Knowledge Base - 2Checkout - Banking Details

Banking Details

In this article, you will learn about the banking details page within your 2Checkout account.  The Banking Details page provides you with all of your banking and payment method information.

Once you have logged in, click on the ‘Account’ tab and then click the ‘Bank Account’ sub-tab.
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The Banking Details table displays the following information:

  • Release LevelThe release level is a great tool that allows you to mitigate your payment fees or to quickly update your account and ensure that a payment is “held” for a period.  Our payments release on a weekly basis every Thursday and there are minimum release levels based on the preferred payment method (as seen below) but the release level is a great way to keep transfer costs low or to better keep track of your payments. 

    For example, if your preferred payment method is via currency wire transfer and you want to keep fees as low as possible, you may wish to set your release level at an amount that will result in payments only being released once every 2 weeks instead of every week, thus reducing your total wire transfer fees.  Also, if you find yourself traveling or in the process of changing bank accounts, you can quickly and easily adjust your payment release level to an amount that will result in your payment being held for a week.  Then after things are settled, you can change your level back to normal and receive payments on the same schedule as you were before.
  • Reserve Level – Percentage of funds held for 90 days, then released back into your payments. This percentage may vary. (Reserves are held to protect your account in case a refund or chargeback is issued)
  • Payment Method – The payment method that has been selected in your payment profile. This is your preferred payment method.
  • Payee – The account holder’s name. Select appropriate user name from drop down list.  If the name is not in the drop down you will need to create the user name first. 
  • Paid In - Currency in which you will be paid.
  • Payment Cycle – This will always be set to ‘weekly’.
  • Last Updated - Date your banking information was last updated.
  • General Rules:     Latin alpha-numeric characters only      Limited special characters permitted: @, #, &
  • Pay to the order of 35-character maximum -  ACH or Wire Transfer -Match the name on the beneficiary bank account
  • Bank Account Number Account number of the final destination for funds (Bank Account with Beneficiary Bank)
  • Swift  8 or 11 character code that identifies the beneficiary bank in the transfer  Generated as follows:
    • First 4-characters – bank code
    • Next 2-characters – country code
    • Next 2-characters – location code
    • Last 3-characters – branch code

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To create a new payment profile, click on either the ‘Banking Wizard’ or ‘Payoneer’ button under Payment Profiles, located on the bottom  of the screen. If you wish to receive payments via the 2CO reloadable Payoneer card by MasterCard you will first need to apply for a Payoneer card. To apply for the Payoneer card click the ‘Payoneer’ button under Payment Profiles located on the bottom of the screen and follow the onscreen instructions. After you have received and activated your Payoneer Card you may then create a payment profile for the Payoneer payment method.
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To update your Payment Method on File with us please click the edit button and follow the instructions to complete.   It is required that you keep a valid payment method on file with us at all times.  

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