WePay is an online payment service provider based in the United States. Established as a pioneer in the sector, WePay offers a range of user-friendly, secure and flexible solutions to businesses, with a distinct focus on integrated payments for software platforms.
Here’s a comprehensive overview of WePay’s services, pricing, and how it compares with other providers.
- Founded in 2008.
- More than 1,000 platform partners as of 2021.
- Powers more than $2.5 billion in payments annually as of 2021.
- Present in over 40 countries worldwide.
- Acquired by JPMorgan Chase & Co. in 2017.
WePay fees and charges
|Fee Category||WePay Clear||WePay Link||Core API||WePay for Platforms||Virtual Terminal|
|Product name||WePay Clear||WePay Link||Core API||WePay for Platforms||Virtual Terminal|
|Contract length||12 months||No contract||No contract||24 months||No contract|
|Consumer card fees||1.4% + 20p||2.9% + 20p||1.2% + 20p||1.5% + 20p||3.3% + 20p|
|Business card fees||2.2% + 20p||2.9% + 20p||2% + 20p||2.5% + 20p||3.3% + 20p|
|Card not present (CNP) fees||2.5% + 20p||2.9% + 20p||2.2% + 20p||2.8% + 20p||3.3% + 20p|
|Minimum monthly charge||£20||£0||£0||£100||£0|
Businesses should contact WePay directly for the most accurate and up-to-date information, as fees and features may vary depending on the specific requirements of the partner and negotiation with WePay.
|Founded (date, location)||2008, Boston, USA|
Pros and cons of WePay
- Provides seamless payment processing within a platform’s app or website.
- Offers fraud and risk protection.
- Supports a wide range of payment methods.
- Facilitates rapid payment processing.
- Not suitable for businesses outside of software platform partnerships.
- Not regulated by the FCA and not FSCS protected.
- Customer support might not be optimal compared to some competitors.
WePay products and services
This product offers fully integrated payments within a partner’s platform, providing a seamless user experience. It allows partners to have control over the user interface, fees, and supports various payment methods including cards, bank transfers, and Apple Pay. Costs vary depending on the partner’s business model and specific requirements.
Link is an out-of-the-box solution that provides partners with a fast way to add payment capabilities to their platform. It comes with a standard fee of 2.9% + 30 cents per transaction.
WePay’s Core API provides developers with the resources to build custom payment solutions. With the Core API, developers can customise their checkout experience, onboard users, and manage payments and payouts. Fees associated with the use of the Core API depend on the scale and specifics of the implementation.
WePay for Platforms
This solution is tailored for large-scale platforms that require more robust functionalities. It offers advanced features like risk and fraud protection, custom onboarding, and multi-currency capabilities. The pricing for WePay for Platforms is typically custom and negotiated based on the platform’s specific needs.
WePay’s Virtual Terminal allows businesses to take phone and mail orders through their account. It provides a simple and secure method to manually enter and charge customers’ credit cards. This service comes with a transaction fee of 3.3% + 30 cents.
|Source||Rating out of 5|
Alternatives to WePay
Before choosing WePay or any other payment service provider, businesses should thoroughly evaluate their specific needs. Consider factors such as customer base, transaction volumes, the need for international payments, and specific software integration requirements.
WePay company history
WePay was founded in 2008 by Rich Aberman and Bill Clerico in Boston, USA. Initially, it was designed as a tool to simplify the collection of money from groups.
In 2017, it was acquired by JPMorgan Chase & Co., marking a significant milestone in the company’s history. Since then, WePay has continued to grow and develop, expanding its service offerings and geographical reach.
Businesses operating as a platform, typically online marketplaces, crowdfunding sites, and business software providers, can use WePay.
Yes, WePay operates in over 40 countries worldwide.
For WePay’s Link product, the fee is 2.9% + 30 cents per transaction. For the Clear product, the cost is negotiated based on the partner’s specific needs.
Yes, WePay does support recurring payments.
WePay uses advanced security measures, including encryption and secure servers, to protect data.
WePay primarily serves platform businesses. For traditional e-commerce stores, alternatives like Stripe, PayPal or Square may be a better fit.
Yes, WePay can handle international transactions and supports multiple currencies.
Yes, WePay offers customer support via phone and email.
Yes, WePay offers risk and fraud protection services.
Yes, WePay supports mobile payments, including Apple Pay.
WePay usually processes payments within 1-2 business days.
Yes, WePay’s solutions are designed to allow payments within your platform, offering a seamless customer experience.
The Virtual Terminal allows businesses to take phone and mail orders through their account. It provides a simple and secure method to manually enter and charge customers’ credit cards.
WePay supports a wide range of currencies. Contact their support for specifics.
WePay’s Core API provides developers with the resources to build custom payment solutions.
WePay accepts various payment methods including credit cards, bank transfers, and Apple Pay.
No, there is no setup fee for using WePay. However, transaction fees apply.
WePay is more than a payment gateway. It provides integrated payments for platform businesses.
Yes, you can issue refunds through WePay.
WePay is owned by JPMorgan Chase & Co. They acquired WePay in 2017.