WorldPay is a worldwide payment processor, specialising in merchant accounts and electronic point of sale equipment. WorldPay, formerly known as Streamline, was founded in 1989 and started life as an electronic payments processor. The company, listed on the London Stock Exchange and part of the FTSE 100, has been actively traded.
Once owned by the Royal Bank of Scotland Group, Advent International and Bain Capital are currently the main shareholders. WorldPay has helped to pioneer Internet-based payments and has kept itself at the forefront of the electronic payments industry.
While it focuses on the U.K. and the U.S., it also serves over 40 other countries and supports 120 currencies.
WorldPay Merchant Services: What’s On Offer
WorldPay’s offerings cover all the usual bases for a merchant account and payment processing company. While the firm is not transparent on which brands it uses, which is understandable given the competition in this market and the need to maintain security, the industry consensus is that it carries Verifone products.
Worldpay’s products and services include:
- Terminal leases/sales
- Mobile payments
- Payment gateway/virtual terminal (via Authorize.net)
- Integrated cash register/POS options
- QuickBooks compatibility allowing integrated accounts management.
- Gift/Loyalty card programs
- ATM services
- Cash advances
- Terminal supplies
- Cheque processing
WorldPay Card Terminals / PDQ Machines
WorldPay can offer a free terminal, though it comes at the price of contractual obligations. Some businesses have managed to negotiate certain aspects of the contract, such as cancellation fees, before signing.
More information about card reader terminals can be found in our 2017 PDQ Machine Buyer’s Guide.
Mobile payments can be processed via the following: phone, tablet-based processing, and wireless terminals. WorldPay Mobile offers an app and one free card reader. There is the possibility of additional free readers, depending on processing volume.
WorldPay Virtual Terminal + Payment Gateway
Online Payment Gateways packages are offered at three levels: basic, integrated and business gateway. Users have the option to take card payments online without creating or integrating a payment page to their own website, but can customise the payment portal so that it is consistent with their branding. Packages will include:
- Business Gateway Plus
- Mail & Telephone Order Payments
- Recurring Payments
- Direct Debit and standing order arrangements
- Merchant Accounts
- Feature on their Business Gateway Plus payment gateway
- Face to Face Payments
- Card acceptance
- Risk management
- Transaction types comprise cashback, mobile top-ups, pre authorised payments, gratuity, reservation and checkout.
WorldPay Merchant Account Benefits
WorldPay has the expertise and resources to set merchants up with effective payment processing, but the firm fell foul of consumers with regard to its sales tactics, contracts, and billing. This was more of a problem with re-sellers. Although complaints lodged against WorldPay are low in number compared to the average, there were areas of concern.
Many merchants were particularly unhappy about WorldPay’s early termination fees some had experienced problems with billing/collections and service. However, despite a delay, it is now responding to these user-concerns and is working harder than ever to maintain customer satisfaction. Areas being addressed include better advertising transparency at the corporate level, clear information on rates and fees, and improvements to customer service.
WorldPay offers a free terminal or free mobile card reader for new merchants, but there are a number of stipulations. These include the fact that merchants must sign up for three years in order to qualify and they must pay for the shipping of these devices, which are actually inexpensive (they are given away by Square and PayPal with no strings attached). The conditions attached to receiving a free terminal or a free mobile card reader may not, therefore, make sound business sense for some merchants.
Despite the occasional concern about re-sellers, WorldPay can offer your business a huge range of benefits, including:
- WorldPay operate in numerous languages and handle over 120 different currencies
- It has been endorsed by organisations such as Just Giving, Secret Escapes and MoneyGram
- Considering the size of the company, the number of complaints received by WorldPay is below average
- WorldPay offers new merchants three years of guaranteed pricing, though reading the small print and conditions is a must
- Pricing options are generally sensible, with no junk fees nor application fees
- Its early cancellation fee structure is better than the industry standard
- There are options that require no technical setup, so merchants can begin taking payments very quickly
- Users can benefit from the software’s reporting capabilities to monitor transactions and analyse sales performance
- The monthly fee remains the same regardless of the number of users, which promotes company growth and allows firms to track who made sales and when
- WorldPay is visible on social media networks including Facebook, Twitter and, in particular, LinkedIn, where much of its business to business clientele is based
- The firm’s website is searchable, and provides excellent educational resources
- It was shortlisted for two Marketing Week Awards for their Global Online Shopper Report campaign
WorldPay’s support is separated into merchant support and gateway support. It offers 24/7 customer support, with live chat available during business hours. Its support phone numbers, however, are open only to their merchants, requiring a merchant ID to proceed.
Next Steps: Cutting The Cost Of Card Payment Processing
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Disclaimer:Products and prices described in this article are correct at the time of publication.