Online marketplace Etsy has informed its SME sellers that payments to them for sales made via its marketplace will be subject to delay following the collapse of its banker Silicon Valley Bank. Etsy has some 7.5m sellers in total and for a significant number of them, the marketplace is a primary channel.
Etsy said that it is working with alternative payment services to handle deposits and onward net payments to its sellers.
However, this latest development has generated deep concerns over the security of customer monies and payments to individual merchants.
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