Depop has quickly become one of the hottest online marketplaces for buying and selling unique and vintage items. With over 30 million users globally, the app facilitates over $1 billion in transactions annually. As an avid Depop user and small business consultant dedicated to the handmade community, I want to provide a comprehensive guide to Depop‘s new integrated payments system – Depop Payments.
Why Depop Sellers Should Adopt Depop Payments
Depop Payments offers several compelling benefits for sellers looking to scale up their shops:
- Quicker payouts – Funds get deposited within 3-5 business days into your connected bank account. This is faster than PayPal‘s standard payout timeline.
- Lower transaction fees – At just 2.9% + $0.30 per transaction, sellers save compared to PayPal‘s higher rates.
- Increased sales – More payment options mean higher conversion rates. Depop Payments badge displays accepted methods.
- Enhanced security – Backed by Stripe‘s fraud prevention technology. Chargeback risk is low at less than 1%.
- Centralized hub – Manage orders, shipping, refunds, messaging all in one dashboard.
- High adoption – Over 50% of transactions on Depop now utilize Depop Payments.
For these reasons, most sellers should activate Depop Payments to streamline operations and boost revenues.
Optimizing Listings for Sales
Sellers should optimize their listings to drive conversions:
- Highlight accepted payment methods
- Offer free shipping over a order value threshold
- Use enticing titles and descriptions for the listing
- Include detailed photos showcasing key product features
- Refresh stale listings to get them back into search feeds
- Cross-sell complementary products on each item‘s page
Steps to Getting Paid Quickly
Once a sale is made, it takes just a few easy steps for sellers to receive payouts:
- Funds from the transaction credit your Depop account balance automatically
- Available balances transfer to your connected bank account within 3-5 business days
- You receive an email confirmation when the payout is complete
- For amounts under $10, the balance rolls over to the next payout cycle
How Depop Payments Works
Depop Payments is powered by Stripe, who securely handles payment processing in the background.
Stripe transfers the funds between the buyer and your Depop account. Depop then handles the payout based on your account status, sales activity, and threshold limits.
Key steps in the payment process:
- Buyer selects Depop Payments at checkout.
- Stripe processes the payment via the customer‘s payment method.
- Funds deposit into your Depop account balance.
- Depop transfers available balances to your bank account automatically.
Depop also charges a 10% fee on the total selling price for each order. This covers listing fees, payment processing costs, and supports the app‘s operations.
Fraud Protection with Stripe
Stripe provides the underlying payment infrastructure for Depop Payments. Their technology and AI provides robust fraud detection and prevention capabilities such as:
- Analyzing transaction data patterns to flag suspicious behavior
- Blocking risky cards and high-risk users automatically
- Detecting stolen card usage or account takeovers
- Monitoring repeat fraud indicators across the network
Sellers are protected from unauthorized charges and bogus disputes. If any issues arise, Stripe‘s team works quickly to resolve them.
Offering Excellent Customer Service
Building loyal repeat customers is crucial for sustained growth on Depop. Sellers should:
- Communicate proactively about shipping, custom requests, delays
- Ship quickly with tracking to delight buyers
- Resolve issues fairly by offering returns/replacements
- Follow up with happy buyers to encourage reviews
- Check messages daily and reply promptly to questions
Going above and beyond keeps buyers coming back while earning more 5-star reviews.
Handling Returns and Refunds
Despite your best efforts, some buyers may still request a return. Common reasons include:
- Item damaged or not as described
- Ordered the wrong size or color
- Simply changed their mind
If the return request seems valid, issue a refund promptly through the app. Logistics companies like Returnly can provide pre-paid return shipping labels to simplify the process.
Accepting reasonable returns gracefully preserves your reputation and shows customers you stand behind your products.
Why Buyers Love Depop Payments
For buyers, Depop Payments brings convenience and security:
- Seamless checkout – Payment details stored for faster future purchases
- More payment options – Pay via credit/debit cards, Apple Pay, Google Pay
- Buyer protection – Coverage for item issues and fraudulent transactions
- Smoother returns – Refunds quickly credited back to payment method
- Familiar interface – Checking out is easy within the Depop app
Offering diverse payment methods caters to every customer‘s needs and preferences.
Top Buyer Concerns and How to Address them
Understand common buyer concerns and thoughtfully address them:
|How Sellers Can Reassure Buyers
|Add tags like "Authenticity guaranteed" and provide product descriptions that reinforce legitimacy
|Set accurate delivery expectations and proactively inform buyers of any potential delays
|Provide detailed size charts and measurements for clothing items
|Write detailed product descriptions and show flaws clearly in photos
|Lack of customer support
|Respond quickly to queries and resolve issues fairly
Building trust is essential – great communication and stellar service helps alleviate doubt.
How Depop Payments Compares to Other Platforms
Depop Payments surpasses services offered by other popular marketplaces:
|3-5 business days
|2.9% + $0.30
|Typically 2 weeks
|2.9% + $0.30
|5-7 business days
|5% + $0.25 listing fee
|eBay Managed Payments
|10-12% of transaction
For both buyers and sellers, Depop provides a great combination of convenience, affordability and protection compared to alternatives.
Getting Started with Depop Payments
Ready to begin receiving quick payouts? Follow these steps:
- Tap "Payments" in your profile
- Enter bank account and personal information
- Verify your identity
- Review and accept Stripe‘s terms
- Link your PayPal account for additional payment method
Once activated, Depop Payments will become the default option during checkout. Sit back and watch your orders and earnings grow!
Conclusion: Why Depop Payments is a Game-Changer
Depop Payments brings users an integrated and streamlined transactions experience:
- Quicker payouts improve cash flow
- Lower fees compared to alternatives like PayPal
- More payment options increase conversion rates
- Enhanced fraud protection through Stripe
- Centralized hub to manage orders and payouts
- Seamless and familiar checkout flow
- Convenient payment methods like Apple Pay
- Strong buyer protections against fraud
- Smoother refund and return process
- Faster transactions empower impulse purchases
By tackling payments, Depop removes friction from buying and selling unique goods. This enables the platform to continue flourishing as a tight-knit community.
As a seller, activating Depop Payments can take your business to the next level through faster growth, improved cash flow, and increased sales. It‘s a win-win for everyone involved!