2Checkout was founded in 1999 by Alan Homewood when he started this business out of his home. 2Checkout is now an online payment processor for start-up businesses, as well as small and medium-sized businesses with the capability of processing payments worldwide. The company focuses solely on providing online payment options for small and mid-sized businesses and it has a wide variety of payment options available. However, 2Checkout's fees are slightly higher for a payment processing company of its size compared to other leading payment processing companies. 2Checkout charges 2.9% + 30¢ per successful transaction. The company also offers volume discounts for businesses who process more than $50K per month. These are the U.S. rates, but please note 2Checkout's fees vary from country to country. In addition to attractive rates, 2Checkout also has an impressive line of services.
2Checkout does not appear to use any deceptive marketing practices and there aren't any complaints about the company's rates, processing fees, or customer service procedures. The company offers a variety of popular features most merchants look for in a payment processing company. 2Checkout offers a pre-integrated payment gateway, transparent pricing, month to month service commitments, and a free merchant account. The company also has a PCI compliant gateway, international processing, and international fraud prevention, no monthly fees, no setup fees, no hidden fees, and no cancellation fees. Nor does the company charge extra for fraud protection or recurring payments features.
2Checkout offers easy payouts which include bank transfers, international wire transfers, or if you prefer, payment to a Payoneer MasterCard. 2Checkout accepts credit cards, debit cards, and Paypal with no additional fees and it has implemented advanced fraud protections with more than 300 fraud rules which are applied to each transaction. This is the highest level of protection in the industry, which is extremely important when it's your responsibility to protect your customer's sensitive data.
The company has plug-ins for 100 of the most popular shopping carts with no coding required, automatic responsive mobile optimization, a dashboard with multi-level user access, and two checkout methods, hosted or API, with easy website integration and fewer fields for checkout. Customers can easily integrate their information with Freshbooks and other add-ons as well. Additionally, 2Checkout has customer service offered via phone, email, Facebook, Twitter, FAQ's, and a knowledge base (phone support not available on weekends).
There are some complaints from customers who made a purchase from a 2Checkout merchant and were not happy with their purchase, but instead of filing a complaint against the merchant, they filed a complaint against 2Checkout. In addition to the above complaints, 2Checkout also has some other issues that might be of some concern. The company has a few fees customers need to be aware of, such as:
2Checkout does not offer POS systems, it provides online services only. Since the company offers a virtual terminal only, any credit card information can't be manually entered by hand; therefore, customers have to contact their account rep for assistance, if they have a manual transaction.
Some merchants have mentioned that it states in the contract that 2Checkout can charge a higher transaction fee than what it advertises if it determines a business is a high risk. Additionally, 2Checkout has a policy to hold funds for 90 days after an account is terminated; therefore, if customers have what is considered a high-risk business, they might want to make a note of this.
Black Burn Moonlit
4 years ago
Bonnet Pro / John Willow Grove, PA
5 years ago