Etsy to Reimburse Sellers for Foreign Transaction Fee Issue

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When Etsy rolled out the new redesigned payment account, a small issue has plagued some sellers that sell their products in a currency other than US Dollars (USD).

According to Etsy, “Some sellers, whose payment account currency is not in USD, have found that the recent transaction fees charged to the redesigned payment account may have been slightly higher than 5% of the sale amount (which includes the item price, shipping cost, and gift wrapping) in your payment account currency.”

Why Did This Occur?

This happened because Etsy calculates the transaction fee in USD and then converts it to your payment account currency when the fee is incurred.

Because currency conversions fluctuate, the final value fee may have gone higher than the 5 percent it was supposed to be.

In late December, Etsy plans to credit payment accounts that were impacted by this issue with the overcharge above the 5 percent.

The company said that this will cover all transaction fee overcharges since the release of the redesigned payment account. Etsy may already have or will very shortly email impacted sellers with more information.

Also, Etsy is working on fixing the process for calculating transaction fees so that future transaction will be charged correctly.

READ MORE: Etsy Raising Transaction Fees from 3.5% to 5% Starting July 16

If you were impacted by this fee issue we would love to hear from you. Please use the comments section below or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.

And don’t forget to follow us on FacebookTwitter, and LinkedIn to stay up to date with important news and business insights for your online retail business.



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