Worldpay has been among the leading payment processing companies in the world for a long time. Since its dramatic acquisition by FIS in 2019, however, the fiery Worldpay brand has reached new heights. Currently, Worldpay supports well above half a million merchants across over 140 countries worldwide.
That said, Worldpay’s overwhelming popularity alone does not necessarily make it the best solution for your business. Here are four good questions to ask yourself when evaluating if Worldpay is for you.
1.Which services does Worldpay offer?
Worldpay has something for both brick-and-mortar and online businesses. Its wide range of card machines, which include countertop, handheld, and mobile card readers, cater to various merchant needs. Your customers can pay using most of the major electronic payment methods, from contactless NFC cards to mobile wallets like Google Pay and Apple Pay. The card machines are also Bluetooth and Wi-Fi compatible to offer the flexibility of accepting payments from anywhere in your store.
For online merchants, the Worldpay online gateway integrates seamlessly with most website builds to make payments as simple as possible. With Worldpay’s virtual terminal and pay-per-link features, your customers do not need to leave your site to make payments.
2.What are the charges?
Worldpay has been a long-time favourite among small businesses for its straightforward pricing. Pay-as-you-go fees are £0.20 plus 2.75 per cent of the transaction value, while the monthly package is a fixed £19.95 a month. Setting up is free, and you will not uncover any hidden fees as you go along.
Worldpay processes refunds for free and charges a modest £15 for chargebacks. You can also accept international currencies free of charge.
3.Besides payment processing, what else do you get?
With both the pay-as-you-go and monthly packages, Worldpay offers merchants all the standard features they need to take payments securely. Therefore, you can enjoy reliable fraud prevention and get certified for PCI compliance.
You can also upgrade your package with a range of optional add-ons, including Future Pay, which allows you to offer web-based versions of traditional recurring billing methods.
4.How does Worldpay fare against its competitors?
In the UK, the closest competitor of Worldpay is PayPal. Both services are known for their stellar security and user-friendly payments. However, more than one Worldpay review on the Internet points out that the company’s fees much easier to understand. This factor makes it the go-to solution for many small businesses looking to plan costs.
Smaller competitors like Square and iZettle offer more competitive fees and reasonably fast payment processing. Worldpay compensates for its higher charges by offering more reliable support. Nevertheless, if your primary aim is to keep transaction costs low, you might be better off with the competition.
Is Worldpay for you?
You may need more time to weigh your options before you can decide to go with Worldpay as your merchant account provider of choice. Nonetheless, the key points to remember are that it offers flexible packages, fast payments, a straightforward fee structure, unparalleled security, and reliable support.
Sure, some of the newer solutions might offer lower transaction fees. However, be wary that many come with a bunch of hidden charges. The best payment provider is the one that suits your business best without triggering any headaches.
Author bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.