What impact does the bank closing have our our Shopify stores? Not finding much information on this but see that Shopify is a customer that continues to be listed in news related to the bank closing? What guidance is Shopify giving us? Should we temporarily shut down Shopify Payments?

Hello, On Friday March 10, 2023, the United States Federal Regulators shut down the Silicon Valley Bank (SVB). Shopify knows that you might’ve been impacted, and we’re doing everything we can to help you. You can use the information on this Silicon Valley Bank (SVB) FAQ page to find answers to spec…

I got this from a different post. this answer was posted about 15 minutes ago. “I asked Shopify Support about this directly. They said: "Upon checking, the payout functionality for both Shopify Payments and Shop Pay Installments is not impacted by the Silicon Valley Bank closures. Merchants who cu…

Are we sure more people are affected? I’ve had a payment from my Shopify payments account say “pending” since Wednesday night/Thursday even though I’m scheduled for daily payments it still hasn’t gone through. And no, I don’t use SVB.

What a coincidence my payouts are on hold as soon as this news dropped… dealing with this is a nightmare whether it’s because of this or not.

Can somebody help please? I have a Shopify account, but I don’t bank with SVB my payments, go into a UK bank account. However, to Shopify hold all merchants money in the bank that has gone down.??

It’s not about the bank you use. Shopify uses SVB. When a customer buys from your shop the money goes to SVB. Then is paid out to your bank account after Shopify removes their fee. So since Shopify uses SVB this is affecting your payments. Hope that helps.

Any more info on this? Also not using SBV and seeing fridays transfer as pending, which has never happened before.

I received my Friday payout in my non-SVB bank account. I have an “in transit” payout for Monday, so we’ll see if that comes through. So it seems like everything is ok, but it would be great to get an official statement from Shopify.

I think it will be paused for a while. In addition, perhaps this will pose in even bigger issue that leads back to January & February when retailers were missing shop pay installment payouts. But something sellers need to consider, if they have a current Shopify capital loan, is that while you have …

I never got an email like that.. What was the heading of the email? Ill look for it..

Ironically it was sent on Friday, March 10. “Renewal funding offers now available after 65% completion.”

How does Silicon Valley Bank's closure affect our online stores?

Shopify Discussion

deeedra March 13, 2023, 11:25pm 26

yes and no. You have to have ONE payment method selected. See that “Diners club”? Who do you know with that option? Select that and unselect the others. Now, all payments go to paypal. Problem solved.

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How does Silicon Valley Bank's closure affect our online stores?

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