Long contracts, costly termination fees, and a good number of complaints: FIS Worldpay may not be the best fit for most small businesses.
Chris MotolaChris has been writing about small business topics since 2003. He has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York.
WRITTEN & RESEARCHED BY Chris Motola Chris has been writing about small business topics since 2003. He has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York. Expert Contributor
Frank has been writing about payment processing and business services since 2015. He is a retired Air Force officer and a former practicing attorney. He has a Bachelor of Science degree in Psychology from The Pennsylvania State University and a Juris Doctorate degree from the Ventura College of Law, and currently resides in Paso Robles, California.
REVIEWED BY Frank Kehl Frank has been writing about payment processing and business services since 2015. He is a retired Air Force officer and a former practicing attorney. He has a Bachelor of Science degree in Psychology from The Pennsylvania State University and a Juris Doctorate degree from the Ventura College of Law, and currently resides in Paso Robles, California. Expert Contributor
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Worldpay is a well-known name and one of the largest global payment processors. The company was founded in 1989 and went on to help pioneer internet-based payments back in 1994 – one of the first in the market for this service. WorldPay has since been acquired by Fidelity National Information Services (FIS).
With a company of this size and scale, you expect to see a very high number of merchant complaints. In the past, Worldpay had managed to maintain a relatively low complaint volume for a company of its size, but that changed recently when the number of complaints doubled. One issue that stands out about Worldpay is that many merchants are unhappy about the early termination fee.
Software & Services 3.7
Breadth/Quantity Of Software & Services Quality & Appropriateness For Targeted Business DemographicHardware & Equipment 4.2
Equipment Pricing Ability To Source Your Own EquipmentWorldPay’s ability to integrate with third-party bookkeeping and point-of-sale (POS) software is a notable strength, as is its international reach, which encompasses over 125 countries and 300 payment types.
Products and services include the following:
Worldpay is a direct processor, meaning all payments are processed in-house rather than utilizing third-party services. Worldpay offers full merchant accounts.
Virtually every provider in the payments processing industry today supports eCommerce, and Worldpay is no exception. Enterprise users can take advantage of Worldpay Total, the company’s proprietary integrated payments platform that supports online and in-person transactions. As usual, small businesses are neglected – there’s merely a brief mention on the company’s website that merchants can use the Authorize.Net gateway.
The company offers a full line-up of countertop terminals, all of which support EMV and NFC-based payment methods. Unfortunately, Worldpay’s new website does not list specific models or give any pricing information for the US market. You will likely have the option of either leasing your terminal or buying it outright. We highly recommend that you avoid leasing due to the higher long-term costs and the noncancelable nature of the leasing contract. The company offers integrated software that will run on many third-party POS systems. Details are scarce on the new website, so contact Worldpay’s sales department for more information.
Worldpay’s lack of information regarding traditional countertop terminals is due at least in part to the company’s increased emphasis on “smart terminals,” devices that bridge the gap between traditional terminals and point-of-sale (POS) systems. These terminals feature much larger color touchscreens and the ability to load additional business applications, such as inventory management, employee scheduling, etc. Worldpay’s current SmartPay series of terminals includes the Carbon 10, Carbon 8, and Pax A920 models. A specification product sheet is available but doesn’t offer any pricing information.
Worldpay uses the SwipeSimple mobile payments app. SwipeSimple is a third-party product offered by many merchant account providers. For an in-depth overview of the app’s capabilities, check out our Payment Depot Mobile (SwipeSimple) review.
For eCommerce merchants, Worldpay partners with BigCommerce to provide an online shopping cart that allows merchants to build their website and integrate it with the company’s payment processing system. Compatibility with other big-name shopping carts is not disclosed.
A virtual terminal allows you to turn your computer into a credit card terminal, and is a popular alternative to a traditional terminal among mail or telephone order businesses. Transactions can be keyed in manually or swiped using a USB-connected card reader. Worldpay previously offered Vantiv’s Virtual Terminal Plus, but it is no longer mentioned on the company’s website. Contact Worldpay’s sales department if you need more information on this type of product.
WorldPay advertises that with this service, you can “get card payment deposits within hours instead of days.” However, it doesn’t offer any specifics about how the program works. FastAccess Funding is probably similar to services offered by most providers and allows you to receive funds from your transactions within 24 hours, instead of the usual 2-3 business days. There’s almost certainly an additional fee for this service.
Worldpay’s OmniShield Assure suite of services helps secure your account and protect you from fraud. Features include EMV assurance, point-to-point encryption, PCI compliance services, and data breach insurance. The insurance covers up to $100,000 per merchant location and up to $500,000 per event involving multiple locations. It will also pay up to $25,000 for hardware and software upgrades to prevent a second data breach. It’s not clear whether this is a standard feature of every merchant account or an option for which you’ll have to pay extra.
Worldpay merchants can access iQ, the company’s proprietary merchant account reporting portal, from the Worldpay website. Logins are also available for a variety of third-party services for additional reporting and analytics. From what we can tell, the basic iQ service is included with every merchant account, but the analytics capability to make sense of your business data requires that you sign up for one of the third-party services (for an extra fee, of course).
Worldpay also offers API integrations that can accommodate a wide variety of customization needs. You’ll also find the usual assortment of “value-added” services, including loyalty programs, gift cards, ATM services, reporting and analytics, and others.
Pricing 1.2
Pricing Model (Interchange+, Subscription, Tiered, Hybrid) Pricing TransparencyAffordability 2.6
Account Fees Fee TransparencyAlthough FIS Worldpay has disclosed some pricing information in the past, the current version of the company’s website only contains price quotes for UK customers, and even then, they appear to be the lowest advertised rates, which is a typical marketing gimmick used with tiered pricing. Unless you actually like being bombarded with calls from pushy sales agents, we recommend that you avoid handing over your personal contact information and simply call the sales department yourself when you’re ready to obtain a quote.
With a company like Worldpay, it’s imperative that you negotiate with a live sales agent for a better deal rather than meekly accepting the first quote you’re offered. You should be able to ask for – and receive – an interchange-plus (cost-plus is another name for it) pricing plan with lower overall rates. You might also be able to lower some of the costs of your fee schedule.
Sales Practices 1.8
Sales Style Sales EthicsWeb Presence 0.4
Website Disclosures Social MediaWith no disclosure of processing rates or fees on their website, Worldpay doesn’t offer much in terms of advertising transparency. However, the company does still include a large volume of educational material. While this is a valuable resource for new merchants who want to learn about how credit card processing works and what to look for in a merchant account provider, it’s a poor substitute for specific disclosures regarding pricing and contract terms.
As we’ve discussed above, Worldpay’s website looks nice and very professional, but it offers very few specific disclosures about the company’s products or services. There’s limited disclosure of pricing (as noted above), but it’s specifically for the UK market. Annoyingly, the website will direct you to the (very limited) UK pricing pages even if you’re starting from a different nationality’s landing page.
Wordpay merchant services employ a combination of in-house sales staff and independent agents. The in-house team seems to do a reasonable job, but the same cannot be said for the independent agents. We’ve seen many complaints alleging misleading and dishonest sales practices on their part, including the failure to disclose important contract terms (such as the existence of an early termination fee). We recommend that you contact Worldpay’s sales team directly rather than work with an independent agent, if possible.
Commitment 0.3
No Longterm Contract Required Shorter Contract Upon Renewal/Month to Month RenewalsETF & Other Fees 1.8
Presence & Transparency Of ETF Other FeesWorldpay, formerly Vantiv, offers a standard three-year contract term with an automatic renewal clause for one-year terms after that. Unlike most other processors, the company provides a prorated early termination fee (ETF) schedule, rather than charging you the full amount regardless of when you close your account. The following fee disclosure is taken directly from the Worldpay Customer Processing Agreement:
(a) $295.00 per location if such Early Termination occurs on or prior to the first anniversary of this Agreement,
(b) $195.00 per location if such Early Termination occurs after the first anniversary of this Agreement and before the second anniversary of this Agreement, or
(c) $95.00 per location if such Early Termination occurs on or after the second anniversary of this Agreement and before the third anniversary of this Agreement.
While this is a better deal than the industry standard, it’s worth asking to have your ETF removed entirely when negotiating your contract. Many competing merchant account providers no longer charge any early termination fee, so it’s a reasonable thing to request. Just be sure to get it in writing.
With the recent round of mergers and acquisitions, your contract may contain a different early termination clause than the one described above. Be sure to read your entire contract thoroughly before signing up for an account so you’re aware of any potential penalties you might be liable for if you decide to close your account early.
Personal Support 3.4
High-quality customer service mentioned in several reviews and/or the reviewer has had positive experiences with customer service
Wide range of support hours Multiple forms of support available Training/personalized support available & affordableSelf-Service 3.0
Extensive knowledgebase available Knowledgebase is helpful based on reviewer's personal experience and/or customer reviews In-depth tutorial videos availableWorldpay merchant services offer 24/7 customer support via telephone and email. There is no indication that the company assigns a dedicated account manager to help you with your account, although this option might be available to enterprise-level customers.
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Based on the comments of our readers, many merchants seem to get sub-par customer service from Worldpay, including unresponsive account representatives and unhelpful customer support staff. Customer service is a common source of complaints about Worldpay, both through the BBB and other consumer protection sites. If you’ve had experience with Worldpay’s customer service, please let us know.
Customer Feedback 2.0
Multiple, genuine customer reviews available with positive feedback about the software & providerReview Site Aggregate 2.6
Average calculation of scores from 3-4 reputable customer review sites, such as G2, Software Advice, GetApp, & Trustpilot
Worldpay is currently not accredited by the Better Business Bureau. It currently has 165 BBB complaints filed against it within the past three years, of which 57 have been filed within the past 12 months. Worldpay’s BBB profile also includes 36 customer reviews, which averaged out to 1 out of 5 stars.
Common issues in public complaints against Worldpay include the following:
On TrustPilot, Worldpay has accumulated 5,549 reviews to date and currently maintains an average rating of 4.7 out of 5 stars. Unfortunately, half of the reviewers gave the company a 1-star rating. To make matters worse, many of the 4- and 5-star reviews are anonymous and barely a single full sentence in length. These are clear hallmarks of fake reviews posted on behalf of the company to bring their batting average up. On the plus side, the company has responded to nearly every review, positive or negative.
On the other hand, Worldpay’s customer list includes major international brands like Lenovo, Norwegian Cruise Lines, Target, Google, and Amazon.
Big payment processors like Worldpay tend to offer services with large corporations foremost in mind. These corporations have the heft and infrastructure to more easily negotiate favorable contract terms. When it comes to small businesses, however, there are numerous payment processors that will offer you a better deal with a month-to-month contract right out of the box.
Complaints about Worldpay continue to come in. Many business owners sign up based on the company’s size and international reach, only to realize later that they’re paying too much for processing and receiving poor customer support. The average small business would be best served by switching their account from Worldpay.
While Worldpay’s approach is still all too typical for merchant services companies, there are enough good processors out there at this point–phoning it in just doesn’t cut it. If you’d prefer to do business with a company that offers better terms and fairer pricing, check out our top-rated credit card companies for small businesses.
WorldPay is a global payment processor and currently the largest global merchant acquirer by transaction volume.
Yes, you can get a merchant account through WorldPay.
Vantiv completed the purchase of WorldPay in 2018. However, the combined entity retained the name WorldPay.
WorldPay is currently owned by Fidelity National Information Services (FIS).
WorldPay contracts last three years. They automatically renew for one year after the initial three years is up.
WorldPay does not disclose any pricing information upfront, so the cost per transaction will likely vary from customer to customer.
We evaluate and test each payment processor that we review at Merchant Maverick, placing special emphasis on certain key characteristics in order to generate our granular ratings for merchant accounts and credit card processors.
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