2Checkout is holding (stealing) money

webinsane Well-Known Member

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#1

2Checkout is holding money from their customers. There is a Facebook group that deals with this since there is a lots of users that suffered financial loss. This is what I received from 2CO:

We reviewed your account again and your chargeback percentages dramatically exceed our allowable limit and those that are within industry standards. It is for that reason that we regret to inform you that 2Checkout can no longer support your payment processing.

Your account has been closed and has read-only access. You will still be able to review your sales information. The account will be paid out 13 cycles after your most recent sale. We hold payment for 90 days to allow time for any additional refund and chargeback activity.
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This has no connection to the actual truth. We had no chargebacks because we offer free trial for 30 days.

This is what other people said about this on Facebook group formed against 2Checkout:

They lure vendors from what they refer to as 'third world' countries into their 'violation trap', then force them to forfeit their money instead of exercising best practices like good old big brother paypal who ensures that you get your money back after a given hold period irrespective of the reason for your account limitation. Be reminded, Africa, India, Asia are already awake and taking up the center stage in global commerce. Tables are turning faster than you think. Watch this space......
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2Checkout has 'ripoffs' as part of their growth strategy. They feature forfeiture as one of their top revenue channel as in most cases, there is no cost, meaning their revenue is their net profit. Forfeiture is an outdated strategy as it has been outlawed in many parts of the world unless there is proof that the money was used to offset costs attributed to the violation which led to the 'forced forfeiture'. That is why paypal will always ensure that you have your withheld money within a period of 180 days irrespective of the nature of violation. 2checkout must also follow suit by stopping to enrich themselves with money they have not earned. Stealing under the guise of TOS violation is criminal.
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Same has happened to several people - chargebacks are mostly being caused due to banks reversing charges due to 2CO funnelling money through offshore Hong Kong bank accounts. They closed off our account which would typically process around $8000-$10000 per month - with a total of around $94 in chargebacks due to their HK banking.
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This post can serve as warning against company that made its fortune by ripping of the honest businesses.

webinsane, Apr 27, 2013 IP

moominmaster Peon

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#2

I'd be very interested in a link to the facebook group. I've been stung by 2checkout for a large amount of money.

That last paragraph is very interesting. We had several customers saying thier bank called them up as the transaction looked suspect and actually reversed it for them.

moominmaster, Apr 30, 2013 IP

webinsane Well-Known Member

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#3

Here is the group:

https://www.facebook.com/pages/2Checkout-Petition-against/163689147127102

webinsane, Apr 30, 2013 IP

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2Checkout is holding (stealing) money

webinsane Well-Known Member

moominmaster Peon

webinsane Well-Known Member

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