WorldPay (worldpay.us) is a large direct processor with an international presence in 40 countries, the largest of which is in the U.K. and Europe. Founded in 1989 under the name “Streamline” in the U.K., the company’s name was changed to WorldPay a few years later. In 2001, WorldPay launched its U.S. operations in Atlanta, Georgia. Shortly after, the company was bought by The Royal Bank of Scotland (RBS) and rebranded as RBS WorldPay. In 2010, RBS sold its controlling interest in the company and RBS WorldPay was rebranded back to just “WorldPay.”
Besides offering credit card processing services, the company offers phone line card processing, ATM services, gift & loyalty card processing, check processing and online payment processing using Authorize.net. This review will focus on WorldPay’s US operations.
|Key Points – Sales & Marketing|
|Uses independent resellers?||Yes|
|Promotes deceptive rate quotes?||No|
|Discloses all important terms?||No|
WorldPay markets its services both directly with its own outside and inside sales staff and indirectly using independent sales agents, resellers, and sub-ISOs. This is a common strategy and usually leads to a moderate amount of complaints. In this case, we are able to locate approximately 100 negative WorldPay reviews that describe nondisclosure or misrepresentation of fees by sales agents. However, we found no uses of misleading advertising or rate quoting in the company’s official materials.
WorldPay Marketing Example
|Key Points – Costs & Contract Terms|
|PCI compliance fee:||$15-$25 per month|
WorldPay’s pricing, rates, and fees will vary by merchant and whether or not the merchant signed up for services through a reseller or directly through WorldPay. Based on a few reports, it appears that merchants are more likely to experience higher rates and longer service agreements by signing up directly with WorldPay instead of through a reseller. This is probably because the company gives resellers pricing and contract flexibility, which allows them to offer better deals to merchants if they choose to do so.
Merchants considering a WorldPay merchant account should read the contract (available below) carefully because the standard service agreement is for three years with automatic one-year renewals if written notice is not given within 90 days of the service expiration. If merchants cancel while under contract they may experience a $95-$495 cancellation penalty. Additionally, the company appears to charge a PCI Compliance fee of $15-$25 per month, which is above average for the industry. Merchants are also reporting an annual fee of $69 for what looks like an IRS 1099 reporting fee. The potentially high cancellation fee, auto-renewing contract, and high compliance fees are the factors that greatly lower the company’s rating in this section.
|Key Points – Complaints & Service|
|Live customer support:||Yes|
|Most common complaint:||Hidden fees|
Overall, WorldPay has a moderate number of complaints filed online for a company of its size, many of which accuse it of being a ripoff or a scam. The most common types of complaints report unexpected fees and surprise over the $495 cancellation fee and auto-renewing contract (example here). There are also complaints regarding deceptive sales practices by agents, poor customer support, and fund holds. Company representatives have been active in responding to publicly filed complaints, but it’s unknown whether the complainants ultimately receive a satisfactory resolution to their problems. It should be noted that many complaints may get attributed to WorldPay’s resellers instead of WorldPay itself and vice versa.
|Key Points – BBB Report|
As of this review, the Better Business Bureau (BBB) is showing that the company received accreditation in 2010 and has an “A+” rating despite 247 complaints filed in the last 36 months. Of the complaints, 133 are due to problems with products and services, 107 are due to billing and collection disputes, and seven have to do with advertising and sales issues. WorldPay has resolved 173 of the complaints while 74 merchants reported that they were not satisfied with the company’s response. Considering this complaint volume and resolution rate, we have adjusted the BBB’s rating to a “C” for the purposes of this review. For more information on why we adjust BBB ratings, please see our rating criteria.
WorldPay is a very large direct processor that has an international presence. The company could improve its rating in this review by reducing or eliminating its early termination penalty and auto-renewing contract and greatly reducing its volume of merchant complaints.
This review was originally published on 12/17/12 and was last updated on 8/20/14.
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