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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.
WePay Payment Gateway
WePay offers credit and debit card processing through Chase bank with three different payment gateways for online businesses. The first is called Clear and is essentially a basic payment gateway plus risk management solutions, while the second is called Link and effectively is a gateway that goes straight to Chase’s processing and uses the Chase name. Both offer same-day deposits, digital wallets, card-present solutions, PCI compliance, card vaults, tokenization, and data reporting and analysis. The third option is called Core and is for very large payment facilitators.
WePay’s payment processing service allows businesses to accept payments from multiple payment methods, including credit and debit cards, bank transfers, and digital wallets. The platform supports various payment gateways and provides users with a seamless payment processing experience.
WePay offers a virtual terminal service that enables businesses to accept payments over the phone or through email. The virtual terminal is an online payment processing platform that allows businesses to process payments from any device with an internet connection.
WePay’s mobile payment processing service enables businesses to accept payments through mobile devices, including smartphones and tablets. The platform supports both iOS and Android devices, and it offers a mobile SDK for app developers.
WePay’s recurring payment service enables businesses to set up recurring payments for their customers. This service is particularly useful for businesses that offer subscription-based services or products.
WePay provides e-commerce solutions that allow businesses to sell products and services online. The platform supports several e-commerce platforms, including Shopify, WooCommerce, and BigCommerce.
WePay Risk and Fraud Protection
Risk and fraud protection is another critical service provided by WePay. It utilizes advanced data analytics and machine learning to identify and prevent potentially fraudulent transactions, protecting businesses and their customers.
WePay API Integrations
API integrations provided by WePay allow businesses to incorporate the payment service directly into their applications or websites. This allows for a seamless customer experience, as customers can complete transactions without leaving the business platform.
Location & Ownership
WePay’s headquarters are located at 3223 Hanover St. Palo Alto, CA 94304. The company’s CEO is Bill Clerico.
WePay Pros and Cons
- Backing of major bank
- Transparent rates and fees
- Many complaints about fund-holds
- Possible customer support issues
- Moving away from small businesses
- Costs & Contract: Pricing and contract terms will vary depending on…
- Complaints & Service: Has received more than 250 public complaints regarding…
- BBB Rating: Has an “F” rating with the Better Business Bureau and has received 136 complaints and 57 reviews in the past 3 years in regards to…
- Sales & Marketing: Does not market directly to merchants and has not received any complaints about its…
WePay Customer Complaints & Reviews
Here's What Users Think
Total Online Complaints
Live Customer Support
Most Common Complaint
Fund-Holds a Major Issue
In the comment section of this review alone, we are currently able to find over 300 WePay reviews, many of which describe the company as a scam or a ripoff. We are also able to find nearly 200 complaints on other consumer protection websites. The common themes among nearly all of these complaints include the company’s reserve policy, its “prohibited activities” policy, and unreachable or unhelpful customer support. Many business owners describe waiting the full 30 days to receive substantial portions of large payments that had been held in reserve. If you have your own WePay review to make, please do so in the comments below.
While we don’t tend to penalize processors for engaging in what is a common fraud prevention measure, it appears that there is very little warning or communication between WePay and clients in these cases. Similarly, businesses who have had their accounts canceled, and their pending payments returned, seem to only find out about these developments after contacting WePay to ask why they can’t find their money. Business owners commonly express frustration when dealing with WePay customer support, which is available by phone or by live chat, reporting a lack of meaningful assistance, and a policy of deflection.
A company representative has been very active in responding to many of the complaints in the comment section of this review, but in the majority of cases, it does not appear as if the clients’ complaints can be resolved to their satisfaction. Generally speaking, most negative WePay reviews do not speak highly of the company’s customer service.
WePay Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against WePay. Dissatisfied business owners who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
WePay Customer Support Options
WePay solely provides ticket support through its website to all of its users with staff available between 9 am to 9 pm EST. Its website states that all requests will be responded to within 1 business day but its limited support options mean it does not rate as a top merchant account provider for great customer service.
WePay Customer Service Number
- (855) 469-3729 – Support
WePay Reviews Online
Our Better Business Bureau Profile Assessment
Note: We have adjusted this company’s BBB rating according to our own standards. To better understand why we adjust BBB ratings, please see our Rating Criteria.
More Than 130 Complaints
WePay was formerly accredited with the Better Business Bureau since December 2009 but is no longer accredited. The BBB is currently issuing WePay an “F” rating despite 136 complaints in the last 36 months. Only 56 of these 136 complaints were resolved by the company to the satisfaction of the merchant. The remaining 80 were resolved to the dissatisfaction of the merchant or received no final response.
What Users Say
WePay has received 57 total informal reviews on its BBB profile. All 57 reviews are negative, and the most recent review cites poor customer support and held funds:
They are **********’ ACH processing partner. DO NOT USE THEM. They allowed me to accept an ACH payment, took money from my client, then told me they were closing my account for fraud (I have a registered LLC with the ***********, an EIN and charge quite clearly for hourly billed software development), and now they are holding my client’s money for 120 days while they do…what? There’s no reason for the hold. They’ve concluded their review. I can’t ask my client to pay me again until their original payment is refunded. They would not provide ANY information as to why my account was flagged as fraud. Having worked in payments, this is probably simply because I don’t have a business website or social media accounts yet. Reputable companies would do their due diligence (as poor as it is) before processing a payment.
Great customer service is a hallmark of a top-ranked merchant account. Business owners should review their options for companies who offer superior customer service to avoid issues like this review states.
A “B” Performance Overall
In light of these figures, we have adjusted the BBB’s rating to a “B” for the purposes of this review.
WePay Fees and Rates
A Closer Look at the Contract
Monthly & Annual Fees
Varying Terms Depending on the Platform
WePay no longer lists per-transaction fees on its website, but its most recently displayed pricing charged 2.9% + $0.25 for credit card payments valid for new U.S. businesses or 1% + $0.30 for direct payments from bank accounts. It is likely that it now customizes its pricing for each payment platform it works with. In addition to its flat processing rates, WePay’s website lists a $15 chargeback fee, which is standard for the industry. The company’s most contentious policies, however, are not clearly listed, and they have to do with reserves and prohibited activities.
WePay’s Former Hold Policy
As a fraud prevention measure, WePay has previously been known to enforce a standard withdrawal limit of $2,500 per business per seven days, with payments above that figure being placed in a rolling 30-day reserve. This means that a business that routinely does over $2,500 per week in business might be unable to access more than that amount in any given seven-day span, and it also means that a variable amount beyond the initial $2,500 could be withheld in a reserve for up to 30 days. This policy is no longer mentioned in WePay’s terms and conditions, but the company does reserve the right to impose transaction limits at its discretion.
WePay’s Current Hold Policy
The amount placed in reserve is based on a number of factors, including “the transaction history in your account as well as the information you provide in your profile, your industry, and how you’re using WePay,” according to language formerly found on the company’s website. Although processors commonly withhold funds in the credit card processing industry (Square makes extensive use of a similar policy), WePay does not appear to properly notify clients that their withdrawal limit is approaching or has been exceeded, and business owners express frustration with an inability to recover the funds they are expecting to receive.
As outlined previously in this review, WePay does not appear to aggressively screen out clients who fall within its “prohibited” industries until well after they have signed up and processed with WePay. It appears to be standard policy for WePay to cancel these accounts without much warning and return payments to customers or donors. This policy, coupled with what appears to be very poor customer service, seems to be leaving businesses out in the cold for engaging in what they thought to be approved transactions. These businesses would generally be better served by high-risk specialists.
New Approach, Same Results
WePay claims that the marketplace-style websites it currently serves are now responsible for screening out prohibited businesses, which has helped reduce the number of businesses that are improperly approved for WePay accounts. While this policy may have had the effect of reducing the overall number of WePay complaints related to fund-holds and account cancellations, it still leaves open the possibility that WePay’s partner platforms could improperly approve businesses and ultimately put them in a position to experience cash flow interruptions. We also encourage merchants to check out our list of the providers of the best merchant accounts.
WePay Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Uses Independent Resellers
Discloses All Important Terms
No Deceptive Marketing
WePay primarily uses its website to market itself as a payment solution for online platforms. That said, the website formerly quoted two rates: 2.9% + $0.30 for credit card payments or 1% + $0.30 for direct payments from bank accounts. These rates appear to be accurately quoted and inclusive. The website now only quotes one rate: 2.9% + $0.25 for credit card payments valid for new U.S. businesses only. Additionally, the company does not appear to engage in any deceptive advertising strategies in its official materials. This compares favorably to our list of best credit card processors.
A History of Holding Funds
By far the most common complaints about WePay are older complaints filed when the company was marketing itself to all businesses. These complaints were related to its policies regarding reserves and high-risk merchant accounts. These issues could be characterized as either sales issues or service issues. To the extent that they were related to sales and marketing, it seems that the company’s application/setup process did not do an adequate job of screening out businesses that would ultimately have their account terminated after they had been allowed to process transactions. We were able to locate numerous WePay reviews by clients who were told by either the company’s website or one of its representatives that their business type qualified for processing through WePay, only to find out after processing large payments that their accounts had been canceled and their funds returned to customers. It seems that this common issue could have been more easily avoided if the process for signing up for a WePay account were a more thorough and guided one.
No Longer Selling Directly to Businesses
WePay claims that its current focus on crowdfunding platforms and marketplace websites has eliminated most complaints of this nature. The feedback we have received does not corroborate the company’s claim. Business owners can see a full list of WePay’s “Prohibited Activities” here. If your payment platform deals with one of these industries or is similar to one of the business types on this list, be aware that you may be subject to the sudden cancellation of your account even after fully completing the account setup process.