Who has their hands in a bind?

Worldpay, the third-party payments processor for Etsy, has come forward after six days of silence, acknowledging that it is experiencing a service disruption.

A significant number of Etsy transactions have been disrupted by ongoing payment processing outages. Over 7000 posts have been made by frustrated merchants in an Etsy forum dedicated to the problem. This is almost twice the volume from last night when we first posted about the payment processing saga.

Unfortunately, it doesn’t appear Etsy users are going to get much closure from the Worldpay statement. The outage is affecting all of Etsy’s credit, debit, and gift card transactions.

While Etsy doesn’t release transaction numbers, we estimate that the company likely handles a few hundred thousand transactions per day. Generously assuming that half originate from a card, the number of affected transactions is rapidly approaching a million. This is hardly a small outage, “affecting a small number of customers.”

 

Etsy has their hands in a bind since all their eggs are in the Worldpay basket. It seems the relationship is growing strained between the two companies given the delayed and half-baked response from Worldpay. Etsy users are clearly frustrated and are rightly demanding a solution. In a world of instant gratification, a six-day payment processing failure, on one of the worlds most prominent e-commerce sites, is unacceptable.

Interesting article. “Etsy has their hands in a bind”??  Nope, Etsy Sellers have their hands in a bind.  Meanwhile back at the brand new building, where Chad is taking a mammoth-months leave, Etsy is minimizing the problem, or trying to, by saying it’s a “small number of customers”.

Maybe a million is a small number to Etsy…

I also have to wonder how much money WorldPay is making on the “float” while they try to fix their “problem.”  They know Etsy has nowhere to go, and they are playing fast and loose with Etsy seller’s money.

 

 

 

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