Important Information About the Collapse of Silicon Valley Bank and Signature Bank


March 13, 2023

During the weekend of March 10, 2023, news spread of the collapse of Silicon Valley Bank (SVB), Signature Bank, and potentially other financial institutions. This has likely affected some ticketing providers. However, it’s important to note that Patron Technology does not have any direct involvement with, or exposure to, Silicon Valley Bank (SVB) or other affected banks and therefore is not impacted. Our clients’ funds remain safe and accessible. 

With the FDIC intervention of SVB, there are a lot of questions and concerns amongst others in our industry. Know that we’re here to help any clients who bank with any of the impacted banks or anyone whose ticketing provider has direct exposure to them. 

Please check out our FAQs below or reach out to our team and we’ll work together to help you move forward.

Frequently Asked Questions

Q: My event is already on sale and my money is locked up with SVB or an affected bank. I need funds to continue operations. How can Patron Technology help?

A: We can provide a number of options to help you maintain continuity of your business when you partner with us to facilitate your ticket sales. Contact our team directly for more information.

Q: I am about to go on sale with my event but my ticketing provider is using SVB or another affected bank, what should I do?

A: Patron Technology and our ticketing solutions have no relationship with any of the impacted banks, so let us help handle your upcoming on-sale and transactions so you get access to your funds in a timely manner. 

Q: How long does it take Patron Technology to get my event on sale?

A: For smaller events with lean teams, you can be up and running on our self-service ticketing platform, Ticketleap, in less than five minutes. For larger enterprise-level events, our team of implementation managers are standing by to help get you up and running in the same or next business day.

Q: What about my payment processing?

A: Patron Technology uses Stripe for its payment processing at competitive rates. Stripe also has no direct exposure to Silicon Valley Bank and continues to operate normally. Setup and approval is virtually instantaneous. 

Q: I am a current client of Patron Technology and I do my banking with SVB or another impacted bank. How do I update the bank account so my payouts from you don’t get held up?

A: Send an email to informing us that you need to change your bank account on file with us, and we’ll send you a secure ACH authorization form via HelloSign to complete. Please provide us with the name, email address, and phone number of the person who should receive the email from HelloSign.

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