In 2008, WePay was created as an alternative to PayPal for peer-to-peer (P2P) payments, fundraising and dues collection. As opposed to a direct merchant account provider, WePay is a third-party payment facilitator like PayPal Here, Stripe and Square. In 2017, WePay was bought out by JP Morgan Chase, one of the biggest banks in the world.
To fully understand what WePay has to offer, you have to first understand “platform economy.” The platforms I’m referring to are software platforms, any online space where sellers, business owners and fundraisers go to operate some form of their business. WePay partners with the following types of platforms:
| Type of Platform | Example |
| eCommerce or Shopping Carts | Ecwid |
| Accounting or Invoicing | Freshbooks |
| Fundraising | GoFundMe |
| Event Management | Constant Contact |
WePay Products
WePay’s website doesn’t do a good job explaining its products, services and features. Instead, you’ll get an explanation of the overall value of integrated platform payments. WePay’s key platform features include:
WePay offers a complete payment solution with its API-based integrated payments. As a merchant, you’re covered from secure payments to refunds, in-person or online, and with a customizable checkout flow that puts you in charge of your customer’s experience.
Supported payment methods include credit, debit, ACH and Chase Pay, and you can choose from daily, weekly or monthly payouts.
When you partner with WePay, you get your own self-branded payment solution, without having to jump through the hoops to become a payment facilitator yourself. Keep in mind, your brand-name payments service will still carry the “Powered by WePay” stamp.
WePay prides itself as a payments API company. To find concrete information on all of WePay’s capabilities, head over to the developer section of its website.
On one hand, extra fraud protection is needed in the multi-sided platform economy. On the other hand, it puts up additional hurdles for both onboarding merchants and actual sales. The important thing you should know is that WePay carries the responsibility of risk, security and regulatory compliance on behalf of platforms it partners with. Rest assured, WePay is certified as a Level 1 PCI Compliant Service Provider.
WePay offers a white-label, mPOS for platforms. You can use this platform’s app and mobile hardware to collect payments. Highlights include customizable EMV-certified card readers and iOS and Android software development kits (SDKs or devkits).
Pricing
Not surprisingly, given what little information the WePay site offers, you won’t find any pricing information listed online. This lack of transparency might have to do with the fact that WePay only offers white-label payments. Since WePay offers two main products – payments and platforms – it’s safe to assume you’ll get different pricing structures for each.
Customer Support & Satisfaction
WePay shares the responsibility of providing customer support with its partnered platforms. Each have access to the other’s support records and both are dedicated to keeping you happy. In theory, this should work out great, but does it?
First, there is no established protocol for contacting WePay versus contacting the platform if you need help. WePay’s support is on an email ticketing system, but will also link you to the platform’s support pages, which you can find on WePay’s Contact page.
Merchants have complained of going in circles between WePay and the partnered platform. If your issue is less payments-related, or if you already have an open support ticket with the platform partner, WePay will most likely tell you to get support from the platform.
The Customer Delight team at WePay is available from 9am to 9pm EST, Monday through Friday. This is for email ticket support only. You can expect WePay to respond to you within one business day. Although live chat and phone support were previously offered, these options are no longer available.
The WePay website is very bare bones, so there’s not a lot of helpful information on it. The most you can get from the website is in the Support Section, offering some decent FAQs and answering a few common questions. WePay is also very active on Twitter and Facebook, so you might want to head there to get some support.
Since 2009, WePay has been accredited by the Better Business Bureau (BBB) and currently holds an A+ rating.
Contract & Closing
Merchant “terms of service” agreements clearly state that even though the platform offers white-label payments, the platform itself will most likely have its own merchant agreement with separate terms and conditions for use of its software. You’ll need to go over both the platform’s agreement and WePay’s terms of service and understand all the fine print, especially the sections on payout holds and account freezes, as well as the Reserves FAQ.
With WePay’s service agreement, you can cancel the payment service whenever you want, with no early termination fee (ETF).
My Impressions
As a third-party payment facilitator, WePay is up against some stiff competition, like PayPal and Stripe. What sets WePay apart from the pack is its target platforms that offer a big population of merchants who might be interested in WePay’s products and services.
One point WePay can improve upon is publishing more detailed information on its website, including pricing and features.
If you’re looking for a major direct processor, Chase Payment Solutions is a good alternative that can handle small, medium and large volume merchants.
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