WorldPay account costs

[Brian Turner]

So I'm looking to move my WorldPay account to a different business entity...

During the re-signing up process, I'm provided with a list of costs...

When I first set up the WorldPay account as a sole-trader, I was charged £400 in full, for an account that could process GBP, USD, and euros, with a £180 annual renewal fee.

Now, apparently, the re-sign up process seems to claim that having more than GBP processing costs £50/year per currency.

ADDITIONALLY, they are apparently charging £30/month in costs on top of the set up fees and transaction fees.

All in all, it claims that for a new customer to set up a brand new account as I originally had, it would cost £799 costs PLUS £30 a month after 6 months...

Are WorldPay insane? What on earth kind of incentive can they offer for using their services when they offer such high start-up and running costs? I used to think HSBC's custom merchant package was expensive, but it would cost less than WorldPay on monthly costs alone, let alone without set-up fees, too.

Fees payable immediately on application:

Setup Fee (payable on application) ---------------- 200.00 GBP
WorldAccess Setup Fee --------------------------- 100.00 GBP
FuturePay Setup Fee ------------------------------100.00 GBP
Fee for initial 6 month term ------------------------180.00 GBP
For the 2 additional currencies you have chosen --- 100.00 GBP
VAT --------------------------------------------- 119.00 GBP

Total payable now799.00 GBP

Your periodic and per transaction charges are:

Monthly Fee (payable each month after the initial 6 month term) --- 30.00 GBP
Credit/charge cards --------------------------------------------- 4.5% of the value of each payment UK issued
Debit cards (Switch/Solo & Visa Debit) --------------------------- 0.50 GBP per transaction
WorldAlert Transaction Charge ------------------------------------ 0.06 GBP
Standard Administration Fee Per Chargeback ---------------------- 10.00 GBP Remittance charge
(Refer to the Customer Agreement)

.0.35 GBP per remittance
Minimum remittance amount 10.00 GBP

[pete]

ADDITIONALLY, they are apparently charging £30/month in costs on top of the set up fees and transaction fees.

Yep, apparently now they ask you to £180 of the annual fee upfront on sign up then after the six months it's £30 a month.

I doubt this helps you any( and I'm still in two and half minds about using worldpay but if I do I will probably go through http://www.symbiant.co.uk/merchant.php?page=charges or somebody like them.

They'll take £90 off from the setup fees and you get to use the virtual terminal for free (normally £100).

But yeah, they are hardly encouraging people to sign up.

[Brian Turner]

If WorldPay had tried charging me £800 when I first signed up in 2004, I wouldn't have been able to afford it. It's hard to see costs as steep as that helping Worldpay stay competitive, especially with rivals such as Paypal and Protx also able to deliver the same or more for less.

[pete]

So they are making you pay all the setup fees just to change your business status?

Couldn't you get a reduction of the setup fees? Check the 4th post down here http://www.platinax.co.uk/forum/show...light=worldpay.

While your setting up this account are you sure you don't want to sign up for all of the 120 currencies as well?

[Brian Turner]

They're not actually charging me anything for a transfer of account - but what concerns me is that when the WorldPay account comes up for renewal next year, I may find myself facing larger renewal fees plus uninvited monthly fees.

Unfortunately, I just joined Royal Bank of Scotland for my business account - and they only offer WorldPay for merchant processing, apparently.


EDIT: That's typical - I was told I'd get a ring-back on Friday afternoon because the right department was not immediately available - now I'm told I'll have to call them on Monday because the sales department is closed over the weekend.

[Eagle]

Scammers, tbh....

[WSC-Will]

IIRC, Protx don't offer the full Internet merchant account service, but only the payment processing gateway. Has that changed?

[JamesSmith]

Originally Posted by WSC-Will

IIRC, Protx don't offer the full Internet merchant account service, but only the payment processing gateway. Has that changed?

I'm in the process of opening an account with Barclays and ProtX for a US venture. Just open an Internet Business Account with Barclays and then an account with ProtX, simple and easy.

[WSC-Will]

Originally Posted by JamesSmith

Just open an Internet Business Account with Barclays

What are the extra costs involved in getting one of these over a standard business account?

[JamesSmith]

Originally Posted by WSC-Will

What are the extra costs involved in getting one of these over a standard business account?

Its just the standard Business Account at Barclays along with a ProtX merchant account that is only £25/month for 1000 transactions a quarter (15p per transaction if you exceed that) after just speaking to my Business Partner who’s opened the account.