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Mon May 9 2022 20:58:47

Etsy Currency Conversion Glitch Terrifies Sellers

By: Ina Steiner

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Etsy acknowledged a currency conversion glitch that impacted sellers in Singapore, and one reader called it chilling. She pointed to some threads on the Etsy discussion board started on May 8th where sellers were discussing the problem.

An excerpt of a post from a seller who experienced the glitch follows:

"Hey guys, I have just experienced what is possibly the scariest Etsy glitch I have yet to encounter. I sell digital products in my shop, and I just sold an item around 15 mins ago. The item's price is around $6.

"When I checked my Etsy balance, the sale correctly credited the $6 to my account. As usual, I was deducted the usual $2-$3 cut that Etsy takes in the fees. But then out of nowhere there was suddenly this "auto-renew sold listing" fee that charged $13,000 and a VAT tax for the "auto-renew sold" which charged $900!"

Four hours later, the seller said that not only were they getting charged for renewing an item, "I'm also getting charged $14,000 whenever I make a sale!"

Four minutes later, Etsy opened a thread in the Technical Issues board, which they updated and now displays the following message:

"9 May update: We've determined that the incorrect charges from 8 May 2022 were due to an issue caused by the currency conversion rates that we get from our third party provider. This led to transactions to be calculated and posted incorrectly to a small number of shop payment accounts. The root issue was fixed on 8 May 2022. Any transactions after this fix was put in will not be impacted by this issue. The team is working on correcting all impacted payment accounts and will provide an update when this is complete. Thanks for your patience!"

While the message said Etsy fixed the glitch yesterday (we're not sure what time), as of Monday evening, we could find no message reporting Etsy had fixed the accounts of the sellers who were impacted - but it looked like new comments had fizzled out by Monday morning.

Mistakes happen, responding quickly and making things right with sellers is important.

It isn't clear if the glitch caused any account overdrafts or credit card charges for the sellers in Singapore who were impacted, but it was enough to make those reading about it more than a little nervous.

One seller offered advice to others to safeguard against negative consequences of any future glitches like the one Singapore sellers experienced, such as "Do not enable "Auto Bill Pay,"" and, "Have a separate bank account - business only - where Etsy makes deposits. Do not use your personal, household expenses, account."



Comments (5) | Permalink

Readers Comments

Perminate Link for Etsy Currency Conversion Glitch Terrifies Sellers   Etsy Currency Conversion Glitch Terrifies Sellers

This user has validated their user name. by: The End

Tue May 10 08:15:31 2022

Etsy gets THE WRECKING BALL ! ! !
For God's sake get us a New, Wholey American Venue.

Perminate Link for Etsy Currency Conversion Glitch Terrifies Sellers   Etsy Currency Conversion Glitch Terrifies Sellers

by: LDWCallsOut This user has validated their user name.

Tue May 10 10:24:39 2022

Looks like a case of CUI.  Coding Under the Influence.

Perminate Link for Etsy Currency Conversion Glitch Terrifies Sellers   Etsy Currency Conversion Glitch Terrifies Sellers

by: Hobbiton This user has validated their user name.

Wed May 11 23:07:03 2022

Sounds like some coder didn't follow ISO 9001 specs. Maybe ask the Singapore financial regulator MAS to investigate and levy some fines.  

Perminate Link for Etsy Currency Conversion Glitch Terrifies Sellers   Etsy Currency Conversion Glitch Terrifies Sellers

by: COVID-19 This user has validated their user name.

Thu May 12 20:38:47 2022

Seriously, many websites' programmers are overpaid and underperform. These corporations need to clean house and fire a bunch.

Perminate Link for Etsy Currency Conversion Glitch Terrifies Sellers   Etsy Currency Conversion Glitch Terrifies Sellers

by: ShortSeller This user has validated their user name.

Fri May 13 15:17:00 2022

Always a bug when they need short term cash flow.



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