ikobo closed its merchant accounts

Discussion in 'Payment Processing' started by bluemouse2, Apr 6, 2005.

  1. Corey Bryant

    Corey Bryant Texan at Heart

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    #21
    Well they first have to actually work on their website - it has been down for a few hours.
     
    Corey Bryant, Apr 18, 2005 IP
  2. Doughty

    Doughty Peon

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    #22
    Whatever you say, the company had a really wide coverage – so now I think ikobo merchants from outside USA and Canada will have a problem with choosing a payment processor.
     
    Doughty, Apr 20, 2005 IP
  3. articlesandcontent

    articlesandcontent Peon

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    #23
    I am really sad they went down. And nooooo I am not a "paid to post" employee from ikobo ( lol)
    they were just the only ones who would let me withdraw my money ( I am from Portugal, not many companies remember to cover us,most people think we are only a big city in Spain :p)
     
    articlesandcontent, Apr 22, 2005 IP
  4. yfs1

    yfs1 User Title Not Found

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    #24
    Don't worry Articles..I will vouch you are not. Those of us posting all the time on a bunch of forums can recognize them right away ;)
     
    yfs1, Apr 22, 2005 IP
  5. SoniaJr

    SoniaJr Peon

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    #25
    Now that ikobo's merchant services are gone ... I am in a very awkward situation. I don’t have any idea about what service should I use for the future. Can you share some of your wisdom with me ? What should I use for merchant services: moneybookers or 2co (Both of them are the only services covering my country)? I still use ikobo’s personal services because I still think they have a good coverage (covering my country is a good example ... I know the feeling articles) and I can still withdraw money with my ikard anytime I want.
     
    SoniaJr, Apr 22, 2005 IP
  6. Corey Bryant

    Corey Bryant Texan at Heart

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    #26
    if you have the choice - choose 2CO. Check out all their prices first
     
    Corey Bryant, Apr 22, 2005 IP
  7. Doughty

    Doughty Peon

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    #27
    I agree with you – 2co is a good choice and they also cover many countries (but take into account you’ll be charged a set up fee and rather high transaction fees).
    However if you don’t consider them to be expensive, then 2co can be the alternative.
     
    Doughty, Apr 25, 2005 IP
  8. yfs1

    yfs1 User Title Not Found

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    #28
    Alternative to what?
     
    yfs1, Apr 25, 2005 IP
  9. Doughty

    Doughty Peon

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    #29
    Alternative to the former ikobo merchant account.
     
    Doughty, Apr 27, 2005 IP
  10. SoniaJr

    SoniaJr Peon

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    #30
    2co has a good merchant service BUT it is too expensive:
    2Checkout.com is now offering wires in mutli-currencies. If you chose to receive a wire payment in anything other then USD the cost of the wire will be $5.00 per wire. If you continue to receive a wire payment in USD the cost will be $20.00 per wire.

    I would have wanted something similar to ikobo or paypal where the client doesn't have to pay a setup fee or any other fees (no more than 2$ actually) in order to withdraw his money. Darn ... now I don't have any other options...
     
    SoniaJr, Apr 28, 2005 IP
  11. yfs1

    yfs1 User Title Not Found

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    #31
    You would be hard pressed to see such an option. It all comes down to cost and because of widespread fraud, there are a lot of costs in some countries. Any payment provider has to either make that money back by increasing fees and rates or close shop.

    Ikobo chose to close shop.
     
    yfs1, Apr 28, 2005 IP
  12. Doughty

    Doughty Peon

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    #32
    Yes, 2co are really expensive. And I totally agree with yfs1:

    So I don’t think there are payment processors with a wide coverage and low fees at the same time.
     
    Doughty, Apr 29, 2005 IP
  13. daemeh

    daemeh Peon

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    #33
    Yeah, well, it's a shame this happened.. as I understand it was something about VISA/MC's policy or something. Perhaps ikobo will find a way because as someone said, this is pretty bad for many people.
    Anyway, I just hope they at least keep their money transfer service up and running because I pretty much depend on it to get paid for a job I have at a company in another country and it would really suck if I had to look for some other way of getting that money... :(
     
    daemeh, Apr 29, 2005 IP
  14. yfs1

    yfs1 User Title Not Found

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    #34
    I don't believe the same risks are involved in that service so I doubt it is going anywhere. If its anything like Paypals, you can't do chargebacks so that takes care of the biggest obstacle
     
    yfs1, Apr 29, 2005 IP
  15. SoniaJr

    SoniaJr Peon

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    #35
    I would have done the same thing. I believe their current target is regular folks (especially immigrants) who just want a cheaper way to transfer small amounts of money from one country to another without having to wait too much for checks or anything similar. If they would have raised their fees they would have lost many of their customers.
     
    SoniaJr, May 4, 2005 IP
  16. Doughty

    Doughty Peon

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    #36
    So you think the reason ikobo stopped supporting merchants was the risk involved to this service? As ikobo says it was something about VISA policy.
     
    Doughty, May 6, 2005 IP
  17. yfs1

    yfs1 User Title Not Found

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    #37
    Yeah the policy that if they got any more chargebacks, their account would be closed just like Mastercard's was.

    That is risk based my friend
     
    yfs1, May 6, 2005 IP
  18. SoniaJr

    SoniaJr Peon

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    #38
    Yes Doughty. As yfs1 said before, ikobo CHOSE to stop their merchant services in order to protect its present customers. I am glad they didn't crush ... this way I can still receive payments from around the globe even if they are on a p2p form.
     
    SoniaJr, May 7, 2005 IP
  19. musiclover

    musiclover Well-Known Member

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    #39
    I would definately recommend regsoft.com... Try them. I like their service.. :p
     
    musiclover, May 7, 2005 IP
  20. Doughty

    Doughty Peon

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    #40
    I wouldn't call their fees (8.9% with a $3 minimum) “Low Cost Payment Processing” (as their website says) :rolleyes:
     
    Doughty, May 12, 2005 IP
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