I'm getting a bit worried as I have more than $8000 in held reserve with 2Checkout (the 3 month rolling reserve). They have stopped accepting Mastercard without any timeline for getting it back (at least 30 days they said); which sounds to me as if they have not been paying the bills and some of their providers have decided to turn off the tap? No updates on twitter or their website about this VERY IMPORTANT issue, instead they are covering it up with press releases about how their checkout is now mobile friendly (so that is more important than accepting Mastercard?) Now whenever I login to my account there is a tax form popup which is full of bugs and won't let me complete the W8BEN; it is taking WEEKs to get any response from their ticket support system about this issue or other issues. All seem to be tell-tell signs of a business in trouble, should I be worried?
You should never keep your money in a payment processors account as they are not a bank. I have read up master card do not want to do business with them but who knows what places its effecting as they not saying anything and like you said hiding it. I don’t think they are going out of business well as long they follow the credit card terms. If there not answering to your support tickets then yes you should be worried.I would only recommend get your money out ASAP!! Let us know how it goes.
I cannot "get my money out" it's a rolling reserve, meaning they keep 5% for 3 months. If I stop taking payments via 2CO today, it will take 3 months to clear the reserve....so I need to make sure I stop using them at least 3 months before (if) they go belly up... So I'm hoping there is maybe someone with some kind of inside information or something?
i guess you need to set up a new pay processor and stop using 2CO for 3 months so you can withdraw your money...
Well , payment processors are not a place to keep money if you still remember the story of old fraudsters
I can assure you, we are not going out of business. As a matter of fact, our business continues to grow and we just made a major investment in updating our payment processing service for our Sellers. We estimate that these enhancements we’ve implemented will dramatically decrease our Seller’s cart abandonment rates and help them sell more through their site. Additionally, we’ve recently launched an iPhone and Android app to make it easier for our Sellers to access and manage their account (iPad is coming soon). We continue to grow and invest in our services so that we can be the best payments partner possible for our valued Sellers. MasterCard did not turn us off. While there are Sellers in parts of the world where we are not able to support MasterCard at this time, it is a result of a partnership we have in place that has stopped supporting MasterCard – therefore, we’re actively seeking a new partner. Providing MasterCard again to the Sellers impacted is our highest priority and we make advances toward that goal every day. It is a separate project that doesn’t compete for resources with our product development team; hence we can have Product Development enhancing our offering and our Partnerships team working on establishing new relationships that support the payment types our Sellers need. Keep in mind that we are still able to process MasterCard transactions through PayPal and PIN Debit, in addition to all of our other payment methods. We do keep a rolling reserve on all of our Sellers, to off-set the risk of chargebacks. We hope that you do not choose to close your account with 2Checkout and that we have the opportunity to serve you for many years to come. However, if you do, then our standard practice is to release your final balance after 90 days after any remaining chargebacks/refunds from your customers occur (should there be any). We have no intention of keeping your money; as you say, we are not a bank. As far as the W8BEN you mentioned, if you are having trouble with completing the form please reach out to me: . Our support team is experiencing higher ticket volumes than usual so I apologize if you experienced a delay, we are always here to help you & will always respond. I hope this has provided some clarity and I am happy to help at anytime.
Many payment processors hold a reserve in order to assure the Seller's customers that funds are available if a refund is needed. It is also an account used by the processor if a chargeback occurs and the seller/vendor has no current sales to cover the cost. If you're in need of a payment processor currently accepting Mastercard among many other payment methods, perhaps take a look at BlueSnap.
I am old user of 2Checkout.com and 2co is my no.1 choice. Your thread title stop my heart beat for few seconds
If you looked at my emails between them, you'd think they were going out of business. Terrible experience with them.
if you dont want to go with 2checkout why not use paypal or moneybookers or simply go with authorize ? huh
Sorry to hear you haven't had positive experiences with us. If you like, I'm happy to do what I can to turn your opinion around. My email is
We are using 2checkout from last 2yrs without any issue. Every time I got good support from 2checkout.
Wow, 2Checkout representative showed up here to reply in person. Never seen that one before on a forum. Nice one. Thumbs up for DP!
Really nice credit card processor. Very strict regarding chargeback rates and not good for our web hosting business.