Etsy and Shopify worked together to overcome the Silicon Valley Bank collapse, allowing their customers to continue working without interruption. Learn how this was possible here!
Despite the disruption caused by Silicon Valley Bank's system outage, Etsy and Shopify found a way to work together, allowing their customers to transact without any issues. Find out how these two companies managed to pull off this technical feat here!
If your company has deposits in a bank that is shut down by regulators, there are several steps you can take:
1 Contact the FDIC: The Federal Deposit Insurance Corporation (FDIC) is the government agency that insures deposits in most U.S. banks. You should contact the FDIC as soon as possible to find out what steps you need to take to recover your funds.
2 Gather documentation: You will need to gather all of your account statements and other documentation related to your deposits at the bank. This will help you to prove the amount of money you had on deposit and assist the FDIC in processing your claim.
3 File a claim with the FDIC: You will need to file a claim with the FDIC to recover your funds. You can do this online or by mail. The FDIC will provide you with instructions on how to file a claim and what documentation you need to provide.
4 Be patient: The FDIC will work to process your claim as quickly as possible, but it may take some time to receive your funds. In the meantime, it is important to continue to monitor your account and keep track of any updates from the FDIC.
It is also a good idea to review your company's banking practices and consider diversifying your deposits across multiple banks to minimize the risk of losing funds in the event of a bank failure.
Identify the Issue and Develop a Solution.
The key to overcome the Silicon Valley Bank disruption was crafting a solution together. Etsy and Shopify both identified the issue and developed a solution that involved Shopify taking on various credit card payment processing tasks of nonprofit seller payments within the US. This allowed Etsy’s customers to continue working without any interruptions.
Utilize QuickBooks Capital Alternatives.
Another way in which the two companies overcame the disruption was to find an alternative source of payment processing. Shopify and Etsy were able to set up temporary merchant accounts with QuickBooks Capital, one of the leading payment processors. Through this service, their customers were able to quickly and securely process their payments without interruption. This allowed for continued business continuity for all parties involved.
Leverage Existing Payment Solutions and Partnerships.
In order to quickly and smoothly get through the disruption, Shopify and Etsy leveraged existing payment solutions, as well as their existing partnerships with payment processors. For example, both platforms worked with QuickBooks Capital to quickly provide customers secure and reliable payment options in the midst of the disruption. This allowed Shopify and Etsy customers to continue working without interruption or delays.
Invest in Fast, Seamless Payments Support Platforms.
Investing in a fast, seamless payment support platform is key to ensuring your customers can continue shopping, no matter what challenges you face. Having a trusted partner like QuickBooks Capital will help you transition smoothly and quickly in the event of a disruption with your primary financial provider. This way, your customers can always be assured their transactions are secure and reliable.
Develop Customer-Friendly Tools to Manage Cash Flow & Capital Accessibility.
To keep operations flowing seamlessly when facing a disruption, it was important for both Shopify and Etsy to develop customer friendly tools that allowed customers to make payments without relying on Silicon Valley Bank. To this end, they aimed to find an alternative financial provider like QuickBooks Capital that could offer fast access to funds with secure transactions and low fees. As a result, merchants were able to continue their business without interruption and customers could quickly continue their shopping journey.