Can You Trust WePay with Your Payments? Pros & Pitfalls

Founded in 2008, WePay is a merchant account alternative that first started as a competitor to services like Stripe. The company has been assimilated into the Chase Merchant Services brand. 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 to collect payments from participating users via ACH bank transfers and credit cards. The service has no setup fees, no monthly fees, and no service length requirement.

Is WePay Holding Your Funds Right Now?

Thousands of business owners have had their payments frozen by WePay. If you’re one of them, then you might find these resources helpful:

• • How To Make Your Payment Processor Release Your Money

• • How to Fight Chargebacks

• • Best Merchant Accounts for Non-Profits

Shifting Its Focus Away From Small Business

Over the last few years, WePay has changed its branding to present itself as 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. In fact, the company is considered one of the top payment processors for online marketplaces. This newly emphasized function makes the company less relevant for most types of small business owners. In October 2017, JPMorgan Chase acquired WePay.

Payment Gateway

WePay, in partnership with Chase bank, offers three different payment gateways for online businesses. The first option, Clear, provides a basic payment gateway along with risk management solutions. The second option, Link, connects directly to Chase’s processing and uses the Chase name. Both Clear and Link include features such as same-day deposits, digital wallets, card-present solutions, PCI compliance, card vaults, tokenization, and data reporting and analysis. The third option, Core, is designed for large-scale payment facilitators.

Payment Processing

WePay’s payment processing service supports multiple payment methods, including credit and debit cards, bank transfers, and digital wallets. The platform integrates various payment gateways, offering a streamlined payment processing experience.

Virtual Terminal

WePay offers a virtual terminal that allows businesses to accept payments over the phone or via email. This online payment processing platform enables businesses to process payments from any device with an internet connection.

Mobile Payments

WePay supports mobile payment processing, enabling businesses to accept payments through smartphones and tablets. The platform is compatible with both iOS and Android devices and includes a mobile SDK for app developers.

Recurring Payments

WePay’s recurring payment service allows businesses to set up automated payments for customers, making it ideal for subscription-based services or products.

E-commerce Solutions

WePay provides e-commerce solutions that support businesses in selling products and services online. The platform integrates with several e-commerce platforms, including Shopify, WooCommerce, and BigCommerce.

WePay Risk and Fraud Protection

WePay offers risk and fraud protection using advanced data analytics and machine learning to identify and prevent fraudulent transactions, safeguarding businesses and their customers.

WePay API Integrations

WePay provides API integrations that allow businesses to embed the payment service directly into their applications or websites, enabling a seamless transaction experience without customers needing to leave the business platform.

Issues with Fund Holds

In the comments section of this review alone, we’ve uncovered over 300 WePay reviews, with many users labeling the company as a scam or ripoff. Additionally, nearly 200 complaints are found on other consumer protection websites. The predominant concerns across these reviews include WePay’s reserve policy, its “prohibited activities” policy, and difficulties in reaching helpful customer support. Numerous business owners report waiting the full 30 days to access significant portions of large payments held in reserve. We invite you to share your own WePay review in the comments below.

Lack of Effective Communication

While it’s common for processors to implement fraud prevention measures like fund holds, there appears to be inadequate warning or communication from WePay to its clients in such cases. Similarly, businesses often discover account cancellations and pending payment returns only after reaching out to WePay for clarification on missing funds. Many business owners express frustration with WePay’s customer support, available via phone or live chat, citing unhelpful assistance and a tendency to deflect issues.

Subpar Performance and Support

While a company representative has been actively responding to complaints in the comments, it appears that most clients’ concerns remain unresolved to their satisfaction. Overall, negative WePay reviews consistently highlight dissatisfaction with the company’s customer service.

Customer Support Channels

WePay exclusively offers ticket support through its website, available from 9 am to 9 pm EST. The company commits to responding to all requests within 1 business day. However, its limited support options prevent it from being ranked among the top merchant account providers for customer service.