Founded in 2008, WePay, Inc. (wepay.com) is a merchant account alternative that first started as a competitor to services like Stripe. The company’s primary focus is providing online platforms with the ability to collect payments from customers and donors (for example, through websites like GoFundMe.com). WePay allows virtually any website to integrate an account that will allow it to collect payments from participating users via ACH bank transfers and credit card. The service has no setup fees, no monthly fees, and no service length requirement.
Over the last few years, WePay has shifted its branding to present itself as more of a white-label payment platform that can be integrated into an existing e-commerce store or utilized as the backend platform for an online marketplace or fundraising system. This makes it less of a peer-to-peer or business-to-consumer service and more of a backend software solution for payment-oriented businesses and startups. This newly emphasized function makes the company less relevant for most types of small business owners. In October 2017, JPMorgan Chase acquired WePay.
WePay collects a fee of 2.9% plus $0.30 for credit card payments and 1% plus $0.30 for bank transfer payments, and it also provides several tools for collecting payments. WePay’s headquarters can be found at 350 Convention Way, Redwood City, California 94063. The company’s CEO is Bill Clerico.
- Sales & Marketing: WePay does not market directly to merchants and has not received any complaints about its sales practices.
- Costs & Contract: WePay’s pricing and contract terms will vary depending on the WePay partner a merchant works with.
- Complaints & Service: WePay has received more than 200 public complaints.
- BBB Rating: WePay has an “A+” rating with the Better Business Bureau and has received 91 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With WePay