Square vs Worldpay

[jblos]

Does anyone have experience comparing Square to Worldpay
We are running on Worldpay for credit card services
The charges feel high, but we dont have experience of other providers
We dont do e-commerce, but we do process all payments online
Usually 2-3 payments per day for credit card, no debit card payments usually
So the service is not heavily used
Any helpful feedback is appreciated

Thanks

 

[Nochexman]

We dont do e-commerce, but we do process all payments online

I don't understand this. Do you send out an invoice with a payment link so that your customers can pay you online?

The best deal is probably dependent on the total value of the payments you receive each month. Presumably you pay a monthly fee to Worldpay, which Square doesn't. But in return you would expect your Worldpay transaction rate to be lower than Square's.

 

[jblos]

I don't understand this. Do you send out an invoice with a payment link so that your customers can pay you online?

The best deal is probably dependent on the total value of the payments you receive each month. Presumably you pay a monthly fee to Worldpay, which Square doesn't. But in return you would expect your Worldpay transaction rate to be lower than Square's.

Thanks for the reply. The customer gives us credit card details over the phone.
We then enter them on line through worldpay portal & transaction goes through
Asi mentioned we probably average 2 payments per day.

 

[Nochexman]

OK - what you are doing is using a (Worldpay supplied) virtual terminal to process a telephone payment (or MOTO). Worldpay prices are specific to your business. They tend to charge you for different elements of the service provided e.g. processing, gateway, pci, plus a monthly fee. The transaction fee should be relatively low because of the other charges they make. Square charge a flat 2.5% for all card not present payments. So, it should be pretty easy to work out which is better value. Hope this helps.

 

[jblos]

Thank you Peter for the reply
Another consideration for me would be - is Square a reliable provider?
I don't have any experience or know of anyone that does
Worldpay are very hot on PCCI compliance and throw in hidden charges for things such as this
Are Square meticulous about points like this?
Or are they less complicated

 

[Colin_W]

We've been using Square virtual terminal for a couple of years with no issues whatsoever. We handle a tiny number of transactions (3-4 a week) with an average transaction value of £150-200. Fees are as Nochexman said 2.5% per transaction, we also pay £3 per user per month for access to the virtual terminal.

On the plus side, cash hits our bank account the day after the transaction; the only minus is that on customers' statements the transaction shows something like SQ* COLIN_W'S COMPANY, so not specifically our company name. Having said that, not a single customer has queried it.

For (the very occasional) customer who does not want to or can't give their card details over the phone, we can create a Square invoice/payment link which the customer can use to enter their card details online.

 

[jblos]

Colin thank you for the feedback
Very valuable
I will check out the fees as suggested by Nochexman
I should then be ok to make a decision
This is my first time to use this forum
I have to say i am impressed with the good help
Thanks to you both

 

[Nochexman]

Another consideration for me would be - is Square a reliable provider?

Worldpay are very hot on PCCI compliance and throw in hidden charges for things such as this
Are Square meticulous about points like this?
Or are they less complicated

Sorry, can't offer an opinion on either - I work for their competitor, Nochex

We've been using Square virtual terminal for a couple of years with no issues whatsoever. We handle a tiny number of transactions (3-4 a week) with an average transaction value of £150-200. Fees are as Nochexman said 2.5% per transaction, we also pay £3 per user per month for access to the virtual terminal.

Colin, that is interesting about Square's £3 per user per month charge, they don't seem to mention that on their website. Presumably that is so you can identify each member of your staff who uses the VT?

...the only minus is that on customers' statements the transaction shows something like SQ* COLIN_W'S COMPANY, so not specifically our company name. Having said that, not a single customer has queried it.

Colin, just so you are aware, Square could fix this for you - we do it for our merchants.

The reason you should do it is because it can lead to charge-backs and you the merchant can be non-plussed when someone does a charge-back for that reason.

 

[Colin_W]

Colin, that is interesting about Square's £3 per user per month charge, they don't seem to mention that on their website. Presumably that is so you can identify each member of your staff who uses the VT?



Colin, just so you are aware, Square could fix this for you - we do it for our merchants.

The reason you should do it is because it can lead to charge-backs and you the merchant can be non-plussed when someone does a charge-back for that reason.

Thanks Peter. Yes, the £3 per month gives each user their own login and I can define their access (so they can only take payments using the virtual terminal, but can't make refunds or see others' transactions). I believe, the charge only applies to virtual terminal use, from memory there is no charge for different users using a physical card reader.

And that is interesting to know about Square changing how our transactions appear on statements. Originally, I was worried about chargebacks as customers didn't recognise the transaction, but there hasn't been one query around this. However, I will contact Square to get them to change it - as well as being safer as above, it also looks better.

 

[jblos]

Nochexman i have run the figures on this as you suggested
Worldpay are 2.5/0.3% credit/debit
Square are 2.5%/2.5% credit/debit
I think you guys are higher still!
For me this kills it & makes Worldpay cheaper - even with their monthly fees of approx £30-£35
Is that what you would expect?
I am quite surprised!

 

[Nochexman]

Nochexman i have run the figures on this as you suggested
Worldpay are 2.5/0.3% credit/debit
Square are 2.5%/2.5% credit/debit
I think you guys are higher still!
For me this kills it & makes Worldpay cheaper - even with their monthly fees of approx £30-£35
Is that what you would expect?
I am quite surprised!

Sorry, must have missed your reply first time around.
Yes, I would be surprised too!
Given your volume you would not be paying Nochex' standard rates.
It really depends on how many and what value your transactions are.
If you are doing two or three payments per day, with no debit cards usually, and you are paying out £30 per month on monthly fees, then Square and Nochex are both going to cost you less than WP, I would expect.
If you want me to review your figures, feel free to private message me and I can take a look.