Worldpay - anyone concerned?

[mcol]

Just a thought here.

Now that Bradford & Bingley has been bailed out by the banks, and HBOS has been saved by our glorious leader (stop laughing, it IS a done deal), the next domino to fall looks likely to be RBS.

As RBS own Worldpay, anyone worried?

[luckyg]

I thought about this yesterday. They hold my funds on a 5 week lag so always have a fair bit of my money.

How long do they hold yours for?

[mcol]

same here, but I'm more concerned that they're the only way we take payments on some sites

[Eagle]

About three minutes.

Oh, sorry - that's PayPal.

[quikshop]

Nope, not at all worried. When the smell of fear drifts away we'll be left with a couple of very large banks and RBS, Barclays, Lloyds and HSBC are the best funded in the UK.

In the worst case senario Worldpay would get sold as an asset to a.n.other bank, there are bigger fish than you or me relying on their ever so wonderful service :p

[garysumpter]

About three minutes.

Oh, sorry - that's PayPal.

I dont get it?

[IainW]

[quote=mcol;633674]The next domino to fall looks likely to be RBS]

Where did you hear that from?

[Dawg]

Nope, not at all worried. When the smell of fear drifts away we'll be left with a couple of very large banks and RBS, Barclays, Lloyds and HSBC are the best funded in the UK.

In the worst case senario Worldpay would get sold as an asset to a.n.other bank, there are bigger fish than you or me relying on their ever so wonderful service :p

Spot on. It won't be contaminated.

[OldWelshGuy]

I dont get it?

he means that as soon as the money goes into his PP account he moves it out. Same here!

[FAB Enterprises]

Same here

mcol Have thought about putting another payment option on your website just in case? PayPal perhaps.

Mason

[Online Trader]

They hold my funds on a 5 week lag so always have a fair bit of my money

I would be switching to another provider if I was you, 5 weeks holding your cash is a joke :eek:

[mcol]

Spot on. It won't be contaminated.

It's already contaminated; that's why they needed a £12bn rights issue to cover sub-prime losses they already knew about. Plus they devastated their balance sheet by buying ABN Amro at the top of the cycle.

The way the share price has been moving is what worries me.

Think it's time to bite the bullet and get Google payments working.

[mcol]

RBS down another 35% today, I'll be surprised if it exists in its current form a week from now.

[SillyJokes]

Well, if I was waiting 5 weeks for my money I'd get an email in right away and ask for that to be reduced. Once you've been trading successfully for a while they will reduce that time enormously, but you have to ask, they don't just reduce it out of the goodness of their hearts.

I'd rather not put paypal back on my site. It was a headache. There are other payment service providers.

[luckyg]

Well, if I was waiting 5 weeks for my money I'd get an email in right away and ask for that to be reduced. Once you've been trading successfully for a while they will reduce that time enormously, but you have to ask, they don't just reduce it out of the goodness of their hearts..


I have asked twice in the past after trading with them for 1 year. They asked to see my set of accounts. Really p**** me off when they asked for them.

I didnt provide them coz i didnt have them done.

5 weeks is a long time and really affected my cashflow at the beginning.

[Online Trader]

I have asked twice in the past after trading with them for 1 year. They asked to see my set of accounts. Really p**** me off when they asked for them.

That would have got the response of PROTX here we come from me :eek:
Why would anybody use them when they hold you cash for sooooo long, doesn't make sense to me :|

[CableGuy]

We left WorldPay because of how long they held onto our money. We switched to Protx and have generally been happy.

[quikshop]

We left WorldPay because of how long they held onto our money. We switched to Protx and have generally been happy.

We've used Protx in the past and other than a few DoS attacks which they are better protected against these days their service is spot on.

[luckyg]

We left WorldPay because of how long they held onto our money. We switched to Protx and have generally been happy.

Any downsides at all from switching?

How long do protx hold your money for?

[Online Trader]

How long do protx hold your money for?
24 hours maximum :)

[Dominic Taylor]

We always receive our Protx funds promtply, save from the odd time when their system glitches and there's a 24 - 48 hour delay, but they always send an apologetic e-mail.

Their support has in the past been hard to get hold of but recently they seem to have improved - though the system upgrades they did a while ago were rather messy and involved about a half-day's downtime which hit the news.

Setting up a Protx account was an incredibly quick, painless process.

Worldpay, by contrast, was essentially a total shambles. They're very nice when you get through to them on the phone, but they all seem to disagree with each other and can never help you! We took over a business which had been putting a reliable, regular amount of money through Worldpay for the best part of 3 - 4 years and it took over a month for us to start getting money from them.

We had to setup a new account from scratch (fair enough, but that alone took weeks), switch our systems to use it (easily done), then receive our funds a month in arrears (what!). All of which could've proved very messy as we were essentially running an additional business with no additional income!

I think what we wanted was perhaps slightly unusual, and eventually they did do most of what we needed and their systems were fine once it was all working.

Fortunately all was OK in the end so I don't want to sound too damning, but it wasted so much of our time.

I highly recommend Protx now, and you can't complain at the value for money - £20/month for the small business service. Nice and simple, compared to Worldpay whose charges seemed endless. There was even a charge to withdraw funds to your bank account.

It depends on what you need really - but if you want to process credit card details on-site, I would highly recommend Protx. In fact I don't know when I'd recommend Worldpay over Protx, but I have forgotten the intricate differences between them now as it's been so long :)

[Kernelpower_Ltd]

I thought about this yesterday. They hold my funds on a 5 week lag so always have a fair bit of my money.

How long do they hold yours for?

we used to use worldpay. They reduced our lead time from 8 weeks to 6 weeks but now we use streamline / protx, give worldpay the boot , their is no reason for them to hold on to the money for that long.

[inigomedia]

As a Protx partner, we're bound to say good things about them, but having dealt with WorldPay too - as an e-Commerce web development company - there's just no comparison - Protx are in a different league.

I'm told that SecPay are also pretty good, but as a company we've not had any experience working with them.

With Protx you can be up and running with a test (they call it a simulator) account in half a day, then as long as you have your internet merchant account number handy with your acquiring bank, then you should have that set up inside a few days, usually faster.

Then it's up to how proficient your web developer is with integrating into their system.

[Simon-M]

We process quit alot of US transactions. For a while now many of these have failed to process with Worldpay. On contacting the clients in the US they we telling us that their bank had flagged it as potential fraud. 6 months ago this was unheard of but it seems now that the banks don't trust anyone and doubly so if doing business overseas.

We overcame this in 2 ways. Paypal and 2checkout. 2checkout has a high success rate for international payments. Even better than Paypal.

[quikshop]

I'm told that SecPay are also pretty good, but as a company we've not had any experience working with them.

We've been very disappointed with SecPay. As an eCommerce service provider (http://www.internetretailer.biz) we are approached almost daily by PSP companies wanting to have their gateways integrated, which makes it all the more surprising our experiences with SecPay have been so awful.

You have to pay extra for telephone support, their support staff appear to be uninterested and give conflicting advice depending on what time of the day you call and who you speak to.

They've been bought out by Paypoint which might improve their service but not holding any breath here.

[greeneast]

Not worried.

We use streamline by reputation. We have heard several people say they have had thousands frozen in paypal for no apparent reason.

We use Paypal only for our Ebay shop but even closed that today as between them the fees left us at a loss.

[Gate2Shop]

Having a back up is a smart move.

[AndyP]

I am confused. We use WP and at the outset they did hold our money for about 4 weeks (as I recall)...but sometime in and with a good trading record etc they agreed to reduce that and its now two days only from customer payment to actually sitting in our bank account.

I have always found them extremely good to deal with.