Payment processing is a key element of an online business. It’s vital that online merchants ensure that they provide a secure and convenient checkout process at their web stores. There are many ways that merchants can accept payments for customer orders, but the most useful and direct is via an online payment gateway.
Now, there are lots of payment gateway providers out there, and it’s important to do some research to find the most suitable one for your online business. In this article, we’ll take a closer look at a pretty major payment processor, 2Checkout.
What is 2Checkout?
2Checkout is a reliable provider of 3rd party payment gateway services, based on a robust and proven platform. The company has been producing ecommerce solutions for approximately a decade. Just like any other application, it has its good points as well as drawbacks. On the whole though, 2Checkout’s positives outweigh its negatives. 2Checkout is a reputable provider that has been assigned an A+ rating by the BBB (Better Business Bureau).
Here are some of the advantages of using 2Checkout:
Get Started Instantly with 2Checkout
One of 2Checkout’s most attractive features is that getting started with 2Checkout is a quick and easy process. Merchants can sign up for a 2Checkout account and get started almost instantly with a one-time payment of just $49.97. There are no application fees, no monthly fees and no statement fees. As a bonus, it comes with a 30 day money back guarantee.
Ready-to-use Integration with Shopping Carts
2Checkout is widely integrated with most of the popular and reliable shopping cart solutions. At present, there are quite a number of 2Checkout cart ready solutions or ecommerce shopping carts with existing 2Checkout integration.
Convenient Customer Payment
Global Credit Card acceptance so long as payments are in US dollars. This simply means that anyone with a MasterCard, American Express, Discover, Visa or even a PayPal account can make payments to a merchant via 2Checkout. This is a level of convenience that appeals to customers and decreases the likelihood of cart/order abandonment due to payment issues.
Frequent Merchant Payments
Merchants receive payments two times a month from 2Checkout, giving them frequent access to their payments.
User-Friendly Account Management
2Checkout’s Vendor Area provides user-friendly management of the 2Checkout account. The admin panel is easy-to-use and makes it simple to handle and manage orders and/or complaints.
Effective Fraud Management
2Checkout’s effective fraud controls reduce credit card fraud greatly. Suspect orders are verified by 2Checkout before they’re approved, thus making fraud much less of a concern. This provides 2Checkout merchants with a greater sense of security and also increases convenience by reducing the hassle of managing fraudulent orders.
Of course, 2Checkout has lots of positives, but it isn’t perfect:
2Checkout Disadvantages/Concerns
One of the few issues with the 2Checkout system is its processing fee. At 5.5% + $0.45 per transaction, it’s a little high, and might especially affect merchants who sell at low margins.
The Final Word
2Checkout is particularly suitable for start-ups. Its quick setup and existing integration with so many popular shopping carts means that merchants can begin selling in no time. 2Checkout is also available to merchants all over the world, so if you’re based outside of the US and want to accept online payments in US dollars, using 2Checkout also makes sense for you. However, if you’re a larger US-based business with monthly sales of US$30,000 or more, you might be able to save more by obtaining a US-based merchant account instead. Overall though, 2Checkout is a reliable payment processor that offers many advantages for most online merchants, especially those just getting started.
Click here to watch a 3 minute video showing how easy it is to integrate 2Checkout with InstanteStore.
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