As the world becomes increasingly digital, one of the most vital considerations for UK businesses is the choice of a payment processing provider. A powerful payment processor facilitates transactions, enables customer convenience, and aids business growth. In this piece, we will delve into the comparative nuances of two significant players in the field: Worldpay vs Square. We’ll examine their services, fees, customer support, and unique features to guide your choice.
Worldpay vs Square
| Feature/Aspect | Worldpay | Square |
|---|---|---|
| Merchant Accounts | Available, with a comprehensive range of services | Not a traditional merchant account provider, but functions similarly |
| Card Machines | Wide range available (mobile, portable, countertop) with a monthly rental fee | Offers various hardware products (Square Reader, Square Terminal, Square Register) available for a one-time purchase fee |
| Online Payments | Supports various shopping cart platforms | Integrated online store system |
| Virtual Terminals | Available | Available |
| Point of Sale System | Available | Comprehensive POS system with integrated software services |
| E-commerce Payments | Integrated with most major platforms | Square Online provides a full e-commerce solution |
| Currency Support | Over 120 currencies | Primarily GBP, USD, CAD, AUD, JPY |
| Pricing Structure | Pay-as-you-go system with a monthly rental fee for card machines and variable transaction fees | Flat rate per transaction, no monthly fees |
| Transaction Fees (Card-Present) | Varies based on agreement, often around 0.75%-2.5% | 1.75% for Chip & PIN and Contactless payments |
| Transaction Fees (E-commerce) | Varies based on agreement, often around 1.8%-2.8% + 20p | 2.5% for Square Online |
| Customer Support | Phone, email, and live chat support available | Phone, email, live chat, and social media support available |
| Contract Terms | Criticised for long contract lengths and early termination fees | No long-term commitments |
| Unique Selling Point | Wide range of services, global reach | Simple, easy-to-use, integrated software services |
Please note that the fees mentioned above are an approximation based on common agreements and may vary. Always check with the payment processor for exact fees before deciding.
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Understanding payment processing
Payment processing is a necessary procedure that allows businesses to accept customer payments through various channels.
This involves transferring the customer’s payment information from the point of sale to the issuing bank, getting approval for the transaction, and finally, transferring the funds to the merchant’s account.
In this digital age, secure, swift and reliable payment processors have become the backbone of successful businesses, both online and in-store.
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Worldpay – Overview and offerings
Worldpay, originally a UK enterprise, has now transformed into a global payment leader after being acquired by FIS in 2019. Worldpay offers a wide array of services that cater to businesses of all sizes.
Their offerings can be broken down into four main areas: merchant accounts, card machines, online payments, and virtual terminals. The merchant accounts allow businesses to process payments swiftly, whilst their range of card machines caters to all types of businesses, from mobile card machines for those always on the move to portable and countertop machines for shops and restaurants.
Their online payments system is designed for e-commerce and can integrate with various shopping cart platforms. Finally, the virtual terminal is a secure online page where businesses can manually process card payments received via mail or over the phone.
Worldpay’s pricing is based on a pay-as-you-go system. It charges a monthly rental for the card machine and transaction fees that vary depending on the type of card used and the manner in which the payment is processed.
Square – Overview and offerings
Square, on the other hand, is a US-based company with a revolutionary approach to payment processing. It has demystified the process for many small businesses by offering simple, transparent pricing and easy-to-use products.
Square’s offerings are threefold. Firstly, they provide hardware, including the Square Reader for contactless and chip & PIN cards, the Square Terminal for all-in-one card processing, and the Square Register for a fully integrated point-of-sale system.
Secondly, Square offers software services for point of sale, invoices, loyalty, and marketing, along with an online store for e-commerce businesses. Lastly, they provide financial services, including instant transfers and business loans.
Unlike Worldpay, Square has a simple pricing model. There is no monthly fee. Instead, Square charges a flat fee per transaction, with rates varying slightly based on how the payment is processed.
Customer support – Which offers better service?
When it comes to customer service, both Worldpay and Square have had mixed reviews. Worldpay has been criticised in the past for long contract lengths and early termination fees. On the other hand, customers appreciate their wide range of services and global reach.
Square’s customer service also has had its ups and downs. While its ease of use and no-commitment policy are appreciated, some users have raised issues about account stability and withheld funds.
Unique features – Worldpay vs Square
A standout feature of Worldpay is its global reach and ability to process over 120 currencies, making it a suitable choice for businesses that have an international clientele.
On the other hand, Square’s unique selling point is its simplicity and ease of use. With no monthly fees or long-term commitments, it’s an attractive option for small businesses and start-ups. Furthermore, Square’s ecosystem of software services for everything from
inventory management to customer loyalty programmes gives it an edge for businesses looking for an all-in-one solution.
Conclusion – Worldpay vs Square
In conclusion, the choice between Worldpay vs Square as your payment processing provider boils down to your business needs. If your business operates on an international scale and requires a wide range of payment services, Worldpay might be the better option. However, if you’re a small business or start-up looking for an easy-to-use, commitment-free solution with a range of supportive business tools, Square could be the answer.
Before choosing a provider, it’s crucial to understand the fee structure, review the contract terms, and ensure the services align with your business goals and customer needs. As payment processing can significantly impact your business operation and customer satisfaction, make the choice with due diligence and foresight.
FAQ
Worldpay offers more comprehensive services and operates on a global scale, while Square is simpler, more user-friendly, and ideal for smaller businesses or start-ups.
Worldpay’s fees often vary based on agreement and type of card used, while Square charges a flat fee per transaction, which can vary slightly based on how the payment is processed.
Yes, both Worldpay and Square provide customer support via phone, email, and live chat.
Square, with its simple pricing and easy-to-use system, is often considered more suitable for small businesses.
Yes, both Worldpay and Square offer solutions for e-commerce businesses.
Yes, both companies offer POS systems, with Square providing a comprehensive set of integrated software services.
Worldpay supports over 120 currencies, making it the more flexible option for international businesses.
Both offer swift payment processing, but the exact times can vary based on the type of transaction.
While both offer a range of services, Square also provides additional financial services like instant transfers and business loans.
Worldpay has been criticised for long contract lengths and early termination fees. Conversely, Square operates without long-term commitments.
Yes, both Worldpay and Square offer hardware options for card processing.
Both Worldpay and Square can process payments from credit cards, debit cards, and mobile wallets.
Both Worldpay and Square have straightforward setup processes, but Square is often seen as easier to start with, especially for small businesses.
Both Worldpay and Square allow merchants to process refunds, but the specifics might vary depending on your merchant agreement.
Both offer solid invoice features, but Square’s invoicing system is integrated with their other software services, providing a more seamless experience.
Yes, both companies offer solutions for mobile payment processing.
Yes, you can switch providers, but make sure to review any contractual obligations or termination fees with your current provider first.
Both Worldpay and Square are committed to high security standards and use advanced encryption to protect sensitive data.
Both provide reporting and analytics features. Square’s are integrated into their wider ecosystem of business tools, offering potentially more insights.
Square offers built-in tools for creating and managing customer loyalty programmes, making it potentially more attractive for businesses looking for an all-in-one solution.