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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.
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.
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.
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.
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.
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 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.
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 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, 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.
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Posted by Erich on Dec 08, 2015
I was with WePay for over a year. They were competitively priced, offered the services I needed, and started off with decent support. That all changed pretty quickly. A few "updates" which limited the functionality I needed (one was the quantity was changed so it had to be a round number) leaving me high and dry without a payment processor for some time. This is when I noticed their support starting to decline. They weren't helpful or apologetic and definitely didn't let anyone know this was happening before hand. Then there were multiple issues with how long it would take to transfer the funds. Their support, again, got worse. Then I tried to update my billing info and spent many weeks back and forth helping them figure out why it would never save for more than a day at a time. The funds were going in to the wrong accounts! Then they discontinued invoicing and told me they would only be focusing on their bigger clients. Probably because of all the issues they had had with us "little guys". And finally, as I was at my last straw, I refunded a client a pretty small amount so I could get a check from them instead and WePay took it FROM AN ACCOUNT THAT WASN'T EVEN SUPPOSED TO BE ATTACHED ANYMORE. They actually had the nerve to say it was my fault even though I had numerous support tickets showing that not only could their system not handle the billing change requests but I even tried to help them by testing it out many times. Did they offer to cover the overdraft fees from a bank I no longer used? No. Did any of the reps or managers apologize once? Nope. I spent a lot of time with WePay and afterwards cleaning up their mess and I will never use them again. Actually, 2+ years later, I'm still leaving reviews about them wherever I can. I've since switched to Freshbooks and Stripe and they have been an absolute pleasure to work with.