningfully help those who need it most.
Thank you for being a part of the Etsy community.
Josh Silverman, CEO Etsy