The collapse last Friday of Silicon Valley Bank (SVB), which served as the go-to bank for tech startups and venture capital firms, didn’t spare the retail industry.
Among those in the retail space impacted:
- Some Etsy sellers had their payments delayed by one business day. The online marketplace worked with other payment partners to resume payments by Monday.
- Shopify halted payments to online sellers with SVB accounts, telling merchants they must switch accounts to receive funds.