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Wed Oct 25 2017 20:14:38

Etsy Explains How It Handled Recent Currency Bug

By: Ina Steiner

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In the previous blog post, we wrote about a currency conversion problem that caused Etsy to undercharge certain buyers in Europe last week, after which it cancelled the orders and took money from the sellers' accounts to refund the buyers, even after sellers had shipped some of the orders. 

Etsy responded to our inquiry today and pointed us to the following post they published on the forums yesterday at 5:56 pm Eastern:

Hi everyone,
Thanks for sharing your concerns about the recent currency conversion issue. We've been actively working on a resolution and wanted to give you an update.

For a few hours on October 18, the third party provider that handles our currency conversion experienced an issue that affected some sellers with their shop currency set to Danish Kroner. For affected shops, the issue resulted in transactions with prices significantly lower than they otherwise would have been. 

We worked with our third party provider to quickly fix the exchange rate and display the correct prices to buyers and the issue was corrected on October 18th. We canceled all of the orders that processed at the incorrect exchange rate and refunded buyers accordingly, explaining that there was an issue with our currency conversion provider. We also gave full refunds to sellers who had already shipped their items to ensure they'd receive the correct payment for their items. 

We sincerely apologize for any inconvenience this may have caused sellers and buyers. If you've been affected by the issue and have questions, please contact Etsy Support.

Our payments team is looking into ways we can improve our monitoring and deposit process so this doesn't happen in the future. Thanks again for sharing your concerns with us.

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Perminate Link for Etsy Explains How It Handled Recent Currency Bug   Etsy Explains How It Handled Recent Currency Bug

by: ignatz This user has validated their user name.

Fri Oct 27 13:23:00 2017

There's an important piece of information that Etsy isn't revealing:

How did the incorrect exchange rate make its way into a production system to begin with?

Do developers at the "third party provider" have the ability to make edits to live data?  If so, why?

Did the bad rate come in on a market data feed?  If so, who is the provider of that feed?  What is their explanation of how an incorrect exchange rate got into the feed?

Etsy needs to get to the bottom of this - and explain it publicly - so that it doesn't happen again.

Perminate Link for Etsy Explains How It Handled Recent Currency Bug   Etsy Explains How It Handled Recent Currency Bug

by: Sierra This user has validated their user name.

Sat Oct 28 19:29:02 2017

Etsy tests on the live site. This annoys the heck out of many (if not most) of the sellers. That's my best guess.  

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