E-commerce site Etsy has warned some sellers to expect possible delays on payments due to the sudden collapse of Silicon Valley Bank (SVB), according to multiple statements from the company.
E-commerce site Etsy has warned some sellers to expect possible delays on payments due to the sudden collapse of Silicon Valley Bank , according to multiple statements from the company.
“At Etsy, supporting our sellers is our highest priority, and we understand how important it is for these small businesses to be able to receive their funds when they need them,” an Etsy spokesperson“We recently experienced a delay in issuing payments to some sellers related to the unexpected collapse of Silicon Valley Bank.
The Federal Deposit Insurance Corporation dissolved SVB on Friday after a crippling bank run by customers.Credit: @Dr_PhillipB via Spectee /TMXin an effort to reassure sellers work on the problem is ongoing as the global fallout from the demise of SVB sparks action from governments and financial institutions alike.
The online marketplace for crafts and vintage items used SVB to process payments before distribution.SVB International Fallout: UK and EU Lenders Lose £30 Billion Overnight as 'Panic' Spreads
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