Delay In Payments

[kritter]

www.nbcnews.com/business/business-news/etsy-delays-payments-sellers-due-silicon-valley-bank-collapse-rcna74475

Etsy is warning sellers that the collapse of Silicon Valley Bank 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.

[labbypaws]

Ugh. Roku lost about 480 million.

[Pantlandia]

The government is gracious enough to print more money to cover every penny to all depositors. I'm sure lots of politicial contributors used the bank. I sure hope they do the same when any other banks fail but it we shouldn't hold our breath in that happening.

[val2525]

We use Patriot for payroll and they used SVB to process the direct deposits. No one got paid this past Friday. For once, I'm actually glad so few of our clients use direct deposit

We've advised our DD clients that they will either have to write paper checks for the next few weeks, or transfer net pay via Zelle or something similar.

[val2525]

I wonder if Amazon used SVB too? I'd be very surprised if they didn't. The bank collapse is really going to hurt tech and ecommerce.

www.npr.org/2023/03/11/1162805718/silicon-valley-bank-failure-startups#:~:text=Silicon%20Valley%20Bank%20did%20business,capital%20firms%2C%20like%20Andreessen%20Horowitz.