2Checkout = A Waste of Time

[incka]

We signed up to 2Checkout to open an online presence for our timber company and were told only afterwards to fax through ID. Initially our boss was reluctant, but did eventually agree. They then told us that as the company was owned half by his wife who is not involved in trading they would need her ID too - there is no way we'd give this to them. They then told us that it was ok just to change the form to say she wasn't a 'principal', whatever that meant, so we did, then we got an email saying we 'willy nilly' changed ownership to avoid sending ID and that they would not work with us!

Good riddance to bad rubbish!

They've wasted a whole two weeks we could have been trading online, which is especially bad as I, the only person able to do set up the store, am only here for another two weeks.

Let this be a warning: they are a company that reacts sharply to anyone not willing to give out all details of all shareholders, even non trading ones - don't use them.

[MartCactus]

They need this info because of international money laundering regulations.

I got a similar problem trying to open a business savings account with Northern Rock (which has very good rates now, plus is safe as its backed by UK govt).

After much form filling etc etc they eventually sent back the application saying we were rejected because my business partner lives in Dubai running our office there, so isn't UK resident, so we can't have an account.

[Mattonella Tile Studio]

Perfectly normal application process incka. Banks have to identify each party to the account, but then also have to look behind this as to who owns the company. Over a certain share percentage and they have to id them too.

As stated by MartCactus it's because of money laundering regulations, the penalty for breaching them is severe and also personal. Try not to be too harsh on somebody protecting themselves (although they could have got it right first time and acted more quickly admittedly).

[paraskevi]

I signed up with them for a year, biggest waste of money!
It also wasnt the easiest to use.