WePay Review 2023

Services like GoFundMe and Meetup use WePay to handle payments between users. WePay is also the behind-the-scenes processor for FreshBooks Payments. If you take credit cards through FreshBooks, you’re processing through WePay.

If you have a platform service and are looking for a payment processor, here’s what you need to know about WePay’s rates and fees, services, reviews, and more.


In 2017, JP Morgan Chase announced that it would acquire WePay. Terms of the deal have not been disclosed, and it’s unclear if WePay will continue to operate under its current name or if it will be rebranded under Chase. We’ll continue to update this profile as more details become available.


WePay was founded in Boston in 2008 and is now headquartered in Redwood City, California. The company focuses primarily on offering credit card processing to businesses that facilitate payments between users.

WePay homepage

What payment types can I take with WePay?

Visa, MasterCard, American Express, and ACH payments. With WePay, you can also set up recurring payments and payouts to multiple parties.

WePay is specifically designed for businesses that accept payments on behalf of other parties, such as crowdfunding platforms or marketplaces that link a buyer and a seller.

Settling Funds

WePay offers the option to settle funds as payments are made, or on a set schedule. You can also choose to settle funds by check and automatically cut paper checks to mail to your customers.

Do I need a money transmitter license to use WePay?

No. Using WePay does not require a money transmitter license. Additionally, WePay handles the required tax documentation for your customers, and will mail 1099-Ks to your merchants when required.

What kind of equipment do I need?

WePay, as a processor for platforms, connects users paying online. You don’t need credit card terminals to facilitate payments. WePay can help you get set up to act as the intermediary for online payments between two users.

Is WePay secure?

WePay uses tokenization and encryption technology for security, and is PCI Level 1 compliant. Additionally, WePay holds user funds in FDIC-protected banks. You can also set your custom risk preferences to protect yourself from fraud.

WePay Costs

WePay publishes a flat rate for processing of 2.9% + $0.30 per transaction for credit cards and 1% + $0.30 for ACH transactions. A $15 fee per chargeback also applies.

Is there a contract?

WePay does have a contract; the company states that customers can choose to end the contract at any time. Additionally, WePay can choose to end your contract at any time. Some complaints about WePay online indicate that WePay does exercise that option, and businesses have found their accounts cancelled shortly after sign up.

WePay Reviews

WePay was founded in 2008 and has had a little time to gain traction in the payment processing industry. The company has some big name clients (such as GoFundMe) but that by itself isn’t indicative of a great service, and the company also has negative reviews online.

WePay at the Better Business Bureau

WePay, Inc. has been accredited with the Better Business Bureau since 2009 and currently boasts an A rating, but has had 110 complaints lodged with the BBB in the past 3 years. Complaints span all 5 categories in the BBB’s system, including Advertising and Sales Issues, Billing and Collection Issues, Delivery Issues, Guarantee and Warranty Issues, and Problems with Product or Service.

The majority of complaints focus on the difficulty of obtaining money. Some customers refer to long hold times, difficulty withdrawing funds, long deposit times even when funds aren’t held, and refunds without warning. Some complaints reference accounts being shut down after initially being approved, claiming the business is “high risk” and then refunding payments. WePay doesn’t deny this, responding to some comments to say that in the case of “high risk” businesses that were mistakenly approved, they choose to refund the money to the users rather than keep it in reserves/un-releasable to the business whose accounts they closed.

21 complaints are listed as resolved to the complainant’s satisfaction, but the remaining 89 complaints are only listed as “answered.” For the BBB, “answered” complaints mean that either the BBB didn’t hear back from the complainant after WePay responded, or the complainant wasn’t happy with WePay’s proposed resolution.

About The Author