2Checkout or Quantum Gateway vs. Traditional Merchant accounts

[rbro]

I've had a "traditional" merchant account from my bank, Wells Fargo that I use with Authorizenet. I've had this set up for 15 years + now. Any reason to use something like 2Checkout or Quantum Gateway as an alternative? Will I be saving money?

[WHMCS JamesX]

I suppose that depends upon your current rates and total expenses associated with accepting payments.

 

Myself, for example, had a 1.59% rate on Visa and a 1.64% rate on MasterCard with my bank. However, I had to factor in monthly minimums, gateway fees, hardware (i.e. terminals), integration, PCI, etc. on top of that though. After doing the math, and taking other considerations into account, my current processor was determined to be a better fit for my business needs.

 

I'm using Stripe now to process my credit card payments; both off- and on-line alike. I've developed an Android virtual terminal to use with Stripe too as I always have my device with me and all techs who I employ are provided with a tablet that they take with them on-site; using it as a virtual terminal and for some other needs with different proprietary software on it. Even with the development time for the mobile app, it's far cheaper than the cost of the terminals.

 

All-in-all, Stripe is actually a better fit overall for me. YMMV though, and I'd suggest that you do your own analysis rather than relying upon others experiences. Only you can really know what your current costs are to compare with what they'd be with another processor.

 

My banks's offered me $0.069 fee for Interac payments, so I may consider using them for Interac. However, I'll stay with Stripe for credit cards though.

Edited January 26, 2013 by WHMCS JamesX

[2Checkout]

Our pricing is a single flat rate rather than numerous fees such as gateway fees, PCI compliance fees, batch fees, over/under limit fees, email invoicing fees, or any other hidden costs you might incur.

 

Our fee is only charged per transaction. So if you don’t sell anything, you are not assessed a fee.

In the single flat rate you receive:

• Acceptance of Visa, Master Card, American Express, Discover, Diner’s Club, JCB, and PayPal for payment from your Buyers.

• The option for your Buyers to pay in any of our 25+ available currencies

• Use of the 2CO plug and play cart or integration to one of our compatible 3rd party carts.

• Fraud screening on all sales

• Customizable checkout page to match your website

• Email Invoicing for your phone-in and customized orders

• Recurring billing for regularly scheduled payments

• PCI DSS Compliance for secure collection and storage of credit card data

 

Other benefits are that your customers will not have to create a 2Checkout account for payment, leading to higher conversion rates. Also, our fraud is comprehensive and our system looks at over 100 parameters to verify sales so 95% of transactions are able to be instantly approved or declined. Manual reviews are performed on sales needing more investigation. Lastly, we will never freeze your account because you exceeded your approved limit so growing with us is painless.

 

We’re always here to help! If you would like more information please reach out: aeshelman@2co.com

[jpmaster]

Stay with your bank!

 

From personal experience 2Checkout is a pain the behind. I was FORCED to issue a refund by them stating the transaction was a "possible fraud". I issued the refund and it turned out I owe 2Checkout the comission they "lost" when the refund was made.

 

Get as far away as possible and stay clear from them.

 

Regards,

 

JPMaster