Worldpay is becoming more flexible and offers better options for small or « seasonal » businesses.
Rates are not yet transparent and are open for negotiation but, overall, Worldpay is improving. The interface works despite its somewhat obsolete appearance. They offer the pay-as-you-go option. You can’t escape the monthly fee, but you can buy a more flexible option.
- Pros: Simple online interface, packs more flexible than before, competitive rates
- Disadvantages: Lack of transparency in tariffs, varying deposit periods, poor customer reviews
With a virtual terminal, all you need is a computer or tablet and an Internet connection to start accepting payments.
For example, you can ask a customer for their credit card details over the phone and complete a charge using the virtual terminal.
If you’re considering WorldPay’s online payment platform, you’re not alone.
In fact, it is the UK’s largest payment processor and is particularly popular with small and medium-sized businesses, as it processes millions of pounds of transactions each month.
But with competitors like Square and PayPal offer easier registrations and simpler contracts for virtual terminals, Worldpay has to increasingly justify its position in the market.
What will you find in this article ?
Worlpay: Not Much Transparency
If you search the Internet for how much it will cost you to use Worldpay for your payments, be prepared to be disappointed. This provider does not disclose their prices and instead provides a personalized quote for each business.
In short, applicants should request a call from one of Worldpay’s representatives who will contact you for more information about your business and the requirements you have for your payment platform.
Worldpay will send you a budget based on the expected card rotation and the needs of your store.
Needless to say, this approach is not very popular with virtually anyone, especially those who believe that Worldpay is going to raise a budget for them (or those who simply prefer to have access to transparent pricing).
But, if you don’t mind making the arrangements via a phone call with a Worldpay representative, this provider could be a good option for your business.
Despite the lack of published information about Worldpay’s costs, there are a few things we know.
First of all, the rates applied to in-store payments through a card terminal are different from those applied to online and telephone payments. This means that if you have multiple sales channels, the charges you pay will depend on the type of transaction you are processing.
Second, we know that Worldpay does not commit to a specific rate and instead prefers to offer an offer based on the specific needs of your business. According to information previously published on the Worldpay website, there are three options available:
- Pay-as-you-go: £9.95/month. Transaction costs are fixed, regardless of which card is used. 2.75% + 20 cents + 10 cents (cost of gateway). Premium cards have a higher commission. Includes online and telephone payments.
- Fixed monthly: £49.99/month. The monthly cost includes transactions up to a certain limit. Premium cards have a higher commission. Includes online, telephone and pay by link payments.
- Standard: £19.95/month. Cost varies by card. Typically 2.75% for credit cards and 0.95% for debit cards. Premium cards, again, have higher costs. It includes online payments, telephone payments and payment by link. It differs from the fixed monthly cost by the cost of PCI Compliance (in the fixed monthly cost is included, in this option the cost is around £30 per month).
Worldpay can process most major cards, but please note that cards such as Amex and Diners Club will incur higher fees than Visa and Mastercard.
If you decide to use Worldpay to process telephone payments, you can expect commercial service charges to be transferred to you in the form of combined prices. Worldpay almost always uses blended pricing, which allows them to charge merchants a fee that encompasses both the card issuers’ interchange fee and the payment processors’ own profit margin.
While this is a common practice, it also makes it easy for providers like Worldpay to get an extra percentage of profits, should the interchange rate change in their favour.
Cards accepted on Worldpay:
How the virtual terminal works
With no need for technical configuration and minimal training, the Worldpay virtual terminal only requires users to log in and enter their customer, credit card, and product information to process the transaction. The interface itself is not the most attractive design on the market, and it is definitely not as easy to use as some of its competitors.
However, there are some useful features, among which are included:
- Saving data: Allows you to archive a customer’s data for future times.
- Complete reports of your transactions, available online, anywhere, anytime.
- A payment portal that can be customized to fit your company’s brand.
Worldpay’s virtual terminal accepts all major payment types, and the monthly payment option allows access to multiple users in a single account.
How long does it take to receive funds?
Again, there is a real lack of transparency regarding how quickly you can expect to receive your funds. The Worldpay website states that « depending on the purchase method used, your account could be recharged in a matter of days ». This may work for companies with good cash flow, but it’s not good news for those who need the money as soon as possible.
If you choose Worldpay to process your payments, you may be asked to stay. Again, this may vary from business to business, but typically, Worldpay contracts are about 18 months in duration, after which they will automatically renew unless the 90-day notice is activated.
If during that time you decide that Worldpay is not right for your business, review your contract carefully. There is almost always a cancellation penalty within the cancellation period.
Worldpay Customer Service
At Trustpilot UK, Worldpay has a « Bad » status, with an average score of 0.6 out of 10. Topics covered in these reviews include poor customer service, high contract closing fees and other unexpected charges, and sales representatives too eager to make new customers without passing a prior security check (resulting in freezing of accounts and money from transactions held by Worldpay).
Based on these reviews, we advise you to be careful when calling the sales team, and to be sure to consider all the details of the contract and the charges before signing it.
On the plus side, Worldpay has 24/7 telephone support for existing customers. If you are not a customer, you will not be able to access this support, as a merchant ID is required to access telephone support. The social media presence is quite low compared to other payment platforms.
Worldpay is trying to be more agile, less bureaucratic and offer more flexible packages, but customer feedback makes it clear that they still have a long way to go. Compared to previous packs, the offers are starting to get a little more interesting.
There are reasons why Worldpay is the leading payment processor in certain countries, but this doesn’t automatically mean it’s the right virtual terminal for your business. Check all available options carefully before choosing this one.