Heads up for Reverb (Etsy) sellers; they're having issues sending payments out

[HeHasTheJazzHands]

Yep, seems to be broken right now. Listings are down so I don't know if that's a coincidence, Reverb, or some sort of back end service provided by another company.

I think it's the service. The app is super sluggish right now

 

[MetalDestroyer]

Server working fine for me, but no database content. Wonder if they pulled the rug to prevent more payment issues or if some intern pushed to prod

 

[tian]

Or some contract systems manager didn't get paid on the 14th and said, "watch this!"

 

[crushingpetal]

Tho the butterfly effect is wrong, I like this causal chain:

-investment banker at SVB buys too many long-term bonds
-interest rates go up
-SVB sells bonds at deep loss
-investers panic and pull money
-SVB crashes
-Reverb.com crashes
-some wanker can't flip their KoT pedal

 

[Cheap]

loved selling a prs for 5k, shipping it, then finding out about this whole payout delay debacle lol

got my payout confirmation this morning and am not too worried as a seller about the situation. the higher meaning of it all? maybe a bit concerning, ya. i saw on tgp that some sellers were recalling their shipments and issuing refunds and reverb took the refund amount as a debit from the seller account instead of pushing back the money the buyer sent thru making a bigger unnecessary mess out of all of this.. woof

 

[MAJ Meadows SF]

Can anyone even use the site? The whole site is completely screwed on my end. No listings at all, no watchlist or anything. Random lines of HTML code, it's a mess.

Yeah mine is still working. Although I've noticed search functions disappearing; although that's been happening for a while, especially historical tracing.

I NEVER want to venture into political discussions on here, but this is mostly fiscal and solid input. I'm curious if FDIC is covering bigger depositors with SVB, because there are many big ones far over the $250K cap. That's been a high deposit bank for a while, and horribly managed. As stated before look at who they've hired in executive level positions. Same goes for Signature; Barney Frank? Seems like a kickback/payoff move from when he was in the regulatory game. But this is nothing we haven't seen before. As much as these top execs should be held responsible, they probably never will, and a constant insurance policy as a bailout just incentivizes it. No easy answer but we for sure have been watching a failed program.

Fed Reserve functioning as a dysfunctional cartel aside, this is definitely going to get worse if overprinting and interest rates both keep rising. The Saudi's are already sour over among others. I'm wondering when the tipping point will come (if not programed, and I know I'm on the fringe with that but it's my opinion) for a forced conversion to digital, federally controlled currency.

Reverb and other online retailers probably need to rethink diversifying money flow functions just like the average person should with their own assets.

 

[wheresthefbomb]

I buy on reverb, but I would never sell on there. Hope the guy I bought my ABY from got his before all this went down.

 

[mikernaut]

Looking on their Twitter, some funny comments but then ....... wait,people buy stuff from Essex Recording Studio with his insane prices?

 

[groverj3]

Reverb and Etsy payments are pretty small potatoes.

My employer used this bank for payroll. However, thankfully, due to the FDIC waiving the insurance limit I will still get paid next Friday.

This really makes me wonder though, what do companies usually do to mitigate risk like this? For example, in the US normally $250k is insured in a single account. Which, for a person, is fine. However, most companies would need to have more than that in a single account, I would think.

 

[Emperoff]

Looking on their Twitter, some funny comments but then ....... wait,people buy stuff from Essex Recording Studio with his insane prices?


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Considering average eBay customers are fucking dinosaurs incapable to read listing descriptions before making a purchase, I'd say I'm not surprised he's thriving there (trust me, I sell stuff there ).

Funny thing is that eBay sales fees are on average 5% higher than Reverb's, so that might amount to several hundreds price increases in Assholex Recording Studios prices

 

[jaxadam]

However, most companies would need to have more than that in a single account, I would think.

They do, but they also have multiple accounts spending this out. We have multiple different business accounts at multiple different banks. It can be quite a pain in the ass at times.

 

[jaxadam]

I NEVER want to venture into political discussions on here

You should start. This place will learn you real good.

 

[Sir_Shreddington]

I just checked Reverb and the site is down for me too. Etsy seems to be up, but some sellers are not selling anything because they haven't gotten paid. My wife's shop seems okay for now.

 

[Winspear]

Any non-US sellers (UK specifically) successfully received money? I am assuming they use a separate bank in the UK given what international transfers are like with fees etc

 

[HeHasTheJazzHands]

Just got home from work and it's still "down". Jeez.

 

[TonyFlyingSquirrel]

Money is in the bank, so all is well on my end.

 

[sleewell]

they are def having issues lolololol

 

[HeHasTheJazzHands]

Website's alive for me again.

 

[Furtive Glance]

I’m going to start my own instrument selling site… with Blackjack… a-a-and hookers!

 

[MAJ Meadows SF]

I’m going to start my own instrument selling site… with Blackjack… a-a-and hookers!

Add an order of Popplers to the transactions and count me in!