2checkout.com 10% commission - most expensive if you are not USD

I have been with 2checkout.com for a while and I dont process "that" many transactions, maybe a few hundred $ per month, its more in place as a facility for some clients who want to pay with credit card.

Well, i took a 1,050 EURO payment last night from a customer. (I am based in Spain so my amounts go out in EUR)

I checked in my 2checkout account and they had converted it 1273.71 USD.

I was thinking that this amount was wildly close to 1 for 1 on the dollar to euro so I immediately checked on xe.com and xe.com was saying that I should have been getting 1327.50 USD, a difference of around 54 USD.

Very odd such a huge amount of difference on the exchange rates so I went back into my history and noticed that funnily enough ALL the transactions I checked showed around 4% difference between the EUR rate and USD Rate when the amount was converted from EUR to USD by 2checkout.

I questioned 2checkout.com about it as I thought maybe this was the converted rate less their fees but they said that the converted rate was without their fees which they deduct when they pay me.

So basically 2checkout.com is making 5.5% on each transaction + another .45 cents per transaction PLUS this 3-4% on the conversion rate.

THATS NEARLY 10% charges.



Totally outrageous IMHO.

 

Yeah that's really sad. I don't know why they are so greedy and have such high fees. Why not be more flexible for customers?

 

Agree with you, exchange rates applied by 2checkout.com are roughly 5% higher than market rates. And they don't allow you to set up the currency items are you sell offered. I sell items in Mexico, and am forced to price in items 5% off in order to balance their higher exchange rate.