Following the collapse of Silicon Valley Bank, Etsy is warning sellers it may take longer than usual for the company to process some payments. “We wanted to let you know that there is a delay with your deposit that was scheduled for today,” Etsy told affected merchants on Friday in an email the company shared with NBC News. “Please know that our teams are working hard to resolve this issue and send you your funds as quickly as possible.”
An Etsy spokesperson attributed the delay to “the unexpected collapse of Silicon Valley Bank,” noting the company used the bank to facilitate payments to some merchants. They added Etsy is working with other payment partners to facilitate deposits. The company expects to pay affected sellers “within the next several business days.” More than 7.5 million merchants use Etsy to sell their wares online.