Etsy, the popular e-commerce platform, has warned some sellers that there may be delays in payments due to the sudden collapse of Silicon Valley Bank (SVB). Multiple statements from the company confirmed the news, with an Etsy spokesperson telling Forbes via email that “supporting our sellers is our highest priority.” They added that the company understands “how important it is for these small businesses to be able to receive their funds when they need them.”

The Federal Deposit Insurance Corporation dissolved SVB on Friday after a crippling bank run by customers. Etsy posted a similar statement on its website on Saturday in an effort to reassure sellers that work on the problem was ongoing. The global fallout from the demise of SVB has prompted action from governments and financial institutions alike.

Etsy had used SVB to process payments before distribution, which means that the bank’s collapse has caused a delay in payments for some sellers. However, the company is actively working to implement a solution and expects to pay sellers through other payment partners within the next few business days.

Following the company’s statement, Etsy sellers started urging each other to put their stores on “vacation mode.” This is a setting on Etsy that temporarily prevents customers from placing new orders. The collapse of SVB is the largest bank failure in the U.S. since the 2008 financial crisis, and it has caused significant concern within the business community.

Etsy’s response to the situation has been swift, with the company working around the clock to address the issue. While some sellers may face payment delays, Etsy has reassured them that it is doing everything possible to resolve the situation. It is a challenging time for all involved, but Etsy’s commitment to supporting its sellers remains steadfast.

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