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GOBankingRates Score
4.3
Score
- price
- Features
- Deals and Promotions
- customer satisfaction
how did you calculate this?
Strong Points
- A streamlined payment process that does not require customers to create an account with another payment processing service
- Customer data and credit card processing rate control
- Customizable deposit period
- No monthly fees or setup fees
Cons
- No option for small businesses to work directly with WePay
- Customization options can add significant processing fees to platform operators, charge additional fees to platform partners, and contribute to discrepancies between platforms.
- No customer service phone number
Overview of WePay
WePay is a payment service provider that enables online platforms to integrate payment tools into their websites. WePay allows the platform to “white label” its payment system and make it its own brand. This can improve the customer experience for online users and lead to increased sales.
Main function
Here are some of the main features of WePay.
price
WePay has no monthly fees or setup fees. The company makes money from credit card processing fees. If WePay is integrated into the platform, the standard fee is 2.9% plus $0.30 per credit card transaction. Platforms looking to partner with WePay will be able to customize the amount they charge their customers and earn revenue from payment processing fees on top of WePay’s fees.
Features
WePay allows platforms and small businesses to accept credit, debit, e-cheque and digital wallet payments. Also, the platform can customize many aspects of the service. For example, a platform may add credit card processing fees to WePay’s fees. Revenue from these surcharges goes to the platform and users can customize the payment term.
Deals and promotions
WePay offers custom pricing options for large platforms that partner with WePay through the Core Program. Pricing options are negotiable on a case-by-case basis, and WePay seems to keep that standard close to its chest.
customer satisfaction
Customer feedback on WePay is mixed. Responses from WePay customer service may take longer than other competitors as there is no telephone support for customers. Technical questions can only be submitted via email, which can frustrate many customers and small business owners when problems arise.
Features of WePay
Traditional payment service providers such as PayPal and Square redirect customers to the payment service provider’s website when they attempt to pay for a purchase. If you don’t already have an account with that payment service provider, you’ll need to create an account and log in before completing your purchase. This increases the time it takes for your customers to purchase something and can cause them to become distracted or busy before completing the purchase process.
WePay allows partners to integrate payments directly into their platform. Customers do not need to visit another site or log into their account.
Comparable Payment Service Provider Options
WePay has some great features, but there are other service providers that are better suited for certain businesses.
stripes
Unlike WePay, Stripe works directly with small businesses, so it may be a better option for some small businesses. Stripe’s payment processing fees for online transactions are the same as WePay’s, but Stripe offers businesses many customization options to integrate it into their platform.
PayPal
PayPal is a popular payment processing option worldwide. Unlike WePay, customers paying with PayPal must log into their PayPal account to make a purchase. PayPal’s processing fees are slightly higher than WePay’s and fall into different types of online and in-person payment methods.
Unfortunately, PayPal has a history of withdrawing funds at seemingly random times, which can make running a small business difficult.
Usage
Small businesses can only use WePay through other platforms or services that are already WePay partners, such as FreshBooks and BigCommerce. However, small businesses using these platforms may have the option of choosing which payment provider they use to sell. You can select.
WePay works directly with platforms and marketplaces that have a large user base and want onsite credit card payments without becoming a payment service provider. Platforms wishing to integrate WePay into their business can contact his WePay sales team through the contact form on WePay’s website.
Who WePay is best suited for
WePay is ideal for small businesses that want a flexible and reliable payment service provider. Next-day deposits and quick and easy payments to customers are just a few of the benefits small businesses can enjoy with his WePay.
final take
WePay is perfect for both platforms and small businesses as it has customization and flexibility options that help streamline the payment process. This allows businesses to increase revenue and keep customers engaged.
Frequently Asked Questions
Here are some frequently asked questions about WePay.
- What is WePay?
- WePay is a payment services processor that allows the platform to process credit cards on your site without redirecting your customers to another website or creating an account.
- Which companies use WePay?
- Multiple platforms use WePay. Examples include Eventzilla, FreshBooks, Constant Contact, TouchBistro, Ecwid, TeamSnap, SchoolAuction.
- How does payment with WePay work?
- Clients are presented with a credit card payment form from a platform affiliated with WePay. After you enter your credit card information, your card will be charged.
- How do I receive payments from WePay?
- If you are a small business owner using a platform affiliated with WePay, please check with the platform for WePay deposit times and conditions. Platforms can customize how and when users receive revenue, so the answer may vary depending on which platform you’re using. WePay allows businesses to receive next-day deposits by linking their bank information through partner platforms.
Information current as of January 27, 2023.
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