World Pay Overcharging set up fee?

[pwoodard]

Hello,

I met with a sale rep to open a world pay/streamline merchant account and payment gateway. All of the monthly and transaction costs seemed very competitive to sagepay except for the set up fee.

From what I can gather the set up fee listed on both world pay and sagepay is around £75, I was quoted £250. It seems quite high but I may be missing fine print somewhere. Anyone with experience or insight would be of great help.

Thanks,
Peter

 

[LMDServicesUK]

Hello,

I met with a sale rep to open a world pay/streamline merchant account and payment gateway. All of the monthly and transaction costs seemed very competitive to sagepay except for the set up fee.

From what I can gather the set up fee listed on both world pay and sagepay is around £75, I was quoted £250. It seems quite high but I may be missing fine print somewhere. Anyone with experience or insight would be of great help.

Thanks,
Peter

Hi Peter

To be fair the charges are based on the fact that you are not signing up for a terminal lease so there is no underlying revenue stream to fund your service and account set up. Different companies charge different fees, based on what your actual or forecast business will be, and your perceived Risk to them as a Merchant.

We will always quote a set up fee, but it is dependant on the Businesses specific requirements, and the work required to provision the service.

However your comments are very strange as CardSave is owned by WorldPay so I suspect you are talking to two competing depts.

Get canny and compare the terms and conditions of both their offers, and then you can make an informed decision as to which part of WorldPay gets your Business !

Good luck

Mark

 

[astutiumRob]

From what I can gather the set up fee listed on both world pay and sagepay is around £75, I was quoted £250

I've not setup any new WP accounts for a few months, but the setup used to vary depending on the age and turnover of the business,and there's an annual fee as well - are you sure the 250 was_just_ setup ?

 

[GraemeL]

Join FSB and there is no set up fee for Worldpay/Streamline. Rates may be better also.

G

http://www.fsbcardprocessing.co.uk/

 

[LMDServicesUK]

Join FSB and there is no set up fee for Worldpay/Streamline. Rates may be better also.

G

http://www.fsbcardprocessing.co.uk/

Agreed apart form the annual membership fees to the FSB of course..

 

[pwoodard]

Thanks for the insight....from what I gathered the £250 fee was for streamline to set up the merchant account. There are no other fee's with worldpay other than a minimum of £30 of transactions per account per month (MOTO and Online).

So from what I gather if I join the FSB I shouldnt have to pay a setup fee?

Thanks,
Peter

 

[LMDServicesUK]

Thanks for the insight....from what I gathered the £250 fee was for streamline to set up the merchant account. There are no other fee's with worldpay other than a minimum of £30 of transactions per account per month (MOTO and Online).

So from what I gather if I join the FSB I shouldnt have to pay a setup fee?

Thanks,
Peter

Correct, but £ 30 a month for the Merchant account is expensive unless this also includes the gateway fees ?

Mark

 

[pwoodard]

Correct, but £ 30 a month for the Merchant account is expensive unless this also includes the gateway fees ?

Mark

Ya it does include the gateway fee's, ive just been quoted a much lower price by sage pay, which could change when they calculate our expected turnover and potential risk.

 

[LMDServicesUK]

Ya it does include the gateway fee's, ive just been quoted a much lower price by sage pay, which could change when they calculate our expected turnover and potential risk.

Be careful, SagePay will only quote you for their Gateway service, which is normally priced at £ 25 a month plus transaction fees, you will still need to factor in the Merchant account fees which will normally be a minimum of £ 20 a month

If however you have been offered lower fees, would be interested as they are being advertised anywhere !

Hope this helps

Mark

 

[Sparx]

Hi Peter

To be fair the charges are based on the fact that you are not signing up for a terminal lease so there is no underlying revenue stream to fund your service and account set up. Different companies charge different fees, based on what your actual or forecast business will be, and your perceived Risk to them as a Merchant.

We will always quote a set up fee, but it is dependant on the Businesses specific requirements, and the work required to provision the service.

However your comments are very strange as CardSave is owned by WorldPay so I suspect you are talking to two competing depts.

Get canny and compare the terms and conditions of both their offers, and then you can make an informed decision as to which part of WorldPay gets your Business !

Good luck

Mark

Mark -
I don't think the OP mentioned Cardsave?? However Cardsave and Streamline are completely separate companies - despite both being part of the WorldPay group. Each have their own physical offices, sales, accounts and operations teams etc.

pwoodard -
Speak with Cardsave who use Streamline for merchant accounts. Typically they do not quote setup fees anywhere near £250 (if at all, if you can negotiate well) and are also able to provide the gateway if needed.

 

[LMDServicesUK]

Mark -
I don't think the OP mentioned Cardsave?? However Cardsave and Streamline are completely separate companies - despite both being part of the WorldPay group. Each have their own physical offices, sales, accounts and operations teams etc.

pwoodard -
Speak with Cardsave who use Streamline for merchant accounts. Typically they do not quote setup fees anywhere near £250 (if at all, if you can negotiate well) and are also able to provide the gateway if needed.

Sorry Sparx,

You are right, must have had a major brain fade but CardSave IS a wholly owned subsiduary of WorldPay (in my defence..) so they are competing for the same business, and is effectively WorldPay's ISO.

Their normal set up fee for the gateway and merchant account is normally £ 75.

So would recc you go with CardSave but just check the t's & C's before you commit to a contract from both providers (who both use Streamline at the back end..).

Rgds

Mark

 

[pwoodard]

Mark -
I don't think the OP mentioned Cardsave?? However Cardsave and Streamline are completely separate companies - despite both being part of the WorldPay group. Each have their own physical offices, sales, accounts and operations teams etc.

pwoodard -
Speak with Cardsave who use Streamline for merchant accounts. Typically they do not quote setup fees anywhere near £250 (if at all, if you can negotiate well) and are also able to provide the gateway if needed.

Thanks for the info, for the time being ive switched gears and will be using stripe dot com and if I really need a MOTO account ill open one then. Once volume is high enough, ill look into cardsave and see what they have to offer.