Etsy has announced that payment delays recently experienced by some of the platform’s active sellers following the collapse of Silicon Valley Bank (SVB) have been resolved.
Etsy was using SVB to make payments to some sellers, causing delays and then on March 10th, when the bank went bankrupt, we were unable to make payments from the bank. However, Etsy quickly worked to “redesign” its payment process, allowing on-time deposits to be sent through a different payment partner.
Etsy Offered Guarantees
As reported by Small Business Trends, Etsy emailed the affected sellers on Friday, March 10, notifying them that they were behind on payment deadlines. Ecommerce marketplaces ensured that alternative payment partners were found as quickly as possible, something Etsy was unable to provide. Accurate timelines for when your due deposits will be paid.
Etsy Late Payment Solution
The delay is now resolved, Etsy website It describes what happened after the collapse of SVB: [approximately 0.5%] Payments for active sellers were delayed by one business day, but we began processing payments on Monday on our normal schedule.
“Although the number of sellers affected was relatively small, we take the disruption to our seller community very seriously. We know you rely on us to receive your payments on time for your purchases, which is why our team worked around the clock to implement alternative solutions. That’s why we continue to invest in our infrastructure and payment platform to enable seamless trading on Etsy.”
Global Panic Over SVB Collapse
The California bank failure is the largest bank failure since the 2008 financial crisis. There is great concern around the world, with many governments now trying to assess the impact on other financial institutions, technology start-ups, pensions, and more. funds.
President Biden said the U.S. banking system remains secure and offered his own assurances to the American people.
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