Vendors have a wide variety of choices in how payments should be sent out from their 2Checkout account. The payment types, fees and availability can often be confusing. Release of payments also depends on the status of your 2Checkout account, which would have to be of a “Y” or “P” status to be eligible for the funds release. Below are the definitions, geographical availability and the associated fees for each payment type.
Vendors that are located in Great Britain, Australia, and Canada are able to receive payment via Foreign Currency Electronic Funds Transfer (FCEFT) in their own currency. Vendors are now able to receive payment via FCEFT in the following currencies as well.
CHF or Swiss Franks
EURO
MXM or Mexican Peso
NZD or New Zealand Dollar
When you are entering your bank information into the Banking Wizard, you will be required to enter your IRC (International Routing Code). This can sometimes be confusing due to different countries referring to it by different names. The following information will help you determine what your IRC is.
In order for us to know how and where to issue payments to, you will need to select “Bank Account and Payment Details” on your account homepage. From here, you will need to walk through our “Banking Wizard” and provide the requested information for the payment method you select. Using our “Banking Wizard” you can chose to have your payments released to you by ACH Deposit, Wire Transfer or Check. You can also set the Release Level of your account from here. Please note, The “Banking Wizard” will only ask you for information that is necessary for the payment method you select, all fields must be completed. To find out the correct information to enter into the “Banking Wizard” we ask that you to consult your bank or financial institution.
Vendors that are located in Great Britain, Australia, and Canada are able to receive payment via Foreign Currency Electronic Funds Transfer (FCEFT) in their own currency. Vendors are now able to receive payment via FCEFT in Swiss Francs, Euro, Mexican Peso and New Zealand Dollar. For more information FCEFT please see the information posted here.
All new accounts, and accounts whose sales level drastically rises, will be subjected to our account verification process. This process is typically done through voice verification with the end user of the service or product.
While this process is usually seamless, difficulty in verifying the legitimacy and status of your account can result in the delay of your initial payments.
If your account has not been cleared for release of payment prior to the payment period (Every Thursday), you should receive a notification via email of the delay in payment.
Important Note: Suppliers selling tangible goods should not expect payment until 2CheckOut can confirm receipt of goods shipped, and they were received as per the terms advertised on the supplier’s website. Delaying shipment until you receive funds is NOT considered an acceptable business practice.
Suppliers selling intangible goods, such as service related products (e-downloads, hosting, etc.), should not expect payment until 2CheckOut can confirm that your services have been rendered.
Suppliers who establish a new account within five (5) days of a payment cycle release date will not receive a disbursement of funds until the next payment period ends (approximately one (1) week).
2CO is happy to supply our contracted suppliers with a number of payment options.
Suppliers with bank accounts in Australia, Canada, Great Britain, or The United States can have payments electronically deposited directly into their bank account at no cost via our direct deposit payment methods.
Suppliers without a bank account in any of the countries above can have their payments electronically deposited into their bank account via our wire transfer payment method.
If your currency is included in the list of supported currencies below then you can choose to receive the wire in your local currency at a fee of $6.00 per transfer or you can choose to receive the wire in US Dollars at a fee of $15.00 per transfer.
If your bank’s currency is not included in the list below then you can choose to receive a US Dollar transfer at a discounted rate of $10.00
Currently, we are offering payments in the following currencies:
AUD Australian Dollars
CAD Canadian Dollars
CYP Cyprus Pounds
CZK Czech Republic Koruny
DKK Denmark Kroner
EEK Estonia Krooni
EUR Euro
HKD Hong Kong Dollar
HUF Hungary Forint
INR Indian Rupee
ILS Israel New Shekel
JPY Japanese Yen
KWD Kuwait Dinars
MXN Mexican New Peso
NZD New Zealand Dollar
NOK Norwegian Kroner
PHP Philippines Pesos
PLN Poland Zlotych
GBP Pound Sterling
SAR Saudi Arabia Riyals
SGD Singapore Dollar
SKK Slovakia Koruny
SEK Swedish Kroner
CHF Swiss Franc
THB Thai Baht (temporarily unsupported!)
TRY Turkish Lira
AED United Arab Emirates Dirhams
USD US Dollars
All of our suppliers can chose to have their payment sent using our air-mail check payment method for a fee of $4.00.
Vendors that are located in Great Britain, Australia, and Canada are able to receive payment via Foreign Currency Electronic Funds Transfer (FCEFT) in their own currency. Vendors are now able to receive payment via FCEFT in Swiss Francs, Euro, Mexican Peso and New Zealand Dollar. There is no fee for a FCEFT payment. More information on this payment method can be found here.
Each accounting period is a week long. A new period begins each Wednesday.
All transactions that have deposited before the close of each period will be processed and payments will be disbursed the next day, Thursday. However, if the payment date falls on a US-banking holiday, payments will be disbursed on the next business day.
Account Verification:
All accounts are subjected to our account verification processes.
While this process is usually seamless, difficulty in verifying the legitimacy and status of your account can result in the delay of your payments.
Important Note:
Suppliers selling tangible goods should not expect payment until 2CheckOut can confirm receipt of goods shipped, and they were received as per the terms advertised on the supplier’s website or auction. Delaying shipment until you receive funds is NOT considered an acceptable business practice.
Suppliers selling intangible goods, such as service related products (e-downloads, hosting, etc.), should not expect payment until 2CheckOut can confirm that your services have been rendered.
All Payments are subject to Reserve Funds.
2Checkout.coms lost check policy provides you with two options:
1) Stop payments can be done upon your authorization. This will immediately void and invalidate the original check payment issued. The fee for this service is $30.00 USD. Funds will be immediately credited to the account balance and will be reissued as part of your next payment.
2) Check payments not received after 60 days from issue date can be voided per your request, at no additional fee. If the check has been cashed then the check can not be voided and a 2Checkout.com representative will contact you with the appropriate bank documents that will need to be completed. If the check has not been cashed the funds can be credited back to the account balance and reissued as part of your next payment.
Suppliers can control their payment release to a minimal extent. Please review the Related Articles found at the end of this text for additional information about payment options.
Suppliers can specify a release level based upon payment transfer type.
The release level is a setting controlled by the Vendor that allows you to instruct us to hold funds on your account (instead of disbursing them to you) until they reach the level you have specified.
Once the account has reached this level, following the close of a payment cycle, payment will be sent by the method specified on your account.
This option can be adjusted via your Sellers’ Admin Area under “1. Bank Account & Payment Details”.
Again, this feature is limited and may not be available based upon your payment option.
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