World Payment Services
World Payment Services Overview
Not to be confused with WorldPay, World Payment Services, Inc. (WPS – worldpaymentservices.com) is a merchant account provider that specializes in servicing small to mid-size businesses. The company has been operating since 1998 and provides services that allow merchants to process credit cards and other non-cash forms of payment. WPS also offers a gateway provided by First Data and claims to be “powered by First Data,” which indicates that the company might also resell First Data processing services in some capacity. WPS is a registered VISA Independent Sales Organization (ISO) and MasterCard Member Service Provider (MSP) sponsored by Wells Fargo Bank, N.A., Walnut Creek, California, as its Acquiring Bank. The company itself has its headquarters at 207 Fayetteville Street, Raleigh, North Carolina 27601.
|Key Points – Sales & Marketing|
|Uses independent resellers?||Yes|
|Promotes deceptive rate quotes?||No|
|Discloses all important terms?||Yes|
World Payment Services appears to hire independent sales agents to sell its contracts. Although independent sales agents are often motivated to sign merchants up for the most expensive terms possible, WPS is showing nearly zero publicly listed complaints about its sales tactics. The lone complaint available about the company’s sales practices was filed with the Better Business Bureau, and in this instance that company’s CEO apologized for an agent’s nondisclosure of an early termination fee and refunded the fee in full, citing a “strict zero tolerance policy related to full disclosure of all rates and fees.” Although many companies claim to have policies like this, WPS appears to actually enforce it among its agents.
|Key Points – Costs & Contract Terms|
|PCI compliance fee:||Variable|
As of this update, there is not a lot of information available about WPS’s contract terms beyond the confirmed $295 early termination fee. A lack of complaints seems to indicate that the company does not charge excessive fees and clearly communicates the fees it does charge at the point of signing. The company’s apparent use of independent sales agents means that contract terms are likely to vary from agent to agent depending on a merchant’s business type and time in business. Additionally, the company’s association with First Data suggests that its contract terms might be similar in some ways to the standard First Data contract. Because we do not have very many details about the standard WPS contract, we are hesitant to recommend the company’s terms beyond a “B+”; however, merchants should be advised that the company does not appear to offer particularly unsavory terms.
|Key Points – Complaints & Service|
|Live customer support:||Yes|
|Most common complaint:||N/A|
WPS lists a dedicated support phone number on its website. After searching for World Payment Services reviews on other websites, we were unable to locate any complaints about the company outside of the BBB. It is possible that First Data provides some customer support for WPS clients, which would result in those complaints appearing under First Data’s online profiles rather than WPS’s. Nevertheless, the company appears as of this update to have an enviable complaint rate for its size and time in business.
|Key Points – BBB Report|
WPS is not accredited with the Better Business Bureau (BBB) and currently has an “A+” rating with only two complaints lodged against it in the last three years. As noted above, one complaint mentions a customer being charged an early termination fee of $295, which they claimed they were never made aware of when they signed up. This complaint was made in September of 2011 and has been subsequently resolved to the merchant’s satisfaction. The customer has acknowledged to the BBB that WPS provided a full refund of the amount in question. Although the BBB page for WPS is nearly spotless, we believe that “A+” ratings should be reserved for companies with zero complaints. We are therefore adjusting the BBB’s rating to a very strong “A.”
By all available metrics, World Payment Services appears to outperform many other merchant account providers of its size who also use independent agents and rely on First Data for their processing. There is some indication that the company’s very low complaint rate is the product of a corporate policy that emphasizes and enforces full disclosure. Therefore, the company’s rating is likely to improve as long as it maintains its strong complaint record.
This review was originally published on 3/26/12 and was last updated on 8/11/14.
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