2Checkout provides a way for online sellers to get their money. It is just like PayPal but works in a different way. One thing most online merchants have in common is the search for a reliable and trusted payment gateway.
No doubt, PayPal is the most trusted payment gateway especially if you are just a buyer online. But the case is different for online sellers. Most sellers/merchants have horror stories to tell about PayPal. In some cases, PayPal has ruined some businesses because of their autocratic policies. Thus, it is no doubt that a lot of people are searching for PayPal alternatives such as 2Checkout.
Here is an example of why people are leaving PayPal! Back in 2016, my friend had a flourishing e-commerce business. He used PayPal to process payments. Within 1 year, he sold goods online and collected over $170,000 using just PayPal. Then one day, PayPal limited his account with no reason. He has over $20,000 stuck in PayPal. They wouldn't allow him to withdraw his money until after 180 days. He needed the money to re-stock his store, but PayPal wouldn't hear of that. The worse part of the story is that they won't tell him the reason why they limited (blocked) his account.
Many people have many reasons for dumping PayPal. If you are looking for a PayPal alternative, you will definitely find this review very valuable.
What is 2Checkout?
Like you may have already suspected, 2Checkout is a payment gateway that allows online business owners to receive payment from any device and from any corner of the world. As of today, 2Checkout supports receiving payment from 200 countries, 26 currencies, and in over 15 languages making them one of the largest payment processors in the world right now.
The company describes itself as “the leading all-in-one monetization platform that allows businesses to quickly expand internationally and optimize recurring revenue streams across channels, by simplifying the back-end complexities that modern digital commerce creates”
2Checkout was founded in 2006. As of today, the company has over 17,000+ active clients, maintains 4 global offices with 300+ employees, and it is backend by Francisco Partners.
- Name: 2Checkout
- Type: Payment Processor
- Founded: 2006
- Price: 3.5% to 6.0% of transaction volume
How Does 2Checkout Works?
2Checkout works a bit differently when compared to PayPal. Unlike PayPal, this payment processor is not designed for individuals. This means you will need to have an established business before you can use the platform. During the sign-up process, the company will ask you to send a link of your website and possibly your business registration documents as well as your residential and business addresses.
Once you are done with this process and get accepted, you have two options or two ways to starting receiving payments for your products or services or both. They include:
- Hosted Checkout Option: This is designed for big-time sellers with lots of traffic. When you choose this option, you get a standalone ordering engine you can host yourself. You can customize it as you want.
- Inline Checkout Option: This is perfect for smaller merchants. It provides a seamless shopping experience for your buyers using just an iFrame.
Additionally, 2Checkout now offer a feature known as “Payment API”. This way, buyers can easily make a payment on your website without being redirected to the 2Checkout platform.
One feature that made so many people switched to 2Checkout when they launched a couple of years ago is the ability to offer a recurring billing on your website. This functionality allows you to charge your customers on a monthly or yearly basis. Like other top payment processors, 2Checkout offers fraud detection and protection services.
How Much Do 2Checkout Charge?
2Checkout has no monthly charges for users. You only pay a percentage of the money you receive depending on the plan you choose. They have 3 plans which include:
- 2Sell: 3.5% + $0.35
- 2Subscribe: 4.5% + $0.45
- 2Monetize: 6.0% + $0.60
Top Benefits (Pros) of Using 2Checkout
No doubt, there are a lot of reasons why many online sellers are already switching to 2Checkout for payment processing. Some of these reasons include:
- Easy to get approved and use
- Easy integration for merchant of all sizes
- Supports payments form over 200 countries
- Available in more than 26 major world currencies
- Every transaction is protected and safe
- On-the-go sales management with 2Checkout app
- Choose your own cart
- Simple and flat transaction fees
Cons of 2Checkout
- Expensive transaction fee
- Takes long to approve account registration
- Supports needs to improve
Who Should Be Using 2Checkout?
2Checkout is for anyone who has a business or operates an e-commerce website. If you have a shop where you sell products, 2Checkout will provide a reliable way to process payments. You can also use 2Checkout if you are just a freelancer. Take, for instance, freelancer writers can make use of 2Checkout to receive payments from buyers.
Is 2Checkout a Good PayPal Alternative?
Both PayPal and 2Checkout are on par in terms of gateway features, support, and security features. However, 2Checkout takes the lead when it comes to cart integration for e-commerce sellers. Unlike PayPal, 2Checkout supports concurrent payment. Moreover, 2Checkout will never limit your account with no reason like PayPal does. Without a doubt, 2Checkout is a great PayPal alternative and they are a legit payment processor.
How I Make A Living Online?
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