Can someone from C2 management clearly explain under what conditions a subscriber can receive a refund from the developer? Apparently, all a susbcriber has to claim is "dissatisfaction." There are other trading forums that claim a C2 subscriber can receive a refund even if he/she makes money from trading a system and C2 caves into every request regardless of the reason AND C2 also keeps the 30%. So, the developer actually could payout more then he/she receives in subscription fees.
If this is true, then the payment method should be PayPal, not credit cards, which has a higher barrier to receive refunds especially on a service instead of a product. .
Hi Iris Kelly:
The reality of non-signature credit card transactions is that customers can call their banks up to several months after a transaction and demand a refund. Banks give that refund, no questions asked, and then charge C2 a “chargeback fee” for the trouble.
Therefore, we simply spare everyone trouble and heartache, while providing good customer service. If a customer demands a refund, we give it. It’s both good business, and good karma. On the financial side, this prevents the charging of chargeback penalties, which would be passed back to system vendors. As far as your question about what C2 charges system vendors in these cases, C2 does not charge its typical (30%) transaction fee for these transactions, but rather a smaller processing fee (7.5%), generally in line with the credit card costs of processing the initial transaction and refund.
In general, most C2 customers are honest and decent folks. In the 8+ years I have been running C2, there has almost never been a problem with unscrupulous people using systems and then demanding refunds in bad faith afterwards. I have found that customers are in fact happy to pay system vendors for their hard work and for systems that perform well.
Matthew
Thank you, Matthew.
Since you mentioned it, what has your experience been with subscribers who were making money but then requested refunds after the system started to fail or drawdown, which is inevitable.
It seems to me that using Paypal is much cleaner and prevents abuse for people who want to game the system, whether they win or lose. Also, why don’t you simply state that all sales are final and no refunds are allowed. Casinos don’t give refunds–in part or whole–to unhappy losers, so why should C2? People speculate at their own risk.
Lastly, it’s not clear to me about your 30% fee. Do you only chargeback the developer for the 70% he was paid by C2 and an additional 7.5% for chargeback fee or 107.5%?
