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 NBCNews.
on Friday is causing delays in processing payments, according to an email from the company shared with NBC News.
"We wanted to let you know that there is a delay with your deposit that was scheduled for today," the email from Etsy said. One affected Etsy seller told NBC News the deposits delay would have a"catastrophic" effect on his business. "At this time, Etsy has not provided a time frame for the funds to be deposited," McKinney said."While I do have a website, Etsy remains a huge part of my business."sold about $21 billion of securitiesThat move raised eyebrows among investors who pondered why SVB would need to raise so much money abruptly. It also worried depositors, many of whom suddenly wondered whether their money was safe and began pulling funds out.
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