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Sat Aug 6 2022 23:25:39

Etsy Seller Finances in Jeopardy, Reps Unable to Help

By: Ina Steiner

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An Etsy seller is in a vicious circle after changing bank accounts and trying unsuccessfully to update their account on Etsy with the new information. Unable to get customer service to help with the problem, the seller is desperate as they have no access to their funds and the current bank account is set to close shortly.

"I am having an awful time with Etsy and their new requirement to verify bank accounts through Plaid," the seller told EcommerceBytes. "My situation is that I need to change my current bank account. Etsy's website says I have to verify my current account first. I did that. I will not allow me to change my bank. I only have the ability to verify the current account."

So after verifying the account and being unable to update the information to add the new bank account, Etsy reps told the seller to verify the existing account again.

However, the seller explained, "everytime you make a change to your bank account, Etsy puts a 5 business day hold on your ability to withdraw funds. I am current in that 5 day period, and they want me to verify again, thus extending my ability to access funds from 3 more business days to 8 business days."

The seller wondered if the problem they're having could be related to an Etsy test it announced in July of a new verification system using a third-party company called Plaid.

"Is this an issue with the roll out of Plaid? Did the developers screw up yet again? I need access to my funds and the only way I can do this is to change my bank account. Is anyone else having issues with the new must verify with Plaid?"

As online marketplaces like Etsy and eBay take over payment processing on behalf of sellers, it's vital they provide adequate customer support. Any suggestions for the seller encountering this issue?

Comments (13) | Leave Comment | Permalink
Readers Comments

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

This user has validated their user name. by: The End

Sun Aug 7 13:01:43 2022

Just got a thought :
If Silverman was serious :
He'd throw ALL the non and un Americans off Etsy immediately,
then, only accept VERIFIED American Products worth 3 digits or more.
I raised prices on my Super Unique products to Super Crazy levels and the stuff is FLYIN' off the shelves   :o)
You will ordinarily NEVER see a Smiley Face in any posting about Etsy.
HEY JOSH !
Don't let all your Butt kissing get in the way of business.

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: Stone Cutter This user has validated their user name.

Mon Aug 8 00:33:35 2022

If this Seller is from the U.S. and never gets their money, I suggest contacting their local district attorney, for guidance. Etsy will look like a scam company if money is owed to the Seller with no real help from Etsy.

Also, the Seller could write-up this problem on the Etsy Forum under “technical issues” This will get Etsy’s attention and cause a ruckus amongst Sellers.

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: johnny This user has validated their user name.

Mon Aug 8 02:45:36 2022

NYSE Fidelity Account   ETSY down 53.62 percent. Good job CEO!

ETSY
ETSY INC COM

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: an American in France This user has validated their user name.

Mon Aug 8 06:35:48 2022

@TheEnd excuse me, but I’m an Etsy seller based in France. I started my shop in 2006, before I moved from the US to France nearly 11 years ago. So, you think Etsy should kick me out because I’m not in the U.S.? Seriously?

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

This user has validated their user name. by: The End

Mon Aug 8 07:09:56 2022

Etsy IS a SCAM SITE since Josh Silverman took over.
But he has cover from politicians.

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

This user has validated their user name. by: The End

Mon Aug 8 07:11:27 2022

American in France :
Then STAY IN FRANCE and Don't mingle your stuff on our American site.
'Scuse you.

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: comgensup This user has validated their user name.

Mon Aug 8 07:34:28 2022

I had the exact same problem and the only way I could get out of the Plaid platform was to enter 3 separate incorrect amounts to ''verify'' the account. Then Etsy kicked me back to my old  banking information and then I re-entered the new bank information.  Back in July Idiot Etsy had a beta version of  PLAID (more garbage from them as usual) which was laborious and incorrect like so much of what this company does. The new version took me about 2 minutes to complete. This is the only thing I can think off. Etsy will also not pay you if you don't have more than $100 in the new account and there was also a delay of 5 days once you verified it.  So much for all the wonderful things they introduce using our funds. What a joke this co is.

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: LDWCallsOut This user has validated their user name.

Mon Aug 8 10:28:38 2022

The problems sellers have on Etsy today pre-date the arrival of Silverman, or the company going public in 2015.

Josh has been around for about 5 years now, and problems have gotten bigger as the site got more sellers and listings, but the problems go back more than a decade, not just 5 years.  Last time I looked, I could still find the oldest callout blogs going back to 2008, and pages set up by shop owners who were closed down by Marketplace Integrity for reselling with no appeal.  Some of these pages have photos of their handmade processes, and the text of emails they received from Etsy.  And you can check out the class action suit in 2015 by a bundh of the new shareholders, and look for the depositions given by former employees who worked in Marketplace Integrity concerning allowing reseller shops to stay open.

Concerning the bad treatment of the seller in this topic, Etsy's customer service has always been worse than a joke.  If I were in that situation, and the money owed me by Etsy was less than what it would cost to get decent legal advice, I would cut my losses and shut down my shop.  We don't know what kind of money Etsy is sitting on here.

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

This user has validated their user name. by: The End

Mon Aug 8 11:14:51 2022

Apparently Etsy has a TON of NON business businesses.
All the pop up windows with the Kindergarten comments.
Makes me LONG for a Professional Atmosphere.......

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: BargainzBabylon This user has validated their user name.

Mon Aug 8 11:38:01 2022

@the End - Etsy is an international site (42% as of 2021).  

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: Stone Cutter This user has validated their user name.

Mon Aug 8 13:56:05 2022

***Etsy Countries should peg against the U.S. dollar***

@The End
@American in France

I kinda agree with @The End on this one...but to a certain degree.
The EuroZone, Canada, Australia, all peg their currency against the U.S. dollar for trading fairness between countries.

However, China, India, Malaysia...etc.do NOT peg with the dollar while owning weak currencies, and are also countries that do not have child labor laws. With that, those overseas markets can produce cheaply priced products that are putting U.S. Sellers and others out of business because U.S. and European Sellers cannot compete.

As an artisan jeweler, there are a whole bunch of jewelers from India who sell cheap quality pieces for $19 USD. A comparable better quality piece made in the U.S.,would sell for $150. And as Etsy supports these type of products for the consumer with no money, eventually, the site will end up a big giant junk yard. And why would Etsy want this? Etsy makes more money from more expensive products who supports a more affluent repeat buyer. And if we do fall into a recession, this cheap buying trend will only get worse, putting sellers with better quality products, out of business.  

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

This user has validated their user name. by: The End

Wed Aug 10 20:46:54 2022

I'm aware guys.
We need a Wholey AMERICAN SITE.
That's my point.
It's O.K. to be an AMERICAN ONLY Site.
Contaminating every stinkin' thing with GLOBAL is just too much.

Perminate Link for Etsy Seller Finances in Jeopardy, Reps Unable to Help   Etsy Seller Finances in Jeopardy, Reps Unable to Help

by: ShortSeller This user has validated their user name.

Thu Aug 11 15:02:08 2022

Competing is hard, please get rid of all competition.  



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