Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments.
One affected Etsy seller told NBC News the deposits delay would have a “catastrophic” effect on his businessPhoto Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images on Friday is causing delays in processing payments, according to an email from the company shared with NBC News.
The online do-it-yourself goods mega shop said it used SVB to facilitate disbursement to some sellers, and that it was working with other payment partners to issue deposits. "We wanted to let you know that there is a delay with your deposit that was scheduled for today," the email from Etsy said. "We know that you count on us to help run your business and we understand how important it is for you to receive your funds when you need them," the email continued."Please know that our teams are working hard to resolve this issue and send you your funds as quickly as possible."Etsy did not immediately respond to a request for comment.
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