WePay Review 2021: Features, Pricing, Top Alternatives

WePay is a cost service supplier (PSP) lauded for its ease of use, however some reviewers additionally complain of funding holds and poor customer support.

As a PSP, it gives retailers with the flexibility to simply accept digital funds, however isn’t technically a service provider acquirer. The distinction between a cost service supplier like WePay and a conventional service provider acquirer is that PSPs group all their retailers into one giant service provider account, whereas service provider acquirers give all their retailers particular person service provider accounts.

There’s additionally a key distinction between WePay and fellow PSPs Sq., Stripe and PayPal: the markets they service.

Whereas Stripe, Paypal and Sq. straight service retailers who want to settle for digital funds, WePay solely companies operators of software program platforms who need to enable their customers to ship and obtain funds, a key distinction.

Say you use a enterprise promoting software program as a service (SaaS), and you might want to discover a approach to enable customers to simply accept funds inside your platform. With out WePay, your SaaS enterprise must use a third-party cost processor and combine it into your platform. Customers would then need to create an account with the third-party processor and hyperlink it again to your platform.

The drawbacks of this association are that you’re making your person work with two totally different companies to be able to use your platform. For platform-related inquiries, they might contact your small business, however for payment-related inquiries, you would need to refer them to your cost processor. What’s extra, the cost processor would obtain all of the income generated from the processing of bank card funds, and your platform can be required to share your person’s private info with a 3rd get together — which may result in fraud and compliance points.

WePay permits SaaS companies to avoid these points by offering them with a funds answer hosted inside a enterprise’s personal platforms. Customers can onboard and ship and obtain funds with out having to make use of a third-party web site. That is finished via WePay’s developer instruments that enable manufacturers to create a white label funds answer for its platform and cell app.

Utilizing WePay, retailers in your platform can settle for bank card funds from all main card networks, in addition to cell funds and ACH transfers. Be aware that WePay nonetheless prices the platform a cost processing charge, however the platform is then free to set the processing charge it prices its customers, which means your small business can acquire income from accepting card funds.

One other factor to pay attention to is that platforms should share person knowledge with WePay to be able to handle and stop fraud. WePay additionally gives platforms with customized assist choices, which means platforms and customers can choose how they obtain assist.

For retailers with Chase enterprise financial institution accounts, WePay provides same-day deposits. There are additionally two cell bank card terminals WePay provides: The Ingenico Moby 3000 reader and the Ingenico RP350x. Platform operators can prepare to ship cell readers to retailers straight from WePay’s warehouses.

WePay Hyperlink is WePay’s most simple degree of service, and it just about features like a third-party cost processor, relatively than an built-in one. With WePay Hyperlink, customers will probably be despatched to Chase to arrange and handle their service provider account. Chase will even present assist, oversee funding, handle threat and compliance and set cost processing charges (though platform operators will obtain a referral charge).

Perks of WePay Hyperlink embody on the spot onboarding for retailers (which implies organising an account in minutes), same-day deposits and a sturdy reporting suite. WePay says that its Hyperlink product might be built-in with solely two API calls — which means it ought to be comparatively easy to do. As soon as built-in, retailers in your platform can settle for credit score, debit and echeck funds within the U.S., U.Okay. and Canada. WePay Hyperlink additionally accepts digital pockets funds.

Different options embody cost tokenization, help with assembly PCI compliancestandards, computerized account updates and a customizable payout cadence (day by day, weekly, month-to-month).

For processing bank card funds utilizing WePay hyperlink via your platform, retailers will probably be charged a 2.95% plus 25 cents processing charge. WePay says that ACH funds could also be processed at a distinct charge.

WePay Clear is the white label answer referred to earlier on this overview. With WePay Clear, retailers can arrange and handle their service provider account straight out of your platform. They will even be capable of obtain devoted assist via your platform, as an alternative of getting to go to WePay.

What’s extra, the platform will get to resolve the cost processing charges it’ll cost to retailers (WePay nonetheless prices a “purchase charge” to the platform operator, however then you’ll be able to cost a markup on that charge and maintain the distinction).

Along with all that, WePay Clear comes with all of the aforementioned options included in WePay Hyperlink, akin to on the spot onboarding, same-day deposits, a reporting suite and risk-management instruments.

Be aware that WePay Clear is extra advanced to combine into your platform, given its a extra personalized answer. WePay additionally requires platforms to incorporate “Powered by WePay” as a part of your branding in your funds service.

Lastly, there’s WePay Core — WePay’s enterprise answer that permits platform operators to manage each side of the person expertise and transaction lifecycle. It’s known as WePay Core as a result of it means that you can combine straight into Chase’s core infrastructure.

Service provider accounts, assist and threat and compliance are all dealt with inside the service provider platform. Core additionally comes with the whole lot included in WePay Clear. When it comes to cost processing charges, WePay says it provides “aggressive, relationship-based pricing.”

This implies WePay will quote you a worth, after which you’ll be able to cost a markup on its charge to your retailers. In fact, the work required to implement WePay Core into your platform is advanced, however when you do, you’ll have a bespoke funds answer that is smart for your small business.

WePay provides personalized assist to assist platform operators deal with service provider inquiries. However what about assist for the platform operators themselves?

Trying on the WePay web site, there doesn’t appear to be any cellphone quantity to contact for assist. As an alternative, there’s a web page the place platform operators can submit a ticket, and a WePay buyer assist member will get again to them in the end.

Exterior of cost processing charges, WePay doesn’t checklist any pricing info on its web site. We assume that platform operators will probably be charged some sort of subscription charge for utilizing WePay’s merchandise, however that charge construction is quote-based. This isn’t shocking contemplating WePay provides a personalized answer for every enterprise. And as beforehand talked about, retailers are free to cost a markup on the processing charges WePay prices them.

Beneath WePay’s Phrases of Service, there are additionally a couple of different charges WePay might assess, together with a $15 chargeback charge, a $15 ACH return charge and a $25 analysis charge (if an account is deemed deserted).

There isn’t a early termination charge, and WePay doesn’t disclose contract lengths on its web site.

The whole level of the WePay is to have a funds options that appears like your individual white label funds answer. In that regard, WePay exceeds expectations.

Although it requires some technical acumen to combine WePay into your platform, it provides a cost service in your platform that’s completely distinctive. Platform operators can customise the whole lot from onboarding to payouts, and retailers can join a service provider account with out having to take care of two totally different service suppliers.

The opposite side of WePay that we take pleasure in is the platform’s ease of use. Retailers might be onboarded to WePay in a matter of minutes, and WePay goes the additional mile by providing its buyer assist companies to retailers via your platform.

WePay Hyperlink can also be a quite simple cost answer to combine into your platform, and the limitless quantity of documentation on the WePay web site makes it attainable to search out the reply to even essentially the most particular questions.

We don’t have a difficulty with the truth that WePay provides quote-based pricing. In spite of everything, it’s a product that’s designed to be tailor-made to the wants of particular companies. Our most important concern with WePay is the cost processing charge it prices retailers.

Charging 2.9% plus 25 cents is rather a lot, and that doesn’t embody the markup platform operators have the choice to cost. If it does resolve to cost a markup, retailers are taking a look at prices of over 3% to course of funds. Whereas it’s true that bigger companies have extra leverage to barter this charge down, however having 2.9% plus 25 cents as a place to begin is lower than very best.

We commend WePay for having a number of documentation on its web site, however this can be a extremely technical product and the shortage of buyer cellphone assist makes issues much more tough. If you happen to’re attempting to combine WePay into your platform and run into points, you’ll need to submit a ticket via its web site (in case you can’t discover the reply in its documentation), then watch for a response. This might take hours, or it may take days. Both method, this can be a fairly large draw back in our opinion.

On the Higher Enterprise Bureau, WePay has an A score from BBB, however a mean overview rating of 1 star out of 5. Its excessive BBB score doesn’t essentially negate any buyer evaluations, however does point out that the BBB considers most complaints in opposition to WePay to have been resolved to some extent.

In destructive evaluations, clients complain about funds from transactions being held of their service provider account for an prolonged time frame — over 5 days, versus different processors who would possibly solely take hours — in addition to a failure to course of giant transactions. Others complain about poor customer support — particularly open complaints being marked as resolved and constant unresponsiveness from assist workers — and hidden charges.

In constructive evaluations, customers tout WePay’s ease of use. Particularly, clients say they discover the product straightforward to combine and onboard purchasers with. In addition they say WePay has stable documentation that helps them resolve points shortly.

Stripe is one other high-tech cost service supplier. The primary distinction between Stripe and WePay is that Stripe markets to retailers and platform operators, relatively than simply platform operators. Examples of main platforms Stripe provides white label funds for embody Lyft and Shopify.

Utilizing Stripe Funds, you’ll be able to settle for all kinds of cost choices — bank cards, wallets and worldwide currencies — each in-person and on-line. Stripe cost processing is charged on a flat-rate charge construction: 2.9% plus 30 cents for each bank card transaction and a pair of.7% plus 30 cents for each in-person bank card transaction utilizing a Stripe terminal.

One other answer for platform operators is PayPal. With PayPal, you’ll be able to combine funds into your software program platform, however you can not create a white label answer. Any cost finished via PayPal would require clients to both go away your platform or full checkout via a PayPal-hosted web page. Be aware that for retailers, PayPal charges vary between 1.9% plus 30 cents and a pair of.9% plus 30 cents relying on gross sales quantity.