We're Leaving Etsy. Here's Why!
Etsy is forcing all sellers in the United States to use a new payment platform to receive payments for purchases made on their e-commerce site. Etsy is requiring small businesses like YOLO Health and Wellness to verify their bank account information with Plaid Inc. This payment processing company recently settled a class-action lawsuit over claims of obtaining bank usernames and passwords. While Plaid Inc. did not admit any wrong-doing, they did agree to a multi-million-dollar settlement.
According to information filed in the lawsuit, Venmo users accused Plaid Inc. of stealing their personal bank account data. This week I received an email from Etsy requiring me to verify my business bank account information with Plaid, to continue receiving payments from customers. I will not allow Plaid, Inc. to have access to my bank's username and password to continue getting paid by ETSY. I have joined the Indie Sellers Guild, a new union formed to advocate for Etsy sellers. I am hopeful the Indie Sellers Guild will be successful with getting Etsy's attention to stop forcing sellers to use a shady company like Plaid Inc.
My Customer’s SAFETY and SECURITY are my number one PRIORITY!
You can feel confident in purchasing YOLO Health and Wellness plant-based products online via our secure and encrypted website powered by WIX. To help protect our customer’s online purchases, WIX utilizes HTTPS over TLS 1.2 and above, which includes SSL certification. In addition, your data is encrypted using AES-256, the industry’s most universally used encryption method. Finally, WIX uses the highest standard of encryption and storage measures using a FIPS 140-2-certified Hardware Security Module (HSM).
I am so grateful for all of our customers who purchased products on Etsy. Thank you so much for your support.