As the digital age evolves, so does the need for seamless and secure payment processing solutions. Businesses large and small now face the task of selecting the best service to meet their needs. One notable provider in this landscape is Worldpay, a leading global payment processor. But is Worldpay the right choice for your business? Let’s explore the features, fees, pros and cons to give you a comprehensive understanding.
Overview of Worldpay – What’s on offer?
Worldpay, owned by Fidelity National Information Services, is one of the world’s leading providers of payment processing services. Having started its operations in the UK, the company has grown and expanded internationally. It offers businesses an array of payment processing solutions, tailored to meet varying needs.
Worldpay delivers a multitude of ways to accept payments. This includes everything from traditional card readers for physical transactions to online and mobile payment options, allowing businesses to cater to the increasing demand for digital transactions. Notably, it provides robust international payment capabilities, supporting over 120 currencies and 300 payment types.
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- Powerful data intuitive
- No coding skills needed
On the security front, Worldpay’s solutions comply with the Payment Card Industry Data Security Standard (PCI DSS). They also offer fraud protection and risk management tools to help protect your business from potential threats.
Worldpay is known for its detailed analytics and reporting capabilities. These allow businesses to gain insights into sales trends, helping them make informed decisions for their operations. Worldpay also stands out for its round-the-clock customer support, which is highly beneficial to businesses that operate outside of standard working hours.
Pros and cons of Worldpay
- Versatile Payment Options: Worldpay provides a multitude of payment acceptance methods, including card readers, online payments, mobile payments, and virtual terminals. This versatility means businesses can cater to a wide range of customer preferences.
- Global Reach: With support for over 120 currencies and 300 payment types, Worldpay is well equipped for businesses that operate or aim to expand internationally.
- Security Measures: Worldpay complies with the PCI DSS standards and provides additional fraud protection and risk management tools, ensuring transactions are secure and your business is safeguarded from threats.
- Detailed Analytics and Reporting: Worldpay’s robust reporting tools offer valuable insights into sales trends, assisting businesses in making data-driven decisions.
- 24/7 Customer Support: Their around-the-clock customer support ensures businesses can receive help whenever required, which can be particularly beneficial for those operating outside standard working hours.
- Pricing Transparency: Worldpay has been criticised for its lack of pricing transparency. Pricing can often be complex and vary based on the nature of your business and your negotiation with the company.
- Long-term Contracts: Many of Worldpay’s contracts include a three-year term with an automatic renewal clause. Early termination can result in substantial fees.
- Customer Complaints: There have been instances of customer complaints regarding issues with service and account closures without notice.
Worldpay products and services guide
Worldpay offers a variety of products and services to cater to different business needs.
- Worldpay from FIS: This is their flagship product that allows businesses to accept payments in-store, online, or on the go. It provides features such as multi-currency support, risk management, and comprehensive reporting.
- Worldpay POS: Their point of sale (POS) systems are versatile, allowing for card, mobile, and contactless payments. They offer countertop, portable, and mobile card machines.
- Worldpay Online Payments: This solution caters to online businesses, offering a secure and fast way to accept payments on websites, apps, and through virtual terminals.
- Worldpay Virtual Terminal: This is a secure web-based portal that lets businesses take payments over the phone or by mail order.
- Worldpay Pay by Link: This service allows businesses to send customers a secure payment link via email or SMS, making it easier to accept remote payments.
- Worldpay Total Mobile: This product combines a mobile device and a card reader, allowing businesses to take payments anywhere, anytime.
- Risk and Fraud Management: These services aim to protect businesses from fraud and other potential threats, using advanced risk scoring and a range of customisable tools.
Worldpay pricing, fees and charges explained
Worldpay’s pricing is somewhat complex due to the range of services it provides. The company offers custom pricing based on the nature and size of your business.
For in-person transactions, Worldpay typically charges a percentage of the transaction value plus a fixed fee. Online and virtual terminal transactions may also include a gateway fee.
While Worldpay doesn’t publicly display its pricing, some users have reported being charged a monthly fee for terminal rental, transaction fees ranging from 1% to 2.75% depending on the card type, and additional fees for services like PCI compliance and fraud protection.
One of the major criticisms of Worldpay is the long-term contract, which often involves a three-year commitment. Early termination can result in substantial fees, which could be a significant downside for smaller businesses or startups.
Alternatives to Worldpay
While Worldpay offers a comprehensive suite of services, businesses might consider alternatives depending on their specific needs.
- Stripe: Known for its developer-friendly features, Stripe offers comprehensive online payment services with clear, competitive pricing.
- Square: Square is an excellent choice for small businesses and individuals due to its simple pricing structure and feature-rich free POS system.
- PayPal: An established name in online payments, PayPal is a good choice for businesses that have a significant number of international transactions.
- Adyen: Adyen offers a global payment platform ideal for larger businesses looking for a highly scalable solution.
Conclusion – Is Worldpay a good choice?
Worldpay’s comprehensive suite of products, security measures, and global reach make it a strong contender in the payment processing landscape. It might be especially appealing for larger businesses or those looking to expand internationally.
However, its complex pricing structure and long-term contracts can be a deterrent for small businesses or those that prefer more transparent pricing. Therefore, it’s crucial for businesses to fully understand their needs and ensure they negotiate a suitable deal.
As with any service, it’s advisable to compare Worldpay with other providers to ensure you’re getting the best service and value for your specific needs.
FAQ – Worldpay review
Yes, Worldpay complies with PCI DSS standards and offers fraud protection and risk management tools.
Worldpay accepts a variety of payment methods, including card payments, mobile payments, online payments, and payments through virtual terminals.
Yes, Worldpay supports over 120 currencies and 300 payment types, making it well-equipped for international transactions.
Many of Worldpay’s contracts include a three-year term with an automatic renewal clause.
Worldpay offers 24/7 customer service, providing businesses with support when they need it.
Alternatives to Worldpay include Stripe, Square, PayPal, and Adyen.
Businesses of all sizes and across various sectors can use Worldpay.
Worldpay offers custom pricing based on your business’s nature and size.
Yes, early termination of Worldpay’s contract can result in substantial fees.
Yes, Worldpay offers mobile payment solutions and mobile-friendly card readers.
Yes, Worldpay provides a secure web-based portal for accepting payments over the phone or by mail order.
Yes, Worldpay offers risk and fraud management services to protect businesses.
Yes, Worldpay can integrate with various online platforms and shopping carts.
The most common complaints include issues with service, account closures without notice, and lack of pricing transparency.
Yes, Worldpay allows businesses to accept mobile payments.
Yes, Worldpay offers detailed reporting and analytics to help businesses understand sales trends.
Yes, Worldpay is designed to handle high-volume transactions, making it suitable for large businesses.
Yes, Worldpay provides a variety of POS systems, including countertop, portable, and mobile card machines.
Yes, Worldpay’s POS systems support contactless payments.
Yes, Worldpay offers custom pricing, so there is room for negotiation based on your business’s nature and size.