2Checkout.com — Payments are not as big as expected
I having been using their merchant services for my online http://www.admain.co.uk. It came to light after a few transactions that my payments where not as big as expected. I am fully aware that the company takes a percentage in the transaction. I am also fully aware that they hold back a percentage in case any of my clients reuest their money back. i am also fully aware that it cost $6.00 ( U.S. dollars) for them to wire my money across.
What I am not aware of is how around 5% of the transaction disappears from my clients making a payment to it reaching my merchant account with 2Checkout.
As an example, the last transaction was for £500.00 ( U.K. pounds). On the day of the transaction I checked with all the leading currency conversion dealers. Each and every single one said I would receive around $929.00 (U.S. Dollars). Yet the amount 2Checkout say it is $876.60 ( U.S. Dollars). Thats a missing total of almost $60.00 and that is on just one transaction, there are similar percentage amounts missing on all transaction.
When I questioned this, I was told that I had started with wrong amount (I have signed invoices which was correct my end the amount that I invoiced customers for), which coincidentally is the same amount I sent an email link to the customer for to make payment, which is also the same amount (the correct amount) which was paid by the customer, which is in big bold figures on my account with 2Checkout.
They have tried to blatantly lie to me, saying I do not know how much I am invoicing customers for, and how much my customer is paying for my services. I am not stupis, I run my own successful business. I know how much my customers are invoiced for, I know how much my customers pay, they send me a signed receipt on deliver of goods. 2Checkout themselves send me a copy of the request for payment link. Its says in my account with 2Checkout, how much in U.K. pounds the customers has paid. It always is over 5% short from converting from pounds to Dollars compared with every currency conversion firm I find. It actually says in 2Checkouts T&C's that with their buying power, converting over $1,000,000 ( U.S. dollars) a week, they get fantastic rates, so if I change currency for lets $500.00, I get a better exchange rate. In 10 tranactions done through them, I am over $500.00 short, on top of their fees.
This matter is ongoing.