I did read on 2co site that they don’ allow withdrawal but they do release funds when you reach the release level you set in your account. May someone explain me more what they mean by release funds instead of withdrawal?
Not sure what you mean. For US and Canadian bank account owners, you can withdraw your money by ACH. For bank accounts in other countries, you can get a check mailed to you or do a wire transfer. They also let you get paid to a Payoneer MasterCard if you want.
Releasing funds is terminology they use to talk about individual sales – individual purchases of your products by customers can be held for review. 2CO will sometimes contact your customer to verify they received the product. Once they verify a held order, it is “released”, which means the funds become part of your balance that you can withdraw.
I just setup my 2CO account so I may be wrong. As far as I understand it works so:
- You can setup in 2CO vendor area either you want to transfer money to your bank account or to Payoneer cart (I setup bank account)
- If you choose a bank account, you should specify the release level (minimum $300). It is a minimum amount of money when 2CO transfers money to your bank account
- 2CO locks your account every Wednesday and check the account balance. It it is more than release level ($300), it transfer money to your bank account
As everybody knows, PayPal sometimes ocationally will try to cheat you and steal from your account by blocking your account due to some stupid reasons, particularly if you have more than $1000 and this is why they don’t care about customer emails and phone support.
How about 2co? Are everybody happy with their services?
I have had a PayPal account for 10 years (2000-2010). My balance is almost never below $1000. I started out as just an individual with the occasional payment, and have gone as high as $xxx,xxx per year through the account. At no point has my account ever been frozen. E-mails are responded to the next business day, and phone calls are picked up by a human immediately, not a computer script.
Once they freezed my account and asked me to fax them address and identity proof and re-enter my cc info in my account. I faxed documents to them and did re-enter cc info in account, but they said the card is not holded by you and is stolen and they ignored my faexed docs and they even said that I don’t have a anti-virus on my machine. I faxed them docs again with an angry letter and this time they opened my account but my cc info was deleted from my account, so I asked my bank to issue a new cc and I entered it and it took one month to get the cc statement to get enrollment code to verify my account again. So they tried to cheat me but they could not! During that trouble I called them many times but got no answer and just waiting over the phone.
As I said, they will cheat you OCATIONALLY AND SOMETIMES, so you were lucky to not have problem with them.