Etsy Fee Glitch Impacting Singapore Sellers

UPDATE 5-12-22

Etsy has now confirmed that they are refunding and canceling affected orders.

11 May update: Yesterday we started fixing the incorrect charges on impacted payment accounts. We have canceled and refunded any impacted orders placed during this time period.

Sellers affected by this issue should see those sales and related fees corrected on their payment accounts. We also alerted buyers and encouraged them to re-order from the sellers.

Yesterday, we also sent an email to impacted sellers letting them know that we had resolved the issue. We apologize for the confusion this email may have caused, we realize that some remaining fees that were not related to a sale were also charged during this time period.

We’re actively working on resolving this issue for any remaining impacted accounts. Sellers should see these fees refunded and payment accounts corrected in the coming days. We appreciate your patience as we work through remediating this matter.

What about sellers who had already shipped their orders? What happens if buyers don't respond to the "encouragement" to reorder?

It is absolutely unacceptable for Etsy to put sellers in a position to be out both the item and the money due to this technical issue.

UPDATE 5-11-22

No further updates from Etsy at this time, but there are troubling posts from sellers now indicating Etsy is canceling and refunding affected transactions - even if they've already shipped! It appears Etsy is asking buyers of affected transactions to repurchase, but it's not entirely clear what will happen if they don't.

Singapore dollar sellers beware! Etsy canceled and refunded already completed order

Due to the recent May 8 2022 error which saw Singapore dollar sellers significantly overcharged in fees, Etsy has now started to cancel and fully refund orders. Even on Singapore dollar accounts with completed orders which were not affected!

I woke up today to find that Etsy canceled and fully refunded a SGD $231.21 order that had already been completed and shipped off to the buyer! So now the buyer has a free item and I have that outstanding amount in my payment account page!

Even the listing which originated the sale has been completely removed. It can no longer be found anywhere on my Shop Manager nor through search.

I received an email reply from Etsy as shown below. Etsy should be taking responsibility for their mistake (after mistake), and rectifying their own errors at no cost or action from affected sellers.

Thanks for reaching out to us about this concern. I'm a member of the Etsy Support team. I’m sorry to hear about the situation and this is not the kind of experience we want you to have on Etsy!

On 8 May 2022 there was an issue with our third party exchange rate provider that caused inaccurate currency conversions for some shop payment accounts set in Singapore dollars. As a result purchases made during this time period were refunded and canceled.

We emailed buyers to alert them of this, and have asked them to re-purchase the item. As a first step, we’d recommend reaching out to your buyer directly and if you aren’t able to get in touch with them or able to receive repayment for the order you’ve shipped out please let us know.

UPDATE: 5-9-22

The following update has been posted to the Etsy community:

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!

Etsy sellers in Singapore are experiencing a frightening glitch resulting in $14,000+ fees being assessed in error. 🤯

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!

This is absolutely insane and I'm certain it is a horrible glitch of some sort. It has literally only just happened and I was wondering is there anyone else that has experienced anything like this?

I have contacted Etsy support and am now waiting for their email. I am pretty worried about this - especially since I did not buy any items, and did not even put up new listings today. This sudden 13,000 charge has to be a glitch in the system.

You should stop auto-renew till the issue is resolved. I renewed 5 listings and now I’m five times in debts more than you!

I'm not only getting charged for renewing an item. I'm also getting charged $14,000 whenever I make a sale!

These types of financial issues do happen often on Etsy. I think it is due to improperly supervised coders.

The consequences to sellers are tremendous. Even if Etsy fixes the issue a few days later, some sellers are stuck with severe personal financial issues. Overdrawn accounts, credit cards cancelled due to fraud protection, and bounced mortgage payments were a few of the issues posted by sellers when Etsy coders made the decimal mistake a few years ago. If I remember correctly, one seller was in the process of closing on a house when their account was overdrawn due to the mistake and autobilling.

I think that with the increase in funds, Etsy should pair any coder who works on the financial section with a dedicated accountant or a team of accountants. No coder should be allowed to change anything on the finance sections, unless it is authorized, reviewed, tested, and signed off on by the accountant(s).

A decimal error or currency conversion error should never, ever be allowed to go live.

Coders are not accountants and should not be allowed to change finance pages without heavy supervision.

Etsy has acknowledged the problem both in the Technical Issues section of the community and in emails to affected sellers letting them know upcoming disbursements may be delayed as they work through the issue.

[NEW ISSUE] Singapore Dollar Ledger Fees

We have identified an issue affecting sellers with Singapore dollar ledgers who have made a sale or have had ledger charges resulting in higher than expected fees. We are looking into this issue and will update here when we have more information.

Etsy is reaching out to let you know that we have identified an issue affecting some sellers with shop payment accounts set in Singapore dollars. The issue has resulted in some higher than expected fees and sales amounts being posted to impacted payment accounts. Buyer orders and charges have not been affected with this issue.

We know you may have an upcoming disbursement, but due to this issue, your disbursement may be slightly delayed while we remediate this issue. Please know we are working to resolve this issue and we expect that you will receive your next disbursement soon.

We’ll let you know when this issue is resolved. You can also follow along with updates in the Technical Issues page in the Forums:
https://community.etsy.com/t5/Technical-Issues/NEW-ISSUE-Singapore-Dollar-Ledger-Fees/m-p/138402512#M700026

If you have other questions or need assistance with anything else please contact us through our Help Center, help.etsy.com/

Best,
Etsy Support

I'll update as more information becomes available - in the mean time, let us know in the comments below if you've been impacted by this glitch!