Online marketplace Etsy says U.S. sellers must verify bank accounts - Reuters

Quick Read

com Register Plaid, which last year agreed to pay $58 million to settle a case that alleged it used financial information without consent, said it was "committed to providing a secure experience" to users.
com Register Reporting by Nivedita Balu and Praveen Paramasivam in Bengaluru; Editing by Vinay Dwivedi Our Standards: The Thomson Reuters Trust Principles.
sellers on its marketplace will either need to self verify their bank accounts or do it through a third-party as it seeks to comply with anti-money laundering and related regulations.
Etsy has also provided the option to self verify bank accounts, but a seller who did not wish to be named said the process was tedious.
Register now for FREE unlimited access to Reuters.

Online marketplace Etsy says U.S. sellers must verify bank accounts - Reuters

A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy's initial public offering (IPO) on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar Aug 26 (Reuters) - Etsy Inc (ETSY.O) said on Friday U.S. sellers on its marketplace will either need to self verify their bank accounts or do it through a third-party as it seeks to comply with anti-money laundering and related regulations. The sellers Reuters talked to and several others on discussion forums were annoyed over the move, saying the recommended mode of verification involved providing financial technology platform Plaid with their banking username and password. "This is so typical of Etsy on any controversial subject but, when it has to do with our finances, it's unacceptable," said Dorothy Domingo, who has been selling functional pottery on Etsy since 2008. Register now for FREE unlimited access to Reuters.com Register Plaid, which last year agreed to pay $58 million to settle a case that alleged it used financial information without consent, said it was "committed to providing a secure experience" to users. Etsy has also provided the option to self verify bank accounts, but a seller who did not wish to be named said the process was tedious. "Unfortunately, a history of less-than-stellar communication and customer service contributes to a general lack of trust in Etsy," said another seller who also wanted to remain anonymous. This is the latest in a series of issues faced by some sellers. A few went on strike earlier this year to protest an increase in transaction fee at Etsy. read more Etsy is still a key source of income for its nearly 8 million active sellers, but some said they were considering exiting the platform. "I haven't fully reopened my Etsy shop, because so many of my wonderful customers have been going to my website to support me. But with this, I may be forced to shut down my Etsy shop permanently," seller Kristi Cassidy said. Register now for FREE unlimited access to Reuters.com Register Reporting by Nivedita Balu and Praveen Paramasivam in Bengaluru; Editing by Vinay Dwivedi Our Standards: The Thomson Reuters Trust Principles.
The Original Article can be found on Reuters

4 Top Reasons to Start an Online Store This Year - StartupGuys.net

Are you looking to get into the business? Starting your own business can help boost your revenue, support your family, and even set you up for a successful retirement. You may be …

Read more here
4 Top Reasons to Start an Online Store This Year - StartupGuys.net

Why brands should use memes for customer engagement and not product selling - The Financial Express

By Taaran Chanana In today’s internet-connected world, memes have evolved into a decentralised source of cultural currency that can be found on almost any social media platform. P …

Read more here
Why brands should use memes for customer engagement and not product selling - The Financial Express

Selling Your Old Handbags? Check Out These Quick Tips Before You Begin - GOBankingRates

Selling Your Old Handbags? Check Out These Quick Tips Before You Begin demaerre / iStock.com If your home is overrun with handbags you swore you’d never part with but can’t bear …

Read more here
Selling Your Old Handbags? Check Out These Quick Tips Before You Begin - GOBankingRates

Texas Roadhouse is selling candles that smell like honey cinnamon butter - Restaurant Business Online

Honey Cinnamon Butter candles cost $12 each. / Photo courtesy of Texas Roadhouse Texas Roadhouse is turning one of its most beloved menu items into a candle. The steakhouse chain …

Read more here
Texas Roadhouse is selling candles that smell like honey cinnamon butter - Restaurant Business Online

How to Complete a Motorcycle Club Sell Mission in GTA Online - Hard Drive

There are many benefits to owning a motorcycle club in GTA Online. You can build a small posse to protect yourself during free mode, own a club, make money from a custom bike shop, …

Read more here
How to Complete a Motorcycle Club Sell Mission in GTA Online - Hard Drive