2023-03-14 08:01:51 ET
Etsy ( NASDAQ: ETSY ) has resumed payments to merchants with Silicon Valley Bank accounts after a short processing halt Friday and over the weekend following the FDIC shutdown of the bank.
The online retailer said only about 0.5% of Etsy's ( ETSY ) active sellers had their payments delayed due to the collapse of Silicon Valley Bank. Etsy ( ETSY ) noted it worked with those sellers to set up accounts with new payments partners.
Separately, Shopify ( SHOP ) had to halted payments to online sellers on its platform with Silicon Valley Bank account. The company told those merchants they must switch accounts to receive funds. Shopify CEO Tobi Lutke noted the company was only seeing very minor impact from the SVB collapse because it uses at least 12 different banks to process payments.
Both Etsy ( ETSY ) and Shopify ( SHOP ) rose 1% in premarket trading on Tuesday.
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Etsy and Shopify work past Silicon Valley Bank disruption