Have you ever wished for a smoother and more convenient way to pay and receive payments on Depop? If yes, then say hello to Depop Payments, the new payment method by Depop that makes transactions a breeze.
In this blog, we will uncover everything about the new payment system by Depop. From explaining how the payment method works to understanding its pros and cons, we will discuss everything in detail. So let’s get started:
What is Depop Payments?
Depop Payments is a new payment method introduced by Depop for processing online transactions. Powered by Stripe Connect, Depop Payments aims to simplify the buying and selling processes on Depop. With Depop Payments, buyers have the convenience of using various payment options such as Apple Pay, Google Pay, credit and debit cards, as well as Paypal when making purchases on the online marketplace.
With Depop payments, Depop enhances the user experience by offering a seamless and secure payment process. Buyers can choose from a range of payment methods they’re comfortable with, making transactions more accessible and convenient. With the integration of multiple payment options, Depop aims to cater to diverse buyer payment preferences while increasing overall satisfaction with the Depop platform.
Why Use Depop Payments?
Convenience:
Depop Payments offers a variety of payment methods, including Apple Pay, Google Pay, credit/debit cards, and PayPal. The multiple payment methods allow Depop buyers to choose the payment option that is most convenient for them, making the checkout process smoother.
Security:
All the transactions processed through Depop Payments are encrypted and processed securely through Stripe Connect which is a trusted payment platform. This provides peace of mind to both buyers and sellers, knowing that their payment information is protected.
Trust:
Using Depop Payments will enhance trust between buyers and sellers on Depop. Buyers will feel more confident purchasing from sellers who accept Depop Payments, as it indicates that the seller is verified and has linked their bank account to the platform.
Seller Protection:
Depop Payments offers seller protection against fraudulent transactions and chargebacks. This helps mitigate the risk for sellers when selling items on the platform, providing them with greater confidence in accepting payments from buyers.
Easy Access to Funds:
Sellers can receive their earnings directly into their bank account through Depop Payments. This eliminates the need for manual withdrawal processes and provides quicker access to funds from sales.
Pros & Cons of Depop Payments
Pros
– Easy to Understand Fee Structure:
With Depop Payments, you deal with a single, straightforward fee structure, making it easier to understand your costs compared to dealing with separate fees from Depop and PayPal.
– More Payment Options for Buyers:
Depop Payments expands payment options beyond just PayPal, allowing buyers to use methods like Apple Pay and Google Pay, potentially attracting more customers to your shop.
– Simpler Management:
Having all transactions and balances in one place simplifies the management of your Depop account, streamlining things for sellers.
Cons
Depop Payments Fees
| Fees | US | UK |
|---|---|---|
| Depop Selling Fee | 10% | 10% |
| Depop Payments Fee | 2.9% + $0.30 | 2.9% + £0.30 |
| PayPal Transaction Fee | 3.49% + $0.49 | 2.9% + £0.30 |
For US transactions, Depop Payments has a lower percentage transaction fee (2.9% compared to PayPal’s 3.49%). Moreover, it also has a slightly lower fixed fee ($0.30 compared to Paypal’s $0.49).
However, for UK transactions, both Depop Payments and PayPal have the same percentage transaction fee (2.9%) as well as fixed fee (£0.30).
It’s also important to know that Depop may charge an additional 1.29% seller service fee for UK and EU transactions.
