WePay Review

Founded in 2008, WePay has been assimilated into the Chase Merchant Services brand and allows virtually any website to collect payments from its users via ACH bank transfers and credit cards.

WePay is now considered a white-label payment platform that can be integrated into an existing e-commerce store. It is less relevant for most types of small businesses.

WePay offers three payment gateways: Clear, Link and Core, all of which offer card-present solutions, PCI compliance, card vaults, tokenization, data reporting, and analysis.

WePay’s headquarters are located at 350 Convention Way #200, Redwood City, California 94063. The company’s CEO is Bill Clerico, and it has received more than 250 public complaints regarding its services.

WePay has a flat processing rate of 2.9% + $0.25 for new U.S. business accounts and a $15 chargeback fee.

WePay has a standard withdrawal limit of $2,500 per business per seven days and may withhold more than that amount for up to 30 days in a rolling 30-day reserve.

WePay places funds in reserve for merchants based on a number of factors, including the merchant’s transaction history, industry, and how they are using WePay.

WePay does not aggressively screen out businesses that fall within certain industries and cancels merchant accounts without much warning.

WePay claims that marketplace-style websites are now responsible for screening out prohibited businesses. However, this policy still leaves open the possibility that these platforms could improperly approve businesses and cause cash flow interruptions.

WePay is a scam or ripoff, and the company’s reserve policy, prohibited activities policy, and unreachable or unhelpful customer support are common themes in WePay’s complaints.

WePay doesn’t seem to warn merchants when their accounts have been frozen and/or their pending payments returned, and merchants report frustration when dealing with WePay’s customer support.

WePay customer service has been active in responding to complaints, but in many cases, no resolution was possible.

WePay is no longer accredited with the Better Business Bureau, despite 113 complaints, 42 of which were resolved to the satisfaction of the merchant.

WePay uses its website to market itself as a payment solution for online platforms. The website currently quotes only one rate: 2.9% + $0.25 for credit card payments.

The most common complaints about WePay are related to its policies regarding reserves and high-risk merchant accounts. It seems that the company’s application/setup process was not thorough enough to screen out merchants that would ultimately have their accounts terminated after they had been allowed to process transactions.

WePay claims that its focus on crowdfunding platforms and marketplace websites has eliminated most complaints of this nature. Merchants that do business with one of the prohibited activities may suddenly be cancelled.

WePay is an average payment processor in our rating system. The company offers transparent rates and no hidden fees but suffers from poorly communicated fraud prevention policies and inadequate customer support.

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