1. Advertising
    y u no do it?

    Advertising (learn more)

    Advertise virtually anything here, with CPM banner ads, CPM email ads and CPC contextual links. You can target relevant areas of the site and show ads based on geographical location of the user if you wish.

    Starts at just $1 per CPM or $0.10 per CPC.

Is 2Checkout going out of business?

Discussion in 'Payment Processing' started by dave111223, Nov 21, 2012.

  1. #1
    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.
    SEMrush
    All seem to be tell-tell signs of a business in trouble, should I be worried?
     
    dave111223, Nov 21, 2012 IP
    SEMrush
  2. Domains.UK

    Domains.UK Greenhorn

    Messages:
    33
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    16
    #2
    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.
     
    Domains.UK, Nov 21, 2012 IP
  3. dave111223

    dave111223 Peon

    Messages:
    4
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    0
    #3
    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?
     
    dave111223, Nov 21, 2012 IP
  4. TravisO

    TravisO Peon

    Messages:
    132
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    0
    #4
    i guess you need to set up a new pay processor and stop using 2CO for 3 months so you can withdraw your money...
     
    TravisO, Nov 23, 2012 IP
  5. seofriend

    seofriend Well-Known Member

    Messages:
    146
    Likes Received:
    8
    Best Answers:
    1
    Trophy Points:
    165
    #5
    Well , payment processors are not a place to keep money if you still remember the story of old fraudsters
     
    seofriend, Nov 28, 2012 IP
  6. 2Checkout

    2Checkout Greenhorn

    Messages:
    36
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    16
    #6
    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.
     
    2Checkout, Nov 30, 2012 IP
  7. 2Checkout

    2Checkout Greenhorn

    Messages:
    36
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    16
    #7
    Please refer to the post I just made for any answers to your questions! Hope you're doing well
     
    2Checkout, Nov 30, 2012 IP
  8. Mark Henderson

    Mark Henderson Well-Known Member

    Messages:
    402
    Likes Received:
    7
    Best Answers:
    0
    Trophy Points:
    110
    #8
    Nice to see the company themselves replying here to clear things up :)
     
    Mark Henderson, Nov 30, 2012 IP
    PacificFunds.net likes this.
  9. Preciouse

    Preciouse Peon

    Messages:
    13
    Likes Received:
    1
    Best Answers:
    0
    Trophy Points:
    3
    #9
    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.
     
    Preciouse, Dec 9, 2012 IP
  10. dir18

    dir18 Active Member

    Messages:
    256
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    65
    #10
    I am old user of 2Checkout.com and 2co is my no.1 choice.

    Your thread title stop my heart beat for few seconds :(
     
    dir18, Dec 9, 2012 IP
  11. fileultra

    fileultra Active Member

    Messages:
    113
    Likes Received:
    5
    Best Answers:
    0
    Trophy Points:
    58
    #11
    i think they are doing pretty good and not going anywhere
     
    fileultra, Dec 11, 2012 IP
  12. macdonjo

    macdonjo Well-Known Member

    Messages:
    889
    Likes Received:
    11
    Best Answers:
    0
    Trophy Points:
    140
    #12
    If you looked at my emails between them, you'd think they were going out of business. Terrible experience with them.
     
    macdonjo, Feb 16, 2013 IP
  13. shalwan

    shalwan Banned

    Messages:
    301
    Likes Received:
    2
    Best Answers:
    0
    Trophy Points:
    53
    #13
    if you dont want to go with 2checkout why not use paypal or moneybookers or simply go with authorize ? huh
     
    shalwan, Feb 17, 2013 IP
  14. 2Checkout

    2Checkout Greenhorn

    Messages:
    36
    Likes Received:
    0
    Best Answers:
    0
    Trophy Points:
    16
    #14

    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
     
    2Checkout, Feb 21, 2013 IP
  15. obosor

    obosor Well-Known Member

    Messages:
    147
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    130
    #15
    We are using 2checkout from last 2yrs without any issue. Every time I got good support from 2checkout.
     
    obosor, Feb 21, 2013 IP
  16. macdonjo

    macdonjo Well-Known Member

    Messages:
    889
    Likes Received:
    11
    Best Answers:
    0
    Trophy Points:
    140
    #16
    I used to think the same. Things were great, then they just turned on me. (like PayPal)
     
    macdonjo, Feb 27, 2013 IP
  17. Aleksa Miladinovic

    Aleksa Miladinovic Active Member

    Messages:
    41
    Likes Received:
    6
    Best Answers:
    0
    Trophy Points:
    58
    #17
    Wow, 2Checkout representative showed up here to reply in person. :) Never seen that one before on a forum. Nice one. Thumbs up for DP!
     
    Aleksa Miladinovic, Feb 27, 2013 IP
  18. WebHostDog

    WebHostDog Banned

    Messages:
    76
    Likes Received:
    4
    Best Answers:
    0
    Trophy Points:
    73
    #18
    Really nice credit card processor. Very strict regarding chargeback rates and not good for our web hosting business.
     
    WebHostDog, Mar 7, 2013 IP