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Mon Jan 22 2018 16:52:32

Etsy Sellers Live on the Financial Edge?

By: Ina Steiner

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Financial security and income volatility are top challenges for Etsy sellers, the company said as it explores ways to help sellers become more financially secure. Etsy is surveying sellers on four key issues: Tax simplification; Access to benefits; Managing cash flows and unexpected income drops; and Savings tools.

There's some precedent for online marketplaces looking out for sellers' welfare. Former eBay CEO Meg Whitman stunned attendees at the first eBay Live conference in 2002 by announcing eBay would provide health insurance for its powersellers, though the company never ended up offering a viable plan.

In Etsy's current survey, it asks sellers which benefits they have access to; which ones they were enrolled in; and which ones they would be likely to enroll in if they could pay what they would consider to be a "reasonable" monthly premium. It provided the following benefits from which to select:

- Retirement savings account
- Workers Compensation
- Paid time off
- Unemployment insurance
- Health insurance
- Disability Insurance
- Paid Family Leave

Etsy also delved deeply into how respondents managed cash flows and unexpected income drops, asking if they had sufficient savings to manage bills for up to 3 months if they were to experience an unexpected drop in their creative business income; and if they felt confident they could cover an unexpected or emergency expense without suffering a financial setback. 

Etsy also asked respondents how they managed periods of time when their creative business experiences low or inconsistent sales (sellers could choose from options such as getting a new or temporary job, taking out loans, or borrowing money from family or friends).

Etsy also asked sellers about options to help simplify taxes or manage cash flows - some of the options we found interesting included:

- "A way to automatically withhold taxes from the income I earn on Etsy and other platforms."

- "A way to automatically withhold benefit contributions (for retirement savings, health insurance, etc) from the income I earn on Etsy and other platforms."

- "A tax-free savings account (or flexible spending account) that I could use to save for (and pay for) medical, dependent care, and transportation expenses."

- "The ability to take a standard business deduction (much like the individual standard deduction), instead of having to itemize my business expenses."

Any advocating Etsy does on behalf of its sellers could impact sellers wherever they happened to be selling - what do you think of some of the ideas it's exploring? Do you feel like you're on the edge, financially speaking?

Etsy underwent a significant management change last year, it's interesting to see the company is still active in this area - here's more information about Etsy's 2017 public policy initiatives with a link to the survey. And if you've taken the survey, let us know what you think.



Comments (11) | Permalink

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Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: FeelingFroggy This user has validated their user name.

Mon Jan 22 17:50:11 2018

Useless. One doesn't need etsy to do any of those things. People need to take responsibility for themselves instead of having some platform lead them by the nose to something that might or might not be in their best interest.

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: maxmad This user has validated their user name.

Mon Jan 22 20:12:37 2018

it's crazy how these venues Boost Newbie sellers to the top, sellers get tons of sales, thinking they are set, they quit their day job, invest their  savings in inventory/ supplies, then out of no where , without notice or warning, etsy pulls the plug, lights out, to the bottom of pile, buried so deep in search,   sales they once had. are finished, initially sellers desperate to pay their bills,  do ANYTHING , Paid Promotion, get an esty fake website, fix your tags, fix your titles, list more items, it's your pictures , etsy will tell you anything to hide what they are doing, and to keep you paying the listing fees .
in reality they couldn't care less, because they have already moved on to the endless supply of newbie sellers coming down the pipe,

Etsy boards are filled with All kinds of desperate   horror stories of sellers, very sad indeed, etsy has certainly ruined a lot of lives.  

in some ways it's equivalent to a legalized pyramid scam, with etsy always at the top.

Best to stay clear of ALL venues other then the ones you have full control over.

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: maxmad This user has validated their user name.

Mon Jan 22 20:28:33 2018

Etsy also asked respondents how they managed periods of time when their creative business experiences low or inconsistent sales (sellers could choose from options such as getting a new or temporary job, taking out loans, or borrowing money from family or friends).


Sure, borrow money to keep paying etsy fees, lol, if they are so concerned about sellers who aren't selling how about a fee discount ? I don't think so  

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: aim04744 This user has validated their user name.

Tue Jan 23 16:36:09 2018

All Etsy (and any other platform) needs to be concerned about is making sure my listings are seen without bias so I can make an income. I dont want/need flashy "benefits" from them. I need buyers to see my items.  

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

This user has validated their user name. by: RKTOYS

Tue Jan 23 20:45:37 2018

etsy sure is nosy with these questions.  I would've refused to answer out of principle.

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: Diogenes This user has validated their user name.

Wed Jan 24 03:11:56 2018

Etsy is all the more sinister and evil because it hides behind a pseudo ''caring community'' face. In fact Etsy is as much a caring community as Nazi Germany or Soviet Russia with its posse of flying snitches, semi educated mods and draconian policies applied in ways that are completely arbitrary.  

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: Flying Childers This user has validated their user name.

Wed Jan 24 08:03:13 2018

Bravo to everyone who has commented so far- you guys totally nailed it!

Diogenes is right about the true evil and sinister nature of the powers that be at Etsy.  I don't believe for one minute that they really care about the sellers.  It's like one of the 7 Biggest Lies:  "I'm from Etsy and I want to help you."

All they care about is getting that stock price up there so they can do their wheeling and dealing off the backs of the sweat shop workers,  oops, I meant "sellers."

Most likely Etsy will be using the information to sell to the highest bidder- just like what google does.  They can monetize our misery for their own financial gain under the guise of being Social Justice Warriors helping the little guys and gals.

Etsy is getting more disgusting and disturbing everyday.  So glad that I don't depend on them for my livelihood.  Never did and never will.  I will say that my shops are very nice cheap websites that are useful to me in other ways besides the occasional sale.

The glory days are over and that horse is long out of the barn.  Josh Silverman is no better than Harvey Weinstein- just a bit more civilized in the way he mistreats women, especially those of a certain age who sell on his platform.

Where are the feminists?
#EtsyMeToo

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: Flying Childers This user has validated their user name.

Wed Jan 24 08:06:02 2018

By the way, all of these platforms that rely on cheap Chinese labor for the majority of their merchandise, are going to be in trouble soon.  

Check out this video from Financial Times:

https://youtu.be/t487ILVf87k

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: traciking This user has validated their user name.

Wed Jan 24 09:05:48 2018

All Etsy has to do to help sellers new and old is to bring in buyers, make sure their search works for all sellers, not just for new or seasoned sellers, stay out of our private lives and stop making changes to the site that hurt sellers.  All sellers need is sales, a phone system they can use when the need help, and a system that works.  The last place I would go for help with my taxes, health insurance or any financial advice is Etsy.

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

This user has validated their user name. by: epuise

Wed Jan 24 09:51:39 2018

IF we in US had a Canadian Social System... simply paying income taxes would guarantee a US business Healthcare & a Pension...  

Perminate Link for Etsy Sellers Live on the Financial Edge?   Etsy Sellers Live on the Financial Edge?

by: fifilapew This user has validated their user name.

Wed Jan 24 17:15:27 2018

Just show my listings etsy. I certainly do not need another accountant, broker, banker, financial advisor, insurance rep, etc...

Etsy, stop it already! Stop pretending that you care about your hard working sellers that put you on the world's 'ecommerce' map



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