Worldpay Review – A Hit and Miss for Small Business Payment Processing

Friday, September 14th, 2018

Worldpay, Inc. is a US-based payment processing company with clients in numerous locations across the world.  The company has been in business since the 1990s and is among the pioneers of Internet-based payments. Already a major powerhouse on its own, Worldpay was acquired by Vantiv in January 2018, giving rise to what is currently the number one Global Merchant Acquirer. Available in more than 140 countries, Worldpay-Vantiv is estimated to process 40 billion transactions this year, with a total payment volume of $1.5 trillion.

With such a broad base of clients, however, Worldpay gets more than a fair share of bad reviews online, which raises significant concerns about the company. Read on for more information about the processor and its reputation among merchants today.

Services

Worldpay’s payment processing offerings are relatively standard, in that you get the usual merchant accounts, terminal rentals and sales, payment gateways, virtual terminals, integrated cash registers and POS options, and EMV processing. One significant advantage of a Worldpay merchant account is that the company is a direct processor, and that means it processes all transactions itself, rather than utilizing a third party. Worldpay also provides numerous value-added services, including gift cards, loyalty programs, reporting, and analytics.

Rates

You won’t find a lot of information regarding rates and fees on Worldpay’s website, but you can expect to pay monthly and annual charges to maintain your merchant account. The costs are highly variable, especially if you include optional services like a virtual terminal, payment gateway or terminal lease. At a minimum, however, you’ll need to pay a monthly account charge and a PCI compliance fee. Chargebacks will also incur charges when they occur, and while the company doesn’t seem to charge setup fees, there have been reports of PCI non-compliance charges as high as £60 per month.

Contract Terms

Worldpay offers a conventional three-year contract term, after which it can be renewed automatically for additional one-year terms. Although you’ll be charged an early termination fee if you decide to opt out of the contract before the end of the first three years, the fee schedule is prorated, which means the amount you will pay will depend on how early you end the partnership.

Prorated deals can be better than fixed charges, but many competing merchant account providers don’t charge any early termination fees. If you’re only looking for a test run, Worldpay is undoubtedly not the best choice.

Marketing and Transparency

With little disclosure of processing rates on their site, Worldpay isn’t the most transparent processor. Regardless, they do provide some educational material in the form of reports, infographics and blog posts, to help new merchants make informed payment processing decisions.

The company employs both in-house and independent sales agents. However, while the in-house staff seemingly does a reasonable job, complaints alleging dishonest and misleading practices, including the failure to disclose essential terms and fees, are commonly raised against independent representatives.

Customer Service

Worldpay offers 24/7 support via telephone and email, but the quality of its service has been subject to criticism, with merchants complaining about unresponsive and unhelpful staff through customer protection websites.

Client Reviews and Complaints

While most of the negative Worldpay UK reviews hinge on poor customer support, merchants have expressed several other concerns. Among the most notable issues is the non-disclosure of contract terms, especially those relating to auto renewal and early termination fees. Some customers have reported having POS terminals dispatched even before they’ve viewed the contract, only to get slapped with hefty cancellation fees when they return them.

Chargebacks and suspicious activities are well-known red flags in the payment processing business, but clients have been vocal about Worldpay’s notoriety for withholding funds and terminating accounts. Reports of merchants having payments worth thousands of pounds blocked for months while they fruitlessly try to plead with uncooperative support staff are common.

Conclusion

Worldpay has long been known for its “take it or leave it” approach towards customers, but with newer merchant account providers joining the scene, it is finding it challenging to stay competitive. The company may still be popular among large, established businesses, but it needs to do a lot regarding transparency, customer service, and the over-reliance on independent agents to become a worthy choice for small enterprises and startups.