WePay Review 2023: Overview, Features & More
GOBankingRates Score
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Price
4.0
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Features
5.0
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Deals and Promotions
4.0
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Customer Satisfaction
4.0
Pros
- Streamlined payment process that does not require customers to create an account with a separate payment processing service
- Control over customer data and credit card processing rates
- Customizable deposit periods
- No monthly or setup fees
Cons
- No option for small businesses to work with WePay directly
- Customization options may allow platform operators to add high processing fees, up-charging platform partners and contributing to inconsistency across platforms
- No customer service phone number
WePay Overview
WePay is a payment service provider that allows online platforms to integrate payment tools into their websites. WePay allows platforms to “white label” its payments system, branding it as their own. This can improve the customer experience for online users and lead to increased sales.
Key Features
Here is a look at some of the key features of WePay.
Price
WePay has no monthly or setup fees. The company makes money through credit card processing fees. When WePay is integrated into a platform, the standard fee is 2.9% plus $0.30 per credit card transaction. Platforms looking to partner with WePay can customize how much customers are charged and can pocket any revenue from payment processing charges on top of WePay’s fees.
Features
WePay allows platforms and small businesses to accept credit, debit, e-check and digital wallet payments. It also allows platforms to customize many aspects of its service. For example, platforms can add extra credit card processing fees on top of WePay’s fee. Revenues from these extra fees go to the platform, and users can customize the payout periods for them.
Deals and Promotions
WePay offers custom pricing options for large platforms that partner with WePay through its Core program. Pricing options could be negotiated on a per-case basis, and WePay appears to keep its criteria close to the chest.
Customer Satisfaction
Customer feedback for WePay appears mixed. Because of a lack of phone support for customers, getting a response from WePay customer service may take longer than it would with other competitors. Technical questions can only be submitted through email, which can cause frustration for many customers and small business owners in the event something goes wrong.
How WePay Stands Out
With a traditional payment service provider like PayPal or Square, a customer is redirected to the payment service provider’s website when they attempt to pay for their purchase. If they do not already have an account with that payment service provider, they may have to create one and log in before they can finish making their purchase. This lengthens the amount of time it takes a customer to buy something and can result in the customer getting distracted or busy before they finish the purchasing process.
WePay allows partners to integrate payments directly into their platform. Customers don’t need to visit another site or log in to any accounts.
Comparable Payment Service Provider Options
While WePay offers some stand-out features, there are other service providers that might be better suited for a certain business.
Stripe
Stripe may be a better option for some small businesses because, unlike WePay, it partners with the small business directly. Stripe’s payment processing fees for online transactions are the same as WePay’s, but Stripe offers many customization options to businesses that integrate it into their platforms.
PayPal
PayPal is a popular option worldwide for payment processing. Unlike with WePay, customers who pay through PayPal need to log in to their PayPal accounts to make a purchase. PayPal’s processing fees are slightly higher than WePay’s fees and are categorized by different types of online and in-person payment methods.
Unfortunately, PayPal has a history of halting withdrawals of funds at seemingly random times which can make operations difficult for a small business.
How To Use
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 to choose which payment provider they would like to use for sales. In this case, businesses can select WePay as their preferred payment service provider in the account payment settings on the host platform.
WePay works directly with platforms and marketplaces that have large user bases and who want to keep credit card payments on-site without becoming the payment service provider. Platforms that would like to integrate WePay into their business can get in touch with the WePay sales team through the contact form on WePay’s website.
Who WePay Is Best For
WePay is best for small businesses that would like a payment service provider that is flexible and reliable. Next-day deposits and quick and easy payments for customers are just some of the benefits small businesses enjoy with WePay.
Final Take
WePay can be great for both platforms and small businesses because there are options for customization and flexibility that help streamline the payment processes — allowing businesses to increase revenue and keep customers engaged.
FAQ
Here are some of the most frequently asked questions about WePay.- What is WePay?
- WePay is a payment service processor that allows platforms to process credit cards on their sites without redirecting customers to another website or requiring them to create an account.
- What company uses WePay?
- Multiple platforms use WePay. Examples include Eventzilla, FreshBooks, Constant Contact, TouchBistro, Ecwid, TeamSnap and SchoolAuction.
- How do payments with WePay work?
- Clients are presented with a credit card payment form by a platform that partners with WePay. After they input their credit card information, their card is charged.
- How do I get paid from WePay?
- If you are a small business owner using a platform that partners with WePay, check with your platform for WePay deposit times and conditions. Platforms can customize how and when users get their revenue deposits so the answer may depend based on the platform you are using. WePay does allow businesses to receive next-day deposits by linking their bank information through partnered platforms.
Information is accurate as of Jan. 27, 2023.
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- Business Insider. 2022. "Why your PayPal money is on hold or pending, and how to resolve the issue."
