- Sales Experience
WorldPay, founded in 1994, was one of the first providers of internet payment solutions. They were recently acquired by Advent International and Bain Capital for £2.025 billion. Operating in over 40 countries and transacting in over 120 different currencies, WoldPay is one of the leading global merchant service providers. Currently, WorldPay offers their service in both brick and mortar locations with POS systems as well mail order and e-commerce businesses. They have acquired several major businesses over the past 10 years including Cardsave, one of the UK’s top ISOs specializing processing solutions for small retail locations. The list of acquired top payment solutions also include Streamline, PaymentTrust, Bibit, RiskGuardian and Lynk. WorldPay also handles the transactions of large corporations including the giant McDonalds who recently renewed their contract with WorldPay in 2011. At the recent 2020 Card & Payment Awards, WorldPay won the ‘Best Alternative Payments Program’ for their excellence in handling multinational transactions.
Better Business Bureau
WorldPay is accredited with the Better Business Bureau and has an A+ rating with them. Over the past three years, they have had 171 complaints filed against them, with 57 closed within the past twelve months. 28 of the customers whom filed complaints felt that the response they received was unsatisfactory, 23 of those type of complaints were filed this year. The majority of the complaints filed cited billing/collection issues as well as problems with product/service. Being one of the leading merchant service providers in terms of quantity of merchants, the ratio of complaints is relatively low.
Sales and Marketing Strategies
Like most large merchant service providers, WorldPay relies on a direct channel, sub independent sales organizations, as well as independent sales agents. One of their key strategies is making meaningful acquisitions and partnerships with other merchant service providers that already has a customer base so they can continue to grow. A recent example of this would be their acquisition of Cardsave whom was already a leading retail merchant service provider in the United Kingdom. This recent acquisition solidified their presence in the retail field on top of their leading presence in the e- commerce field. Since they were one of the first to offer payment solutions to e- commerce, they still have a very strong marketing focus in small to medium sized e- commerce field.
Rates and Fees Schedule
WorldPay does advertise rates as low as 0.99% however it’s important to understand that this is what’s called the qualified rate and very few types of cards fall into this category. WorldPay does have a cancelation fee which is generally not a good sign as it’s advised to avoid any merchant service providers that lock you into a contract with a cancelation fee. WorldPay’s is also an auto renewal contract which means without careful supervision a business could be locked into another three years without their knowledge. As we have mentioned repeatedly on this website we advise merchants to always be on the lookout for contracts, especially auto-renewal ones such as employed by WorldPay. It is a serious red flag in our estimation and we believe there a a number of great alternatives in the market which offer quality pricing and agreements without the need to lock individuals into lengthy agreements with hefty cancellation fees. However if your business will be handling transaction from various countries outside the United States, then WorldPay represents a solid option.
Stay or Switch from WorldPay To Another Merchant Service?
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