To launch a successful business online, prospective merchants know they can’t do without the big and trusted payment processors like PayPal, Click Bank, PayDotCom etc.
In recent times, gurus have been debating whether PayPal is really worth it or not. It’s not hard to find sites that are offering to secure Verified PayPal Merchant Accounts for merchants in ineligible countries.
I must admit that when I started out, I was drawn in by the message, “Without PayPal you can’t make money online” and so I paid $40 for an account without thinking twice. True to their words I got a Verified PayPal account afterwards but something I read later on made me desist from using that PayPal account for any major transaction.
I learnt that PayPal is SMART in that they know of merchants in ineligible countries that use their services but they don’t raise red flags UNTIL a large transaction is about to take place and then they strike. You get slapped by PayPal and lose your hard earned money. That’s the reality of things with PayPal.
I began looking for an alternative that would accept Nigeria and got to know about 2CheckOut.
2CheckOut serves as an authorized reseller of tangible and digital products and they’ve been in business for over 9 years now. They accept merchants from all countries EXCEPT North Korea, Cuba, Iran, Sudan, Syria, Myanmar (Burma).
2CheckOut accepts customer orders via online checks, Visa, MasterCard, Discover, American Express, Dinners, JCB, debit cards with the Visa and MasterCard logo, FXSource®, PayPal®, and PayPal Pay Later®.
They charge a one-time set-up fee of $49 and apply a 5.5% commission on each transaction, plus a $0.45 charge per transaction.
The reasons why I signed up with them are
- Nigeria is eligible
- They offer low cost check payments & international wire transfers to Nigeria. Also they’ve joined forces with Payoneer to provide faster & easier payments to merchants. As at this time last year, they had a Special $10 offer for every New 2CheckOut supplier/merchant. Personally I find Payoneer’s Fees ABSOLUTELY ridiculous! So I’m sticking with the International Wire Transfer.
- They offer a 30 Day Money Back Guarantee.
- Most important of all, they process customers who want to buy from you using PayPal thereby eliminating my need for an illegitimate Verified PayPal account that could see me facing financial troubles if my account is frozen.
- People are getting wary of using PayPal because in most cases they require your bank account details. Their major concern is what happens when someone hacks into the system and gets hold of my bank account details?
So back to the question. Which is better? PayPal or 2CheckOut? I’ll go with 2CheckOut. What about you? What’s your take on this?
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I have always used PayPal just because the ease of setup and the trusted name. But lately I have been thinking there has to be a better solution since the fees they charge really add up on me.
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I too have always used PayPal, but the fees involved are getting out of hand. Maybe a rethink is in order.
I think paypal, because they are a better known brand.
Their fees are a bit steep, but everybody knows and trusts them
PayPal was great when it was just starting. But ever since eBay took over, they have become less friendly to their users. They also charge a lot. That's why I might give 2CheckOut a try, or Moneybookers.
@ Terry: 2checkOut is the way to go for me. Too many stories about people getting slapped by Paypal. Ouch! Besides, like I said before, they're amongst the few that accept Nigerians
how is it to signup for 2co and i learnt you get payoneer mastercard with the account and can i make payment via gtb mastercard or can u make payment for and individual?
Great blog. keep it up
I signed up for 2CheckOut using my Zenith Bank Mastercard Websurfer. After approval, in the admin section of your account, you are given an option to have the Payoneer card mailed to you at once. I didn't sign up for mine cos I don't need it yet.
Unfortunately I can't make payments for you as I don't have that facility at the moment. Maybe Henry Omenogor can help though in my candid opinion, the site templates he's offering together with the Payoneer card are simply horrible.
Let me know if you need more help.
Cheers.
I haven't tried other payment processors other than paypal. Actually, I'm not that happy with Paypal. I guess I'll try 2checkout.
I haven't tried 2co, although I know some people swear by it. But from what you've described above, their fees are higher than Paypal. So far I haven't had any trouble with PP, so will stick with them for now.
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@Rod: I guess you're one of Paypal's happy customers. I'm okay with 2CheckOut till whenever Nigeria pops up on the list of Paypal accepted countries which I think would be never.LOL.
I agree with you absolutely. Paypal is not worth the trouble. They truly play SMART. If they are not being dubious, why wait until an account has generated a huge balance before getting it frozen? It is just another trick of defrauding people of their hard earned money. 2Checkout is better. Nice post.
2CO is an expensive alternative for people in Nigeria. IT's a shame that Nigeria is excluded from the Paypal fun.
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I love the way you described 2checkout. Its the way to go. My question is; can I use someone else's mastercard to fund my account as well as pay the $49 one time fee?
Sorry I had to remove your link because the site was incomplete and few months back I was penalized by Google for linking to "funny sites". Whenever the site is complete, do please let me know and I'll add the link again
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With reference to your question, I'm not so sure you can use someone else's Mastercard to pay for the setup fee though I don't see any reason why they wouldn't allow it. To be on a safe side, simply contact them before proceeding.
Best of luck!
Ok, thanks for the last reply. One last question, how often can I withdraw my balance from 2checkout? Is payoneer one of the withdrawal options? If so, will I just load my money into payoneer and cash it in Nigeria through any ATM? How long will it take them to send the card? Sorry, i stay in Yola and the internet connection is very slow, I cannot read up everything at the website.
Yes you can withdraw your 2CheckOut earnings to your payoneer prepaid mastercard and then cash it via a Zenith or EcoBank ATM here in Nigeria. According to their website, it takes 25 working days to get the payoneer card outside the US