WorldPay (worldpay.us) is a very 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.” Philip Jansen is listed as the company’s CEO.
- Digital goods
Sales & Marketing
Key Points - Sales & Marketing
|Employs Independent Resellers||Yes|
|Advertises Deceptive Rates||No|
|Discloses All Important Terms||No|
WorldPay markets its services both directly with its own inside sales staff and indirectly using independent sales agents, resellers, and sub-ISOs. This is a common strategy for the industry and usually leads to a moderate amount of complaints. In this case, we are able to locate over 100 negative WorldPay reviews that describe nondisclosure or misrepresentation of fees by sales agents. These complaints cite all varieties of unexpected charges, including undisclosed termination penalties, higher-than-quoted rates, and unexpected monthly costs. However, we found no uses of misleading advertising or rate quoting in the company’s official materials. Given WorldPay’s complaint volume and the regularity with which these complaints have been posted, we have assigned the company a “C” rating in this section.
WorldPay Marketing Example
Costs & Contract
Key Points - Costs & Contract
|Early Termination Fee||$95 To $495|
|PCI Compliance Fee||$15 To $25 Per Month|
|Equipment Lease Terms||Variable|
WorldPay’s pricing, rates, and fees will vary by merchant type and according to whether 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 company’s 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. See the WorldPay Merchant Agreement.
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Complaints & Service
Key Points - Complaints & Service
|Total Online Complaints||250+|
|Live Customer Support||Yes|
|Most Common Complaint||Hidden Fees|
There are hundreds of negative WorldPay reviews online, and many of these complaints accuse the company of being a ripoff or a scam. The most common types of complaints report unexpected fees and surprise over the $495 cancellation fee or 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 very active in responding to publicly filed complaints (including those in the comment section below this review), but it’s unknown whether the complainants ultimately receive satisfactory resolutions to their problems. It should be noted that many complaints may get attributed to WorldPay’s resellers instead of WorldPay itself and vice versa. In general, the company has a moderate number of complaints that follow very consistent themes, which warrants a “C” rating.
Key Points - BBB
|Product & Service Complaints||103|
|Billing & Collection Complaints||96|
|Advertising & Sales Complaints||14|
|Guarantee & Warranty Complaints||0|
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.
As of this review, the Better Business Bureau is showing that WorldPay received accreditation in 2010 and has an “A+” rating despite 214 complaints filed in the last 36 months. Of the complaints, 103 are due to problems with products and services, 96 are due to billing and collection disputes, and 14 have to do with advertising and sales issues. WorldPay has successfully resolved 54 of the complaints, while the remaining 160 either were resolved to the dissatisfaction of the merchant or did not receive a final assessment from the merchant. Considering the company’s complaint volume and resolution rate, we have adjusted the BBB‘s rating to a “C” for the purposes of this review.
About Phillip Parker
Phillip Parker is a former merchant services agent turned small business advocate and the author of "Fee Sweep," which teaches merchants how to dramatically lower their processing rates, eliminate junk fees, and avoid fine-print scams. He founded CardPaymentOptions.com to help merchants enact positive change in the credit card processing industry. Schedule a Consultation with PhillipSchedule a Consultation with Phillip
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