Worldpay vs Paymentsense explained – Payment processing comparison

Updated on 14 July 2023

When it comes to payment processing solutions, UK businesses have a wealth of options at their disposal. Today, we’ll be taking an in-depth look at two of the most popular services, Worldpay vs Paymentsense, to understand their offerings and determine which might be the right fit for your business.

 
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Worldpay vs Paymentsense

WorldpayPaymentsense
In-person PaymentsYesYes
Online PaymentsYesYes
Mobile PaymentsYesYes
Multicurrency SupportYesLimited
24/7 SupportYesBusiness hours
Fast Setup2-3 weeks2-3 days
Hardware OptionsCountertop, Portable, MobileCountertop, Portable, Mobile
Fraud ProtectionYesYes
Transaction Fees (Credit Card)1.2 – 2.75% per transaction1.2 – 2.6% per transaction
Transaction Fees (Debit Card)0.5 – 1.5% per transaction0.5 – 1.4% per transaction
Setup FeeTypically £0, may varyTypically £0, may vary
Monthly Fee£19.95 per month£16.95 per month
PCI Compliance Fee£29.99 per year£29.99 per year
Early Termination FeeUp to £495, may varyUp to £250, may vary
Refund Fee£0.75 per transaction£0.75 per transaction

This table should provide you with a typical example of the potential costs associated with each provider. But it’s essential to speak directly with a representative from Worldpay or Paymentsense to obtain the most accurate and up-to-date pricing information.

Overview of payment processing

Before diving into the specifics of Worldpay vs Paymentsense, let’s briefly explore what payment processing is and why it’s essential.

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Payment processing is the system that facilitates financial transactions between customers and businesses. It enables businesses to accept credit cards and debit card payments, both in-store and online. As our economy becomes increasingly cashless, the importance of reliable and efficient payment processing cannot be overstated.

Worldpay – An overview

Founded in 1989, Worldpay has become one of the world’s leading payment processing providers, supporting more than 400,000 merchants worldwide. In 2019, Worldpay was acquired by FIS, a global leader in financial technology, bolstering its resources and reach.

Key features of Worldpay

Worldpay’s offerings span across various channels, including in-person, online, and mobile payments. The company also provides tailored solutions for different industries, ensuring specific needs are met.

  1. Multichannel processing: Worldpay offers in-person, online, and mobile payment processing, allowing businesses to accept payments from customers through various touchpoints.
  2. Fraud protection: Worldpay has robust security measures in place, offering risk and fraud management solutions to safeguard your transactions.
  3. International capabilities: Worldpay supports multi-currency payments, making it an ideal choice for businesses that operate internationally or aim to expand their reach.
  4. 24/7 customer support: Worldpay’s comprehensive customer service is available round the clock to handle any queries or technical issues.

Paymentsense – An overview

Founded in 2008, Paymentsense has quickly risen to become one of the UK’s leading payment solution providers. The company supports over 70,000 businesses across Europe and processes over £10 billion in card payments annually.

Key features of Paymentsense

Paymentsense offers a variety of payment processing options, designed to fit businesses of all sizes and sectors.

  1. Multichannel processing: Much like Worldpay, Paymentsense supports in-person, online, and mobile payments, providing flexibility for businesses and customers alike.
  2. Fast setup: Paymentsense prides itself on its fast and straightforward setup process, with many businesses able to start accepting card payments within just a few days.
  3. Competitive rates: Paymentsense offers competitive transaction fees, particularly for small and medium-sized businesses, making it an attractive choice for those looking to minimise costs.
  4. Cap and Collar: Paymentsense’s unique “Cap and Collar” promise protects businesses from unexpected hikes in transaction fees, providing added financial stability.

Comparing Worldpay vs Paymentsense

Now, let’s compare Worldpay and Paymentsense across several crucial parameters:

Target market

Worldpay has a broader target market in terms of business size and geographical location. Its platform caters to businesses of all sizes, from small to large-scale enterprises. It’s also well-suited to businesses with an international presence or those looking to expand globally, thanks to its multicurrency support.

Paymentsense, on the other hand, is primarily tailored towards small to medium-sized businesses within the UK. It offers competitive rates and an easy setup, which are beneficial to smaller businesses or those just starting. Despite this focus, it’s worth noting that Paymentsense is still capable of serving larger businesses with higher transaction volumes.

Customer support

Customer support is an essential factor in a payment processing solution. Worldpay offers 24/7 customer support, which can be a significant advantage, especially for businesses operating beyond typical business hours or across different time zones.

In contrast, Paymentsense’s customer support operates during business hours. However, they offer a dedicated UK-based support team, meaning their support is tailored and localised. For UK businesses operating during standard hours, Paymentsense provides ample support.

Pricing structure

The pricing structures of Worldpay and Paymentsense are quite different. Worldpay offers a bespoke pricing model. This means that your fees are tailored to your specific business—its size, industry, transaction volume, and other factors. This model can be beneficial for larger or more complex businesses with unique needs.

On the other hand, Paymentsense provides competitive, upfront rates with their unique ‘Cap and Collar’ promise. This promise can make Paymentsense a more cost-effective choice for small to medium businesses or those with predictable transaction volumes. Paymentsense also prides itself on offering short-term contracts, which can be an appealing option for businesses that prefer flexibility or have seasonal operations.

International capabilities

In terms of international capabilities, Worldpay has a clear advantage. Worldpay supports over 120 currencies, making it a superior choice for businesses that operate internationally or plan to expand their operations globally.

While Paymentsense does offer some level of multicurrency support, it’s somewhat limited compared to Worldpay. This limitation isn’t necessarily a drawback for businesses operating solely within the UK but could become a factor for those looking to expand abroad.

Conclusion – Worldpay vs Paymentsense

The decision between Worldpay vs Paymentsense will ultimately depend on your business’s specific needs.

If international reach, round-the-clock support, and robust fraud protection are high on your priority list, Worldpay might be the better choice.

Conversely, if quick setup, competitive rates, and the reassurance of a cap on transaction fees are more crucial for your business, Paymentsense could be the right fit.

Regardless of your choice, remember that a reliable and efficient payment processing system is vital to ensure seamless transactions and bolster customer satisfaction. Therefore, it’s crucial to thoroughly assess your business’s needs, seek advice, and do your research before making a decision.

FAQ

What are the main differences between Worldpay and Paymentsense?

The primary differences lie in their target markets, customer support, pricing structure, and international capabilities. Worldpay is more internationally focused with 24/7 support and bespoke pricing, while Paymentsense offers competitive rates and promises a swift setup, primarily catering to UK businesses.

How do Worldpay and Paymentsense handle fraud prevention?

Both Worldpay and Paymentsense have robust measures in place for fraud prevention. Worldpay offers advanced risk and fraud management solutions, while Paymentsense uses secure encryption technology and complies with the Payment Card Industry Data Security Standard (PCI DSS).

How quickly can I get set up with Worldpay or Paymentsense?

Paymentsense prides itself on a fast setup, often within a few days. Worldpay might take slightly longer, usually a few weeks, due to their more comprehensive onboarding process.

Is Worldpay or Paymentsense more suitable for a small business?

Both can cater to small businesses. However, Paymentsense often appeals more to SMEs due to competitive rates and quick setup.

Which provider, Worldpay or Paymentsense, supports more currencies?

Worldpay supports over 120 currencies, making it a better option for businesses requiring multicurrency support.

Do both Worldpay and Paymentsense offer mobile payment solutions

Yes, both Worldpay and Paymentsense provide mobile payment solutions, allowing businesses to take payments on the go.

What hardware options do Worldpay and Paymentsense offer?

Both Worldpay and Paymentsense offer countertop, portable, and mobile card machines to cater to different business needs.

Can both Worldpay and Paymentsense handle high-volume transactions?

Yes, both Worldpay and Paymentsense can handle high-volume transactions, making them suitable for both small and large businesses.

How does customer support compare between Worldpay and Paymentsense?

Worldpay provides 24/7 customer service, whereas Paymentsense offers UK-based support during business hours.

What are the typical contract lengths for Worldpay and Paymentsense?

Both providers typically offer 12 to 36-month contracts, but this can vary depending on specific business requirements.

Can I switch from Worldpay to Paymentsense or vice versa?

Yes, businesses can switch between the two providers, though it’s essential to check for any potential early termination fees in your existing contract.

Is Worldpay or Paymentsense more cost-effective for my business?

This depends on various factors, including your business size, transaction volume, and specific needs. It’s recommended to get a bespoke quote from each provider for an accurate comparison.

Are Worldpay and Paymentsense secure payment options?

Yes, both Worldpay and Paymentsense are secure payment options, following strict industry standards for data security.

What ecommerce platforms do Worldpay and Paymentsense support?

Both Worldpay and Paymentsense support various ecommerce platforms, including Shopify, WooCommerce, Magento, and more.

Does Worldpay or Paymentsense offer more integrations with accounting software?

Both providers offer integration options with popular accounting software, but Worldpay has a slightly more extensive list, including integrations with QuickBooks, Xero, and Sage.

Do Worldpay and Paymentsense offer contactless payments?

Yes, both providers offer hardware that supports contactless payments, including Apple Pay and Google Pay.

How transparent are Worldpay and Paymentsense with their fees?

Both providers aim to be transparent about their costs. However, since pricing is often bespoke, it’s crucial to obtain a detailed quote for a full understanding of the fees.

Can I process international payments with both Worldpay and Paymentsense?

Yes, both providers can handle international payments. However, Worldpay has more extensive support for multiple currencies.

Can I use Worldpay and Paymentsense for recurring payments or subscriptions?

Yes, both Worldpay and Paymentsense support recurring payments or subscriptions, making them suitable for businesses with such models.

What industries do Worldpay and Paymentsense typically serve?

Worldpay and Paymentsense cater to a broad range of industries, including retail, hospitality, professional services, ecommerce, and more.

Reviewed by , Managing Director

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