Worldpay Merchant Services – Pricing, Features, Alternatives

jones

2 years ago

Worldpay from FIS is a merchant service provider that offers merchant accounts to small businesses. Merchant accounts are required to accept credit and debit card payments from customers. It holds cleared card transaction funds before transferring them to your business bank account. Worldpay Merchant Services provides its services to the supermarket, personal services, professional services, retail, and restaurant and food services industries. They are the largest payment processor in the United States and work with businesses of all kinds, from little mom-and-pop shops to multinational corporations. This means your firm will not outgrow Worldpay Merchant Services as it expands.

Worldpay could be the ideal merchant service provider for your growing business once you have graduated from the startup phase. It offers multiple payment acceptance methods, customizable payment options, fraud protection systems, an analytics platform, and even gift card and reward processing solutions.

Best for	Businesses in the grocery, personal services, professional services, retail and restaurant and food services industries.
Software cost	Not transparent; custom quoted for each customer.
Hardware cost	Custom quoted for each customer.
Payment processing cost	Custom quoted for each customer, depending on transaction volume.
Contract length	Three-year initial contract, with an annual renewal thereafter. Fees may apply for early termination of the contract.
Customer support	Worldpay provides its main customer service through phone and email, offering 24/7 support through the Contact Center phone line. Worldpay also has a developer portal with documentation for merchants and partners, as well as a blog with informational articles, research and reports.

Contactless payments and EMV chip cards

You can use standalone terminals, mobile terminals, smart terminals, POS systems, e-commerce software, and payment gateways to handle payments with Worldpay. In addition, Worldpay provides its OmniFlex product, an all-in-one solution that enables you to take real-time, recurring, card-present, and card-not-present transactions both in-person and online.

You can get in touch with the business by phone or email to learn more about Worldpay and how to sign up.
On the Worldpay website, small businesses in the United States or Canada can also get a price or submit a pre-application utilising the bespoke quote generator.

What is the price of Worldpay?

Worldpay doesn’t offer upfront pricing; you must receive a quote by contacting the company by phone, email, or through the online quote generator. Even while this may not be an unusual approach for sizable payment processors, it may be challenging to compare Worldpay’s pricing to that of other service providers due to the absence of clear pricing. The price of Worldpay’s supplementary services, such as OmniShield Assure and the iQ platform, is also unclear, and it is unclear whether these are part of a basic credit card processing solution or whether additional fees apply. And finally, according to internet reviews, Worldpay prefers a tiered pricing system that is frequently more expensive than interchange-plus pricing.

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Advantages of Worldpay

Selecting Worldpay by FIS as your merchant service provider has a number of advantages.
Has a global reach and serves more than 100 nations.
Connects to popular commercial software programmes like BigCommerce and Authorize.Net.
Enables you to create the ideal payment options for your company.
Enables you to submit a pre-application or request a quote online.
Offers client service around-the-clock.
In addition to processing credit cards, Worldpay also provides the following goods and services.

Assured by OmniShield

The security platform provided by Worldpay, OmniShield Assure, aids in defending your company against data breaches and fraudulent transactions. The platform gives tools to help with PCI compliance and delivers point-to-point encryption to prevent hackers from reading the credit card information of your consumers. Breach Assist, another element of OmniShield Assure, lowers your financial liability by paying up to $100,000 in compensation for expenditures related to a data breach.

iQ Worldpay

The analytics and reporting tool Worldpay Merchant Services iQ enables you to analyse and manage your payment processing data and provides you with information on the success of your company. The iQ platform allows you to access reports on sales data as well as information about past payment processing, such as statements and reconciliation data. The iQ Now app, which is available for iOS and Android devices, also allows you to manage transaction disputes.

Program for StoreCard gift cards

The gift card implementation programme offered by Worldpay Merchant Services is called StoreCard. You may create a gift card, rewards, and loyalty programme using StoreCard that is tailored to your company’s requirements and financial constraints. Custom or pre-made cards with varying or fixed values are available from Worldpay. Depending on your choices, you can use the StoreCard programme to create digital promotions, automatic rewards, and virtual gift cards. The programme offers analytics and online reporting and may be integrated with your POS system.

Plug-ins and integrations

Your business operations can be made more efficient by using a payment solution that can communicate with your current business systems. POS systems, payment gateways, e-commerce platforms, and business resource planning programmes are all integrated by Worldpay. Here are some of the accessible suppliers, despite the fact that the Worldpay website does not provide a comprehensive list of integrations and technological partners:

SwipeSimple
BigCommerce
Authorize.Net
Magento
PayPal
Oracle
Ingenico
NCR

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Additionally, Worldpay provides its FastAccess Funding platform, which enables you to obtain company funding on a debit card right away rather than having to wait several days for the funds to appear in your bank account.
There isn’t much information about this service on the Worldpay website beyond text stating it caters to the gambling industry.

Problems with Worldpay
Despite Worldpay’s many advantages, there are also serious disadvantages.
Absence of upfront costs.
Lack of transparency and adequate product information on its website.
Several unfavourable online reviews.

Alternatives for WorldPay

You should think about things like pricing, industry, how you want to get paid, and how your business operates when selecting the ideal payment processor (online, in person, etc.). If Worldpay isn’t the best choice for your requirements, you might take a look at the following options:

Credit card processing company	Merchant account provider or payment service provider	Pricing structure	Processing fees	Monthly fee
Helcim	Merchant account provider.	Interchange-plus	1.92% plus 8 cents average for in-person payments.	N/A.
Square	Payment service provider.	Flat rate.	Starts at 2.6% plus 10 cents per transaction for in-person payments.	N/A, unless using specialty software.
Stax (formerly Fattmerchant)	Merchant account provider.	Interchange-plus and a monthly subscription fee.	Interchange fees.	Starts at $99 per month for a subscription.
Payline Data	Merchant account provider.	Interchange-plus and a monthly subscription fee.	Starts at 0.2% plus 10 cents plus interchange for in-person payments.	Starts at $10 per month for a subscription. Must meet a monthly minimum of $25 in processing fees.
Payment Depot	Merchant account provider.	Interchange-plus and a monthly subscription fee.	Starts at 15 cents plus interchange per transaction.	Starts at $79 per month for a subscription.
Stripe	Payment service provider.	Flat rate.	2.9% plus 30 cents for online payments.	N/A.
Dharma Merchant Services	Merchant account provider.	Interchange-plus.	0.15% plus 8 cents plus interchange.	$25 monthly fee.
National Processing	Merchant account provider.	Interchange-plus and a monthly subscription fee.	Percentage markups vary from plan to plan.	Starts at $9.95 per month for a subscription.