Best Business Account for Etsy Business 2024

Etsy is a popular online marketplace for handmade and vintage goods. Many small business owners are now choosing to use it as their go-to platform for selling their products. To make the most of Etsy’s features, it’s important to have the right business account in place.

In this article, we will explore the options for Etsy business accounts so you can decide if it’s the best fit for your needs. We'll discuss how Wise Business offers great possibilities for Etsy businesses to grow their domestic and international sales.

Looking to receive funds without the excess fees?

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No minimum balance required and no monthly fees
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Table of contents
Wise Business Account (Money Service Provider) PayPal Business Account Payoneer for Ecommerce Sellers Chase for Business Bank of America Business Advantage Savings Account Plaid

Best Business Account for Etsy Business

The best business accounts to use with your Etsy business should follow certain criteria to integrate well with your shop and current financial structure. In other words, you should think about:

Key Business Account Features
1. The fees associated with the upkeep
2. Whether or not the account integrates with Etsy
3. Whether the service is a bank or not
4. If the account allows you to process multiple types of payments

You should also keep in mind the fact that Etsy has users all over the world, which means that you may have to field international sales. If you do sell your products internationally, you will have to find a service that will convert the currencies you receive to your own so they're usable for you.

In the same vein, you should also be wary of the exchange rates of currency conversion from these services. Some will only charge you the mid-market rate, while others will charge you extra for using their service. This extra cost can be very damaging to new businesses, especially small businesses who may have to pay costs associated with having a shop on Etsy to begin with.

With all that in mind, here are some of the best options for business accounts that work with Etsy businesses.

Wise Business Account (Money Service Provider)

Wise Business is a low-cost international account that will help you get paid transparently.

• Wise has a feature where you can get 9+ account details for different currencies. This includes global currencies, such as USD, EUR, AUD, GBP, and more
• Batch Payments and Payroll - Pay up to 1000 invoices in one instance
• Accounting Software Integrations: Xero, Wave, QuickBooks, Sage, NetSuite, and Free Agent
• Multi-level permissions and alerts gives you complete control over your account

When it comes down to it, you can use these account details on Etsy to get paid like you were a business operating in a market using these currencies. In turn, you won't pay as many fees when receiving money with Wise.

After you receive money into your Wise Business account, you can either spend directly using the account or send your funds to another account, whether it is across currencies or within the same currency. This is another Wise advantage, customers pay from 0.43% on cross-currency transfers.

Let's look at how this varies when looking at Etsy's fee.

Currency Conversion Fee
Etsy - 2.5%
Wise Account Details - Free (there is a one-time fee of $31) with Wise account details. Learn more here.
Wise Mid-Market Rate - from 0.43% for cross-currency transfers without account details

Setting up your USD account details on Etsy (More details here):

1. Get USD account details
2. On the Etsy site or Sell on Etsy app, select Shop Manager
3. Click Finances and Payment settings
4. Then go to bank details, select Update
5. You may need to confirm your bank information if you haven’t done it before
6. Add your USD account details from your Wise account
7. Etsy might send 1 or 2 small deposits to your Wise USD account to verify that you own the account. This can take 3–7 days, and you’ll need to go to Etsy and confirm the amounts received by going to Finances > Payment account > Verify account.
8. You've finished! Now you can get paid in USD from Etsy.

Get Paid with Wise >>

Wise Trustpilot Score: Great ¹²
No minimum balance required and no monthly fees
A great choice for ecommerce businesses

PayPal Business Account

One of the most popular accounts on Etsy is a PayPal business account. This allows you to accept payments from customers using PayPal, as well as other payment methods such as credit cards and bank transfers. With this type of account, you can also set up recurring billing and access analytics to help you better manage your business finances.

Features:

• Payment processing for PayPal and popular cards
• Business loans & cards
• Tracking and analytics

Fees¹ ²
Receiving Transactions	1.9%-3.49% + Fixed Fee + 1.5% for international
Payments Advanced	$5/month
Payments Pro	$30/month
Payments Pro Payflow	$30/month
Virtual Terminal	$30/month
Instant Withdrawal/Transfer to a Bank Account or Card	1.5% of transfer
Currency Conversion	Rates Vary by Currency
Receiving domestic transactions using PayPal Online Card Payment Services	2.59-3.09% + Fixed Fee
Receiving Alternative Payment Method Transactions	2.59-2.99% + Fixed Fee + 1.5% for international
Campaign Fee - Store Cash Transactions	8%

Payoneer for Ecommerce Sellers

Payoneer is a popular payment processor for ecommerce sellers on Etsy and other platforms like Shopify. It offers an all-in-one package that includes a US bank account, debit card, and global payments platform.

With Payoneer, you can accept payments from customers in hundreds of countries and have your funds deposited into your local bank account or credit card quickly. It also provides access to currency exchanges so you can convert foreign currencies into the one of your choice, but these rates may not always be cheap.

Features:

• Manage details of transactions & your account
• Customize your account for your needs
• Generate a report every month

Fees³ ⁴
Payment from clients by credit card	3%
Payment from clients by ACH bank debits in the US	1%
Withdraw to Bank Account	Up to 3%
Annual Account Fee	$29.95
Registration Fee	Variable by Country

Chase for Business

Chase for Business is a great option for Etsy business owners. It offers low fees, no minimum balance requirements, and free access to the bank's online tools and services.

The account also comes with the ability to get Chase’s debit or credit card. These can be used to make purchases on Etsy or anywhere else. With Chase for Business, you can manage your finances in one place, but you do have to deal with the hassles that come with traditional banking, like ATMs, finding in-person locations, etc.

Features:

• Business checking account
• Payment solutions for accepting credit cards
• Business credit card options

Fees⁵ ⁶
Service Fees	Up to $15-$95/month
Incoming Wire Transfers	$0-$15/item ($0 using Chase)
Outgoing Wire Transfers	$0-$50/transfer
Transaction Fees	$0.20-$2 each
Incoming Wire Transfer	$0-$15/transfer
Sending Online Domestic Wire	$35/transfer
Sending Online Currency Exchange Wire	$0-$5/transfer
Sending International Wire	$50/transfer
Sending Online USD International Wire	$40/transfer

See the Best Banks for Small Businesses >>

Bank of America Business Advantage Savings Account

Bank of America’s Business Advantage Savings account is ideal for Etsy business owners. It offers a competitive interest rate and no monthly service fee if you hit certain criteria, making it an affordable option.⁷

The account also includes online banking with mobile app access, so you can manage your finances on the go. Additionally, Bank of America offers direct deposit services to make payments faster and easier.

Features:

• Digital tools, like mobile banking, linked accounts, and more
• Enroll in Balance Connect for overdraft protection
• Earn interest

Fees⁸
Deposits	$0.45/item after 25 items
Monthly Fee	$0-10

Plaid

Plaid is a service designed to connect banks with spending and earning-based apps, like Etsy, through the securest of means.⁹ ¹⁰ ¹¹

They make sure that when you send and receive money through apps only the necessary information is shared with the app. You can also take a role in your security by permitting what these apps have access to and what they aren’t allowed to see. ¹⁰

It’s important to note that Plaid isn’t a money storage or bank account like the other options on this list. It is simply a liaison between apps and services like those and apps like Etsy.

Features:

• Fraud prevention through identity verification and fraud detection
• Low-risk, fast payments
• Income and employment verification

Fees¹¹
Monthly Fees	$0-at least $500

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Sources:

1. PayPal for Business
2. PayPal US
3. Payoneer
4. Payoneer Fees
5. Chase for Business
6. Chase
7. Bank of America
8. Bank of America
9. Plaid
10. Plaid
11. Plaid
12. Wise Trustpilot