Yesterday i heard about the option of an iKobo merchant account and i thought that all my money transfer problems are gone. Read the FAQ , found out more info , everything appeared to be quality.
I signed up for a merchant account , added a product , ok.

I haven't even managed to get 1$ through the great iKobo service.
From the very first transaction , the person got his account blocked. iKobo are now asking for all sort of paperwork scanned and faxed to them.

How the hell can they call that a MERCHANT account ? How the hell can i SELL THROUGH IKOBO , do my customers need to roll over , fetch the stick , dance and amuse the iKobo personal so they can get the account unblocked ?

Damn that service ....... if it worked , it would be excellent ... :angry:

How large was the transaction?

You are absolutely right in that Ikobo is picky about documentation. I think it is a good way to transfer funds to a company that you have a good relationship with if something like PayPal won't work.

But... I would be fearful of using it as a means of first time payment for any new customers. Too much headache that could easily frustrate a customer and cost sales.

The transaction was supposed to be 55$ .... how do i appear in front of my customers and say "please pay me through iKobo" , then they get treated like somekind of thiefs with all the "account blocked" , fax your bill , your picture and your shoe size .... damn it :(

Ikobo has a great service but the risks are way too high - for both all parties. All the technology is there to accept CCs without a merchant account, without a bank account. But the risks involved are way too high. Ikobo makes you do all of this to verify you.

Originally posted by CKY
The transaction was supposed to be 55$ .... how do i appear in front of my customers and say "please pay me through iKobo" , then they get treated like somekind of thiefs with all the "account blocked" , fax your bill , your picture and your shoe size .... damn it :(

I don't know...you tell me. Someone is trying to buy something from you, and in order to do so they have to enter their credit card details in to a web page. The organisation that is providing this service for you are asking for "all sort of paperwork scanned and faxed to them" before they will do so, in order to have some sort of assurance themselves that you are who you say you are before they get caught up in the middle of financial transactions between yourself and your customers.

Seems pretty straightforward to me. :)

Your other option is to get a proper merchant account tied up to your business bank account, but beware...those nasty banks also ask for all that annoying paperwork to be done. ;)

Gary

HI all..

I want to say that I have personally used Ikobo Merchant services for mroe than 14 Months, and at the start I ran into problems, Most of the probs was with the Visa debit card they offer, and transfering funds, however after all that was sorted out, I have found Ikobo to be the best thing that has happened to my Companies, and its so easy to just go to an ATM and withdraw with my Visa Card here in the UK, since paypal dont offer a Visa Debit card to UK companies, or People.

My personal advice, is hang tight, Ring them, and speak to them personally, I think its a good thing that they want paper work, the reason being is because it does in the long run reduce fraud, I have had more fraud and charge backs with Paypal and 2checkout then Ikobo, I really do think that Ikobo is a great choice, and things work out in the end with them.

I would like to hand the paper work over, rather than having charge backs to my account and costing me more money in the long run..

Best of luck

Originally posted by coreybryant
Ikobo has a great service but the risks are way too high - for both all parties. All the technology is there to accept CCs without a merchant account, without a bank account. But the risks involved are way too high. Ikobo makes you do all of this to verify you.

Best service, i am using them now and had no problems.

they are better than paypal systems.

the features that made me to like is IKARD, that is really a nice one.

I agree, The Ikard is great,, and even more so if you live in England, so the funds can just be pushed over instantly to your visa, I like that.

I actually was being facetious. The problem lies that they do not state everything until after you sign up. The risks are way too high for the company & they do not want to admit that

I actually was being facetious. The problem lies that they do not state everything until after you sign up. The risks are way too high for the company & they do not want to admit that

I personally think that all Merchant, or selling on behalf type merchant accounts all have back doors, and hidden guide lines, they all do.

I do think that Ikobo is Magnificent, and supports every need we have, but each and everyone to there own.

The only down fall with Ikobo is they dont provide subscription features right now.

Merchant accounts do not. Due to Visa / Mastercard guideline - they must disclose this. I have read way too many posts from disgruntled members to ever recommend that company. And even the BBB has a file on them: http://www.atlanta.bbb.org/commonreport.html?bureau=atlanta&compid=7000398&code=V4

The downfall - they do not tell you about all the requirements needed. They call your customers to verify. Which if you are offering adult services - this could be very embarassing for your client. With all the fraud going on - I really do not see a way around all the extra precautions & those precautions will prohbit people from using it

Originally posted by coreybryant
The downfall - they do not tell you about all the requirements needed.

How so? We use them. We had no problems providing whatever paperwork they asked for at the time of joining. Others use them. That tells me that you have either not understood their system/terms/policies, or you present as a special case to them. Because if it was as you say, and they are "hiding"something, then how is anybody at all using them successfully.

Gary

Originally posted by AussieHosts
Your other option is to get a proper merchant account tied up to your business bank account, but beware...those nasty banks also ask for all that annoying paperwork to be done. ;)
Gary

No no no , you got it wrong. They aren't asking me (the owner of the merchant account) for paperwork , they are asking MY customers , the ones who are buying from me , using the iKobo checkout. It would be n o problem if they were asking me for scans and all that.

My business partner signed up for iKoBo for our hosting company not long ago. After the first order, they blocked the account for verification. Since he was not properly notified, he thought iKoBo refused him, and told me to search him a new 3pp. When I logged in myself, then did I notice that iKoBo was simply asking for strong verification. The info is easy to provide, but just sorta breaks your privacy. Let's say my business partner did get the information through, would my customers go through all the pain and frustration? Or will they simply get a phone call or something, and be done with it?

Originally posted by excelblue
My business partner signed up for iKoBo for our hosting company not long ago. After the first order, they blocked the account for verification. Since he was not properly notified, he thought iKoBo refused him, and told me to search him a new 3pp. When I logged in myself, then did I notice that iKoBo was simply asking for strong verification. The info is easy to provide, but just sorta breaks your privacy. Let's say my business partner did get the information through, would my customers go through all the pain and frustration? Or will they simply get a phone call or something, and be done with it?

My point exactly !!!

I beleive the others have pointed it out already for me. The concept is great but too many extra issues. Calling the customer is OK for your business (hosting), but for a lot of other businesses it could be embarassing. I know there are other companies, like http://www.fraudgate.com, but it is different speaking with a person rathe than a computer

Calling the customer for an approval would be excellent , but they require a copy of the id and some bill (i don't remember the name of it)

Aussiehosts , Mailaform , does the merchant account work good for you ? I mean the transactions are completed sucessfully without the customer account getting blocked until they mail ID scans and so on?
Thanks!

Paysystems do something similar I believe, or at least they used to. Under certain circumstances (large transactions/suspect orders?) they would ring the buyer. I can't see how that could be embaressing for the buyer. If a third party processor has any doubts about a transaction (and these providers are who we trust to be professional at what they're doing), then so be it.

Gary

Hello

I truley believe that Ikobo has done there very best, I personally think that handing over some ID, or proof that you live on this planet is fine, and protects all of us in the long run from charge backs, all transactions have been completed with ease.. I like the company and the features.

Thanks for the info Mailaform ! One more question ... for your customer , they just choose "Credit card" as payment , proceed to the iKobo checkout , fill out the info , submit and done , you got the money ?

Is it working like that for you ?

Thank you in advance.

Hello

abolutley, All transactions that are done via Ikobo are released to your account after 5pm on the day the transaction took place to your account, you can then withdraw to your Ikard (visa debit) and away you go..

Thanks a lot , that's what i wanted to hear !