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Thread: 2checkout fees
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04-07-2006, 04:27 AM #1Web Hosting Master
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2checkout fees
Hi all,
2checkout charged us these fees very high: R Held, R Released
Do you know what are these fees ?
I have submited a ticket to 2checkout and waiting their answer, but I still would like to get some explains here
Thank a lot,
TommyTommy Tran - tommy @ vinax.net ::: VINAX, LLC ::: http://vinax.net ::: Since 2004
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04-07-2006, 08:47 AM #2The E-Commerce Answer Guy
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At first glance, my guess would be that it stands for "Reserve Held, Reserve Released."
Was it a 10% item? I do not use 2CO but my understanding is that they have a 10% rolling reserve so it would make sense if that is what that line item is. I'm sure some merchants using 2CO can chime in here and verify that 100% for you though.CDGcommerce.com - Trusted Merchant Account Solutions since 1998
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04-07-2006, 09:52 AM #3
2co does, in fact, hold a certain percentage of your processing transactions for a period of 3 (or is it 6) months. This isn't a "fee" per se, it's them ensuring their own safety. At the end of a certain period of time (I believe it's 3 or 6 months, haven't used them in ages), they do release those funds.
That would be what you're lookingg at there though, reserve funds.Tom Whiting, WHMCS Guru extraordinaire
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04-07-2006, 11:16 AM #4Problem Solver
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i may be wrong, but they may be used in an event of a chargeback and no funds in the account
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04-07-2006, 11:22 AM #5Web Hosting Master
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The rolling reserve is their "insurance" for your account. Steven hit the nail on the head!
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04-07-2006, 04:48 PM #6Web Hosting Master
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Hi all,
Just got their responses today:
The reserve level is a percentage number that 2CO applies to your total sales not refunded in a payment period. This number is set and changeable only by 2CO. The reserve level starts at 5% and will change at our sole discretion. This reserve amount is an additional amount of money taken out per payment period to protect customers, us, and you against excessive chargebacks, refunds, and items returned in the event that you go out of business, become unreachable, or simply stop processing through 2CO. Reserve funds are held for 89 days, then released to you.
The Release Level is a number set by you that allows you to instruct us to hold funds on your account until they reach the indicated level. Once it has reached this level, payment will be sent by the method specified on your account ON THE NEXT PAYMENT CYCLE. The release level is applicable to all three payment methods.
Holding these money for 3 months is...too long
Thanks all fast replied.
TommyTommy Tran - tommy @ vinax.net ::: VINAX, LLC ::: http://vinax.net ::: Since 2004
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04-07-2006, 07:30 PM #7Web Hosting Master
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Originally Posted by ServerVina
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04-08-2006, 03:23 AM #8Web Hosting Master
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The reserved fund is to use for any chargaback ... but will release to you 6 months later
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04-09-2006, 01:49 AM #9Web Hosting Master
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Originally Posted by GigabitONE
If they hold it 6 months, I should be dieTommy Tran - tommy @ vinax.net ::: VINAX, LLC ::: http://vinax.net ::: Since 2004
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04-09-2006, 01:54 AM #10Web Hosting Master
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Originally Posted by bluedreamer
2checkout hold 5.0% for 3 months, and their fee is too high 5.5%
Could you please give me some good processor ?
Thanks,
TommyTommy Tran - tommy @ vinax.net ::: VINAX, LLC ::: http://vinax.net ::: Since 2004
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04-11-2006, 10:42 AM #11Web Hosting Guru
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Usually, the industry standard is 10% Rolling Reserve for 180 days.
Remember that if anything happens to one of their merchants THEY are responsible, not you. This includes fees from Visa/MC, chargebacks, merchants going out of business etc.
Furthermore, using a third party processing company actually means you are requesting them to loan you money, i.e. if you have a sales volume of 10,000/month, you would loan 60,000 USD as they have a 180 day chargeback risk on all your orders.
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04-11-2006, 11:43 AM #12Texan at Heart
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Originally Posted by ServerVina