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Worldpay Review: The Best Merchant Account for You?
It’s one of the UK’s most popular merchant account providers, but is it right for your business?
What is Worldpay?
Worldpay is a merchant account provider, offering payment processing and technology services to businesses. It enables businesses of all sizes to take payments. It offers a variety of payment solutions, including card machines and payment gateways.
This article will take you through what Worldpay has to offer; from its features to its integrations and costs. However, if you’d rather cut out the middleman, we have a ready-made form you can fill out to compare merchant accounts in a matter of minutes. If that sounds like something up your alley, answer the question below to get started.
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Worldpay’s Features
As one of the most popular choices amongst businesses in the UK and worldwide, Worldpay offers several features to businesses that choose it. It provides an all-encompassing solution that includes everything from card machines and payment gateways to fully-fledged EPOS systems.
Its most useful feature, aside from the actual payment solutions it provides, is the Worldpay dashboard. The dashboard allows you to have complete management of your account, so you can get a clear picture of your business’s payment activity by tracking each step of the payment process, from transactions to settlement and invoicing.
This, coupled with its SaferPayments programme, which helps you make sure you’re meeting your PCI compliance obligations as well as providing robust fraud prevention, means Worldpay is able to not just provide the payment solutions you need, but also give you valuable insight and guidance with all things payment-related.
Worldpay Card Machines
Worldpay provides a selection of card machines that can suit both businesses that take payments on the move and those that have a fixed point-of-sale terminal. Their mobile card machine, the DX8000, is ideal for busy businesses that rely on staff members being up and about. Also provided by Takepayments, it takes all modern payment methods (chip & PIN, contactless, and mobile) and comes with a touchscreen, which allows for interaction with your account.
The countertop card machine Worldpay provides is the Ingenico Desk 5000 which, incidentally, makes our list of top six card machines. Like its mobile alternative, it comes with a touchscreen which boosts its usability and, also like its mobile alternative, it accepts chip & PIN, contactless, and mobile payments.
As well as the above card machines, Worldpay also provides EPOS systems for businesses that require a more interactive and complex way of taking payments. If you opt for this solution, you’ll get the choice of a PAX Terminal with EPOS software built-in, an EPOS stand with the PAX Terminal or the EPOS Stand with PAX Terminal and EPOS software. Any one of these tiers can be used to form the central payment hub of your business.
How Much Does Worldpay Cost?
Like other merchant accounts available, Worldpay’s charges come from numerous places. Unlike some merchant account providers (like Square and SumUp), Worldpay doesn’t offer you the option to buy your card machine outright and charges a card machine rental fee. The charge starts at £15.00 per month for the DX8000 and £17.50 per month for the desk 5000.
As well as card machine rental, Worldpay also charge transaction fees, which are charged per transaction. These charges depend on the kind of tariff you choose; if you choose the simplicity tariff you’ll pay 1.5% on Visa and Mastercard transactions. If you opt for the custom pricing tariff you’ll pay 0.75% +4.5p.
While the obvious choice here is the custom pricing tariff, you should be aware that this tariff comes with a minimum monthly service charge of £15, an authorisation fee of 4.5p and also possible premium transaction fees. Custom pricing is only accessible for businesses with annual transaction volume over £75,000, so if your business is small, this tariff is unlikely to be available.
When it comes to payment gateway fees, there’s a 1.5% transaction fee and a heftier monthly fee of £19.95. However, there are no up-front fees, no authorisation fees, and no premium charges. There’s also next business day settlement, which also comes at no extra cost.
Pricing isn’t as transparent when it comes to its EPOS system. For this, Worldpay would need to know exactly what it is your business requires and so you’d be required to contact them directly if this is the service you need. As a result, it’s not possible to accurately predict what kind of price your business would be looking at. It would, however, fall under Worldpay’s more advanced services and so would come with a price tag to reflect that.
Want to know more about merchant account fees?
If you want to know more about merchant account fees, you’re in luck. We’ve written a guide that breaks down all of the fees associated with taking payments both online and in person. The guide explains card processing fees, payment gateway fees, card machine rental, and more. Check it out to find out all you need to know.
What Kind of Business is Worldpay Good For?
Worldpay is one of the big providers of merchant accounts; it’s used by more than 1 million merchants across the world, making it one of the most popular choices for businesses that want payment solutions. However, smaller businesses may struggle to realise all of the benefits that Worldpay offers, partly due to the inability to access cheaper rates and the fact that some services would be perhaps wasted on a smaller business.
For these reasons, it’s arguable that Worldpay is best suited to either big businesses or SMEs that offer their goods and services in multiple places, including in-person and online. If you’re a smaller business that doesn’t have an online shop or doesn’t deal with a large number of card payments, Worldpay might not be best suited for your business.
Verdict
Worldpay succeeds in providing everything a growing business needs when it comes to taking, processing, and monitoring payments. Its reliable card machines, custom pricing, fraud protection systems, monitoring software, and integrations with third-party e-commerce and EPOS software make it a good choice for any business that takes a high volume of card payments.
However, if yours is a small business that is either just getting started with card payments or one that doesn’t typically take a lot of them, Worldpay might not be for you. In addition to this, Worldpay also costs more in fees than other merchant account providers out there who specifically target smaller businesses.
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