Why did Depop charge me more than 10% QUESTION Hey all! Depop - Start Selling Lastly, if youre using a credit or debit card to make a payment, your bank may have added any additional fees such as processing fees or foreign transaction fees. Things to Know, When Were Nike Blazers Made? That's probably why PayPal didn't raise its Venmo fees for in-person payments -- which remain comparable or lower than Square's Cash App's fees. Her best-selling item, a $58 mesh halter top with embroidered flowers, went viral on Depop this year, winning her shop adulation from customers in comments and reviews. Overall, the items that sell quickly on Depop are those that are unique, rare, and in high demand. To avoid Depop fees, sellers may consider selling items through other platforms or marketplaces that charge lower fees or no fees at all. The exchanges between capitalistic greed (on part of both the individual and the corporation), class discrimination and materialism must be considered before we can point fingers at the girl on Depop for rising thrift store prices. For items that sell for less than $15, Poshmark charges a $2.95 fee. And now, my everlasting curse is automatically noting the stitch, color, quality, and cut of any random piece of clothing I encounter. The customer may pay with Apple or Google Pay, PayPal, or a credit or debit card. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Additional paid services are available through your PayPal business account. The deal was structured as an all-cash transaction, with Etsy funding the acquisition through a combination of cash on hand and debt. why is depop charging me more than 10 - ekklesia.net There could be a few reasons why Depop is charging you more than 10. DEPOP FEE BREAKDOWN The Depop fees are 10% + Paypal fees Paypal fees are 2.9% + $0.30 per transaction (US) Doing the math, if you sell an item for $25.00 Shipping (paid by the customer is $9.00) Total Cost $34.00 Depop fee is 2.50 (10% of 25.00) Paypal fees are Total Cost $34.00 (2.9%)=.986 +.30=1.29 Ms. Zavala said she now preferred Instagram, where tools such as Reels, which allows users to create short video montages, have let her ask customers for feedback, show off outfits and tease new items. Why PayPal Raised Its Processing Fees - The Motley Fool What is Depop, and why should you care? - ChannelX Answer: Depop is becoming more and more of an online vintage store/Ebay marketplace rather than a thrift shop. I wanted that independent establishment, even if it meant losing out on a little bit of new people who were going to be organically finding my pieces on Depop, said Ms. Tang, a rising senior at the Parsons School of Design. I asked the buyers and they said the money has gone out of their bank accounts for sure. We then have to be more interesting for the next group of people we want to cultivate, he said. Aesthetics are a big selling point on Depop. Depending on the situation, either the buyer or seller may be responsible for covering the shipping cost, or both parties may contribute a portion of the shipping fee. Now Theyre Graduating. Sydny Sky. Advice, staff picks, mythbusting, and more. There's more. So, in the case of a $10 sale, Depop would take a commission of $1. Your anticipated profit will be the final result. Depending on what you are looking for in an online marketplace, its always advisable to compare the fees, policies and other terms offered by these platforms to decide which one best suits your needs. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. I dont think Depop is going to the Google of retail, but the tremors of the young will become the trends of the future. Once an item sells, Depop will automatically charge a 10% fee on the sale price (including the shipping costs). In some cases, Depop may charge an additional currency conversion fee on top of the commission based on the exchange rate at the time of the sale. It is therefore important to consider whether Depop fees are reasonable for the company you are running rather than whether they are fair as a general principle. These 6 Tips Will Help. Thank you for your advise. America Calloway prefers Depop over other sites like Poshmark and Etsy because they charge fewer fees. Mr. Semple added that sellers leaving Depop was nothing new and that their successes often inspired new designers to join the app. Take a look through a selection of the latest articles on ChannelX. How Do You Make A New Account On Depop - App Clap You can tell that Selleraider gave their calculator a lot of thought since it was created with the goal of making selling on marketplace platforms simple and effective. Using Depop shipping can have its advantages. Here's How to Sell on Depop, According to Top Sellers - The Penny Hoarder Why not have spaces when they can get together?. Considering your product range and categories could increase potential customers. The r/Depop subreddit is meant to create a safe spaceusing that term loosely because this is the internet were talking aboutfor Depop users to air out their concerns, celebrate their wins, and ask for advice. PayPal's growth rates support those claims. It doesnt necessarily just focus on clothing, or the selling of clothes. It is important for sellers to keep in mind the commission that Depop takes when pricing their items on the platform. The acquisition was aimed at expanding Etsys reach to the Gen Z demographic as Depop is a popular online marketplace for secondhand and vintage clothing that caters to the younger generation. Sky warns: "Don't let your photo be more distracting than the product you're selling.". Depop charges you only when you make a sale, unlike many other selling platforms, so there are no fees for the time your item is listed or any upfront costs to list it. In the UK as well as the US, Depop fees are 10% of the selling price (which includes the cost of the item and any associated shipping costs). Well discuss how much those Depop fees actually cost by categorizing them in this guide. Square serves fewer countries and merchants than PayPal, but its Cash App has been growing faster than PayPal's Venmo in the peer-to-peer payments market. If you haven't provided tracking then its 21 days. By selling on Depop you're keeping items in the circular economy and helping reduce fashion waste. By clicking Accept, you consent to the use of ALL the cookies. Depop, a fast-growing fashion resale app, primarily charges a 10% commission on all transactions made on its platform. (With 12 Easy Tips), Are Nike Blazers Good for Wide Feet? And she was tired of the app charging a 10 percent commission on every item sold. I have printed out the postage labels then a message from PayPal popped saying "you'll get your money within one day of delivery." Transactions on Depop are basically business deals. 1999-2023 PayPal, Inc. All rights reserved. But over time, when you have more and more sales and valuable customers that keep coming back and leaving positive reviews, it will all pay off. In addition, Depop handles all payment processing, customer service inquiries, and product delivery logistics all of which would normally require a lot of time and money to manage on ones own. A year after that, my first job out of college happened to be a copywriter position for an online luxury-fashion retailer. Younger shoppers are generally less loyal to brands and platforms than older shoppers are, according to market researchers. This trend is one that will have to be integrated into other marketplaces, perhaps searches start to explicitly prefer sustainable products and materials now is the time to ask the questions of suppliers so you can put it in your product info. Overall, it is important for both buyer and seller to be clear on the shipping costs associated with any given transaction on Depop. In this article, we'll show you how to make a new account, set . conclusion. It probably doesnt matter for any ecommerce business for a 2-3 year plan, but if you want to be making money and growing 5-10 years down the line, then Depop should be seen as a cultural signpost, their users will be the 30-45 year olds looking to spend money online who will have a disposable income and are used to have their niche personalised requirements served. why is my item not saying sold on depop - 3wge.com Therefore, PayPal is a market leader, but it doesn't have unlimited pricing power. PayPal, Square, and Stripe cover those swipe fees with their fees. You only have to look at Americas thriving second-hand fashion apps like Poshmark, TheRealReal, and ThredUp to see that. Depop gives you access to thousands of potential customers in one location, so that depends. https://www.paypal.com/uk/smarthelp/article/faq3743. It has a presence in 202 countries and processes payments in 25 currencies. PayPal doesn't anticipate a significant slowdown after the pandemic ends. The app declined to share more recent figures; Etsy doesnt separately disclose Depops financial information. Nov-05-2019 02:48 AM. russian last names starting with r; best food in chinatown vancouver; central ticket office cervinia; grazia magazine australia; inmate video visits zoom; sekka rice cooking instructions; fastest acl recovery nba document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); Copyright 2023 New Zealand Rabbit Breeder. However . In other words, PayPal wants to raise its rates while it's still firing on all cylinders. That's a 34% commission for depop? For sales under $15, you pay a flat rate of nearly $3, but for sales above $15, the platform takes 20% of your total sale. Anything from plain tees to one-of-a-kind clothing has a placeyou just have to find your audience. Sydny Sky, Depop seller, phone interview, October 28, 2020. What are the fees for selling on Depop? Saying f*ck it it to second-hand stigma. In the meantime, make sure you're staying in the green. Both platforms offer unique features and benefits to sellers and buyers, but when it comes to pricing, its important to understand how each platform charges for their services. By browsing this website, you consent to the use of cookies. Depop US top seller Sydny Boney. A sub for discussing all things Depop. Depop told the BBC that the safety and security of its community is its "number one priority", and that the service has never had a data breach or had its infrastructure compromised. Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type. How much are the greens fees at Whistling Straits? For designer items, you can usually find brand-specific Instagram accounts and Facebook groups that offer a more focused, interactive way to sell your wardrobe. Depop is more than a marketplace. The apps Instagram-like social features also support a sense of community thats absent in mainstream inhuman consumerism, says Raga. It is also advisable for sellers to keep track of their expenses and profits on Depop to ensure that they are maximizing their profits and not losing money on each sale. Depop and Poshmark are two popular online marketplaces that allow users to buy and sell pre-owned items including clothing, accessories, and other goods. Much higher financially than if you had done your own research, education, and implementation. 2023 Wirecutter, Inc., A New York Times Company, How to Sell and Buy Secondhand Things Online Without Getting Scammed.