As you may have heard, the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver to protect customer funds. Let us start by assuring you that ShowTix4U did not and does not have a direct banking relationship with Silicon Valley Bank and the services you count on from ShowTix4U are fully operational and payments are being processed.
- ShowTix4U did not and does not have a direct banking relationship with Silicon Valley Bank.
- ShowTix4U uses one of the largest check/AP processors, Bill (Bill.com) to process some hard checks and ACH payments.
- Bill (Bill.com) has disclosed that a small percentage of their business was through Silicon Valley Bank (SVB) and that some outstanding checks were written from SVB.
- Any Bill checks written from SVB can still be deposited and will be honoured.
- With the announcement from the government that all SVB depositors, including Bill, will be made whole (https://www.fdic.gov/news/press-releases/2023/pr23019.html), Bill has announced minimal impact, but that the timing of any payments currently in process may take a few extra days (https://www.bill.com/blog/march-12-update-from-rene-lacerte-regarding-silicon-valley-bank)
- Bill and ShowTix4U are committed to you and will ensure transactions are processed successfully.
- As of 3/13/23 no new hard check payments nor ACH will be processed directly or indirectly through SVB.
- Organizations on electronic daily, weekly, or monthly deposits are not affected as this payment type is not processed through Bill.
- We want to assure you that all services you count on from ShowTix4U are fully operational and event payouts are being processed.
- Please bookmark this article for the most up to date information.
Thank you and have a great season!
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