2CheckOut what is it
2Checkout is an e-commerce platform that allows businesses to accept online payments from customers. It provides a variety of payment options, including credit and debit cards, PayPal, and bank transfers.
It also offers fraud prevention and management tools, as well as reporting and analytics features to help businesses track and analyze their sales. 2Checkout supports a variety of different currencies and languages, and can be integrated with a wide range of e-commerce platforms, including WooCommerce, Magento, and Shopify.
The history of 2CheckOut
2Checkout (formerly Avangate) was founded in 2000 by Alan Homewood, Ilja Laurs and Răzvan Roşu in Bucharest, Romania. The company started as a provider of digital e-commerce services and later expanded to provide a comprehensive platform for online businesses to sell and manage their products, subscriptions and services.
In 2007, 2Checkout launched its merchant account and payment gateway services, allowing merchants to process payments and manage recurring billing, subscriptions and invoicing.
In 2016, 2Checkout rebranded itself as 2Checkout and expanded its services to include fraud protection, tax management, and other features to help online merchants increase sales and reduce costs.
In 2018, 2Checkout acquired the payment gateway company, Spreedly and in 2020, it was acquired by Verifone, a global provider of payment and commerce solutions.
Today, 2Checkout has grown to be one of the leading payment platforms for online businesses, helping merchants in over 87 countries to sell and manage their products, subscriptions and services.
How 2CheckOut works
2Checkout is a payment gateway that allows businesses to accept online payments from customers. The platform works by connecting the business’s website to the payment processing network, allowing customers to make purchases and pay for them directly on the website.
Here’s a general overview of how 2Checkout works:
- A customer visits the business’s website and chooses a product or service to purchase.
- The customer is directed to the 2Checkout payment page, where they enter their payment information, including their credit or debit card details.
- 2Checkout processes the payment, connecting the customer’s information with the business’s merchant account and the payment processing network.
- The funds are transferred from the customer’s account to the business’s account, and the customer receives a receipt for the purchase.
- 2Checkout also provides fraud prevention and management tools to help businesses protect themselves from fraudulent transactions, as well as reporting and analytics features to help businesses track and analyze their sales.
- Business can also take advantage of recurring billing and subscriptions management feature, to allow customer to make recurring payments for their products or services.
In summary, 2Checkout acts as a middleman between the customer’s payment information and the business’s merchant account, handling the secure transfer of funds and providing a range of tools and features to help businesses manage and grow their online sales.
Can I use 2CheckOut if I am not a businessman
2Checkout is primarily a payment gateway for businesses, so it is intended for use by merchants who sell products or services online. It allows merchants to accept payments from customers and manage their transactions, subscriptions and recurring billing.
Individuals without a business can still use 2Checkout but they need to use it through one of the many platforms which have integrated 2Checkout as a payment option. For example, some online marketplaces or crowdfunding platforms may use 2Checkout as a payment option for their sellers or creators.
However, it is important to note that 2Checkout typically requires merchants to have a valid business entity and to go through a KYC (Know Your Customer) process, which includes providing business information and documentation, to open a merchant account.
Also, 2Checkout may not be available in all countries and regions, so it’s best to check if it’s available in your area before trying to use it.
Can 2CheckOut be trusted
2Checkout is a reputable and widely used e-commerce platform that has been in operation for over 20 years. As a payment gateway, it handles sensitive financial information and transactions, so it is important that it be trustworthy and secure.
2Checkout is a PCI DSS (Payment Card Industry Data Security Standard) compliant service, meaning that it adheres to a set of industry-standard security protocols to protect customer data and prevent fraud. The company also uses secure socket layer (SSL) encryption to protect data transmitted over the internet.
Additionally, 2Checkout has fraud prevention and management tools to help merchants protect themselves from fraudulent transactions. It also provides reporting and analytics features to help businesses track and analyze their sales.
2Checkout also has been acquired by Verifone, a global provider of payment and commerce solutions, which itself is a trusted and well-established company in the payments industry.
However, it’s always a good idea for businesses to conduct their own research and due diligence to ensure that a payment gateway is a good fit for their needs and that they are comfortable with the level of security and fraud protection provided.
Does 2CheckOut charge a fee
Yes, 2Checkout charges a fee for its services. The fees vary depending on the type of account, the payment methods used, and the location of the business.
For online businesses, 2Checkout typically charges a per-transaction fee, which is a percentage of the total sale plus a fixed amount. The percentage varies depending on the type of account, but it’s usually between 2.9% and 4.5%. The fixed amount, or “transaction fee,” is usually around $0.30 per transaction.
For subscriptions, 2Checkout may charge a monthly or annual fee, along with a fee for each transaction.
Additionally, 2Checkout may charge additional fees for certain services, such as chargeback fees for disputes, refund fees, and fees for currency conversion.
It’s important to note that payment methods such as wire transfer, PayPal and some alternative payment methods may have additional fees that are not included in the standard fees of 2Checkout.
It’s best to check the pricing section on 2Checkout’s website or to contact their sales team to get a detailed and accurate breakdown of the fees for your specific case.
Can I exchange currency using 2CheckOut
Yes, 2Checkout supports currency conversion for businesses that sell products or services to customers in different countries. This means that businesses can sell their products in multiple currencies and 2Checkout will automatically convert the amount to the currency of the merchant’s choice, based on the exchange rates set by 2Checkout.
When a customer makes a purchase, 2Checkout will automatically convert the amount to the merchant’s currency and process the transaction. This can help to simplify the checkout process for customers and reduce the risk of errors or confusion.
It’s important to note that currency conversion may involve additional fees, and the exchange rate used by 2Checkout may not be the same as the current market rate. It’s best to check 2Checkout’s website or contact their customer support team for more information about the specific fees and exchange rates for currency conversion.
It’s also worth noting that not all currencies are supported by 2Checkout, so it’s best to check if the currency you want to convert is available before signing up for the service.
2Checkout supports a wide range of currencies for businesses to sell their products and services in. The specific list of currencies that 2Checkout supports may change over time, but at the moment of my last update, the following currencies are supported by 2Checkout:
- United States Dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
- Danish Krone (DKK)
- Norwegian Krone (NOK)
- Swedish Krona (SEK)
- Swiss Franc (CHF)
- Japanese Yen (JPY)
- Hong Kong Dollar (HKD)
- Singapore Dollar (SGD)
- New Zealand Dollar (NZD)
- South African Rand (ZAR)
- Brazilian Real (BRL)
- Mexican Peso (MXN)
- Argentine Peso (ARS)
- Chilean Peso (CLP)
- Colombian Peso (COP)
- Peruvian Nuevo Sol (PEN)
It’s worth noting that some currencies may not be supported by certain payment methods, so it’s best to check if the currency you want to sell in is supported by the payment method you want to use. Also, it’s important to keep in mind that the availability of currencies may vary by country, so it’s best to check the availability of the currency in your region before signing up for the service.