Etsy requires re-authentication of bank card information, causing dissatisfaction among sellers

According to foreign media reports, Etsy sent an email to sellers on Thursday, asking them to re-verify their bank card information. This news caused quite a stir in the circle.

The reason given by the platform is to ensure that sellers comply with the platform's anti-money laundering regulations.

While the news of the card verification requirement caused some unrest among sellers, it was the way in which Etsy was asking them to verify their information that really worried sellers .

Etsy requires sellers to use a third-party service platform called Plaid, which requires not only bank card information but also bank card passwords, which has raised questions among many sellers.

However, Etsy also provided an alternative solution. After a month of testing, Etsy added a new option to the platform's help page. Sellers who do not want to upload their bank card passwords can choose to use this feature.

However, it has a drawback, which is that it will freeze the seller's funds for up to five days.

This puts sellers in a dilemma: on one hand they may face the risk of having their funds stolen, while on the other hand they have to endure having their funds frozen.

The title of a letter from Etsy to sellers is “Verify your card details to continue getting paid.” The content of the letter is as follows:

Due to anti-money laundering regulations, we need to verify your bank card information to confirm whether the card belongs to you.

Here are the steps to verify:

1. Log in to the Etsy platform and click "Store Management"

2. Click on "Funds"

3. Click "Payment Settings"

4. Then follow the instructions in the yellow banner.

Please keep in mind that if you are unable to verify your bank card information within the next 30 days, you will not be able to receive payment for your sales order.

Etsy did not give any further explanation about this news .

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