Websites using Wepay

Okay, let s break down WePay.

WePay Overview

• What it is: WePay is a payment processing platform designed primarily for software platforms, marketplaces, crowdfunding sites, and other businesses that need to onboard and manage a large number of merchants (sellers, users, or vendors). It handles the complexities of payments, compliance, and risk management, allowing the core platform to focus on its core business.

• Key Features:

  • Integrated Payments: WePay can be deeply integrated into a platform s user experience, allowing users to sign up, get approved, and start accepting payments without leaving the platform.
  • Merchant Onboarding & Underwriting: Automated KYC (Know Your Customer) and AML (Anti-Money Laundering) checks to verify the identities of merchants and ensure compliance.
  • Risk Management: Fraud detection and prevention tools to protect both the platform and its users.
  • Dispute Resolution: Tools to manage chargebacks and disputes.
  • Payouts: Automated payouts to merchants.
  • Customizable: Flexible API allows for customization to fit specific business needs.
  • White-Labeling: The payment processing can be branded to match the platform s look and feel.
  • Reporting and Analytics: Data and reports to track payment activity and merchant performance.

• Target Audience:

  • Software Platforms (SaaS)
  • Marketplaces
  • Crowdfunding platforms
  • Platforms managing independent contractors
  • Any business that needs to manage payments for a large number of individual merchants or users.

Revenue

• Acquisition: WePay was acquired by JPMorgan Chase in 2017. Therefore, WePay s revenue is now incorporated into JPMorgan Chase s overall financials and is not typically reported separately.

• How WePay makes money (indirectly): WePay generates revenue through payment processing fees charged to the merchants using its platform. The exact fee structure varies depending on factors like transaction volume, risk profile, and negotiated agreements with the platform using WePay.

Pricing

WePay s pricing is typically customized and negotiated with the platform that is integrating WePay into their system. The platform then often sets its own pricing for the end merchants (users of the platform). Here s a general idea:

• Transaction Fees: A percentage of each transaction plus a fixed fee (e.g., 2.9% + $0.30 per transaction). This is the most common pricing model. The platform will decide what percentage of each transaction they are going to take.
• Volume Discounts: Lower rates for platforms with higher transaction volumes.
• Negotiated Rates: Pricing can be customized based on the platform s specific needs, risk profile, and negotiated agreement with WePay.
• Platform Sets Merchant Fees: Ultimately, the platform that is using WePay will set the fees that are charged to the merchant (seller/user) that is using the platform. This will depend on the specific agreement between the platform and WePay.
• No Monthly Fees: There typically aren t monthly fees from WePay.

Important: Contact WePay directly for a custom quote based on your platform s specific requirements. Platforms should be able to get pricing tailored to their business model.

Alternatives

• Stripe Connect: A very popular alternative with a robust API and a wide range of features for managing payments for multiple users. Often considered a direct competitor.
• Adyen: A global payment platform that can handle complex payment flows and cross-border transactions. Often suited for large enterprises.
• Braintree (a PayPal company): Offers a similar feature set to Stripe Connect and WePay, with a strong focus on mobile payments.
• Paypal Adaptive Payments (legacy): (Note: This is a legacy product; PayPal encourages using Braintree or PayPal Commerce Platform instead). It was specifically designed for marketplaces and platforms but has been largely superseded by newer options.
• Mangopay: A payment platform specifically designed for marketplaces and crowdfunding platforms.
• Square Connect: While Square is well-known for its point-of-sale systems, Square Connect also offers APIs for integrating payments into platforms.
• Checkout.com: A payment platform that allows you to accept payments globally. They also offer fraud and risk monitoring tools.

Factors to consider when choosing an alternative:

• Integration Complexity: How easy is it to integrate the payment platform into your existing system?
• Pricing: What are the transaction fees, monthly fees, and other costs?
• Features: Does the platform offer the features you need, such as merchant onboarding, risk management, and payout automation?
• Scalability: Can the platform handle your growing transaction volume and user base?
• Support: What level of support is offered by the platform?
• Global Reach: Does the platform support the currencies and payment methods you need?

Customer Care Details

• Support Model: WePay primarily offers customer support to the platform integrating its services, not directly to the end merchants using the platform. The platform is responsible for providing support to their users.

• Support Channels:

  • Dedicated Account Managers: Platforms often receive dedicated account managers to assist with integration, onboarding, and ongoing support.
  • API Documentation: Comprehensive documentation for developers.
  • Support Tickets: A ticketing system for submitting and tracking support requests.
  • Phone Support: May be available for certain issues or platform tiers.

• End Merchant Support: The merchants using the platform that utilizes WePay should contact the specific platform s support team for help.

• Key Considerations:

  • If you are a merchant using a platform powered by WePay, your primary point of contact for support is the platform itself.
  • WePay focuses on providing support and resources to the platforms that integrate its services.
  • The quality of customer support depends on the size and complexity of the platform using WePay. Larger platforms often have more robust support teams and resources.

I hope this comprehensive overview helps! Remember to always verify the latest pricing and features directly with WePay or the alternative providers.