Partnering with a reliable payment processor to facilitate all your payments, whether in person or online, is incredibly important. But navigating the world of payment processors is probably one of the least fun things you will do in your tenure as a small business owner. That said, even the most cursory Google search into payment processors will likely yield the name Worldpay (also known as Vantiv)—they’re one of the country’s leading merchant services providers. That doesn’t make Worldpay the best merchant service provider, however; and there are a slew of Worldpay competitors and alternatives well worth your consideration.
In this article, we’ll walk you through four of those Worldpay alternatives. Most of these Worldpay competitors offer simpler and more straightforward payment processing solutions than Worldpay, which can get a little convoluted (more on that later). They all offer more transparent pricing models, too—always a priority when you’re planning a business budget.
Before we get into those Worldpay alternatives, let’s briefly review what Worldpay has to offer their small business clients.
As an all-in-one merchant services provider, Worldpay can facilitate payments through a variety of channels, including physical and mobile POS terminals, your ecommerce store, and a virtual terminal. They can accept virtually every type of payment too, including credit cards, debit cards, contactless payments, digital wallets, and ACH payments, among others. It’s a truly scalable service, too, so you never need to worry about dealing with the hassle of switching merchant services providers when your business grows.
Importantly, Worldpay also provides all of their clients with their own dedicated merchant account. This is a more secure and stable way of processing credit card payments than the common practice of pooling all customers into a single merchant account, as popular all-in-one payment processors like Stripe, Square, and PayPal do.
But Worldpay is certainly not without its downsides. Ultimately, there’s a noticeable lack of transparency about their offerings on their website, so you’ll have to do some digging to really understand what you’re signing up for. Crucially, too, you’ll likely encounter a ton of additional fees, and a quote-based pricing model makes it difficult for you to predict your expenses in advance of signing up.
You should also know that many Worldpay services are outsourced to other platforms, like BigCommerce for their ecommerce solution and Authorize.Net for online payment processing. This isn’t uncommon with merchant services providers, but if you’re hoping for a simple, streamlined solution, Worldpay probably isn’t it.
4 Worldpay Competitors
There are tons of payment processing, merchant account, and merchant services providers out there, so these four are certainly not an exhaustive list. But we’re confident that you’ll appreciate their approachable solutions, ease of use, straightforward pricing models, and, most importantly, industry-leading payment processing solutions.
1. Braintree Payments
Paypal-owned Braintree Payments is the online payment processor of choice for some of the world’s biggest tech companies, like Uber, Yelp, and Dropbox. But this solution can work equally well for smaller or midsize online businesses seeking both a payment gateway and a dedicated merchant account (as opposed to the single, aggregated account you’re likely to find in other leading online payment processing companies).
Braintree makes their offerings refreshingly simple. This service allows businesses to accept virtually every type of payment online in several currencies—including all major credit and debit cards, Apple Pay, Google Pay, PayPal, Venmo, Samsung Pay, and ACH direct debit—and everything is processed through a secure, dedicated merchant account. You can integrate your Braintree payment gateway into your existing ecommerce store or checkout page, or you can build a new checkout page through Braintree.
A few more interesting features: Braintree provides some tools to increase customer conversion, like securely storing your customers’ billing information and enabling recurring billing. Developers can take advantage of their API to totally customize their own payment solution, too. And if you need an in-person POS solution, you can integrate PayPal Here, PayPal’s range of mobile POS readers, into your Braintree account. Expect top-of-the-line security and fraud detection tools, too.
Braintree’s pricing model is also refreshingly simple: You’ll pay 2.9% + $0.30 per credit card, debit card, digital wallet, and Venmo transaction. ACH direct debit payments cost 0.75% per transaction, and payments made with PayPal and PayPal Credit are totally free. There are no additional fees attached to your Braintree account, other than a $15 fee for chargebacks.
Also note that you have the option to integrate your existing merchant account into your Braintree account, if you have one you’re happy with. In that case, you’ll need to pay $49 per month for use of your payment gateway, plus $0.10 per transaction and $10 for each additional merchant account.
Worldpay outsources their payment gateway services to Authorize.Net, but it’s entirely possible for you to work with Authorize.Net as your payment service provider directly. They can also provide you with a merchant account.
Authorize.Net is equipped to facilitate all types of payments: You can use Authorize.Net to accept payments through your ecommerce store (their Buy Now button makes the checkout process really easy for your customers), mobile device, over the phone, or with an external card reader. You can also set up billing subscriptions and online invoicing, and an echeck processing service is available for an additional fee. They offer developer tools, as well.
Authorize.Net also integrates with a good amount of platforms, like BigCommerce and 3dcart. And through their reseller program, you can access merchant services that Authorize.Net doesn’t provide at a reasonable price point. Reviews for Authorize.Net on major review platforms are largely positive, with users citing especially the ease of use and great integrations. On the downside, some customers cite delayed payments and customer data transfers.
Authorize.Net has three pricing options: All-in-One, Payment Gateway Only, and Enterprise Solutions. The first option provides you with a merchant account, if you don’t have one already, and the second is the better choice if you already have a merchant account. The last is suitable for businesses that process more than $500,000 per year.
With the All-in-One plan, you’ll need to pay a standard per-transaction processing rate of 2.9% + $0.30. You’ll also be responsible for a $25 monthly gateway fee, though the company is waiving this fee for new customers through August 1, 2020.
If you sign up for the Payment Gateway plan, your transaction rate drops to $0.10 per transaction, plus a $0.10 daily batch fee. These customers will need to pay a $25 monthly fee as well, though this is also waived until August 1.
Processing echecks through Authorize.Net costs $0.75 per transaction and an additional $25 monthly fee (again, this is waived through August 1).
When it comes to payment processing, it doesn’t get much easier than Square. With payment processing as their marquee, Square’s comprehensive suite of small business solutions was designed to be intuitive and approachable for even the least technologically inclined among us.
All you need to do is download the Square app onto your smart device or laptop to start processing payments online through their virtual terminal, which is compatible with many major ecommerce platforms. (Square actually offers a separate suite for ecommerce businesses, including an option to set up your online store directly through the platform.) You can also choose among Square’s range of external POS hardware—which includes several mobile readers, a stand reader, and a fully functional countertop POS terminal—to accept payments in person. Square can accept all major payments, as well as process invoices.
One of the best things about Square? Their transparent fees. True, there are a good amount of Square fees to keep track of—and the more Square solutions you avail yourself of, the more you’ll need to track—but they’re all clearly laid out on the Square website (or in our own, comprehensive guide to Square pricing).
But for today’s purposes, the most important costs for you to be aware of are their standard online payment processing fees—which, you guessed it, is a standard 2.9% + $0.30 per transaction. And the POS app itself is totally free—another major draw for this industry-leading payment processor.
A great option for midsize businesses, Fattmerchant offers subscription-based merchant services, which includes a dedicated merchant account, a range of POS terminals, and payment processing services through Worldpay. Users also have access to Omni, their integrated payment processing platform that offers additional management tools, like reporting, analytics, invoicing, inventory, and integrations. Fattmerchant has developer tools at the ready, too. As you would expect, Fattmerchant facilitates payments online, in-person, through an online shopping cart, and through mobile card readers.
But where Fattmerchant really sets themselves apart is in their pricing: They charge the true cost of interchange, rather than the variable percentage plus the interchange rate that virtually every other payment processor on the market charges. And their subscription-based pricing model is fully transparent and predictable, so customers know exactly what they’re spending each month.
Note that Fattmerchant’s major offerings—physical POS terminals, virtual terminal, mobile terminal, shopping cart, etc.—are offered on an à la carte basis, so you can pick and choose among them to design your ideal solution. You’ll need to pay for each separately, however, so your costs can potentially compound significantly.
Fattmerchant divides their pricing into two categories: swiped payments and keyed payments. Their subscription plans are divided further between those two categories into businesses that process up to $500,000 per year, and those that process over $500,000 per year.
Here’s how each pricing model shakes out:
- Swiped payments, up to $500,000: Subscription plans start at $99 per month. $0.08 + direct cost per transaction.
- Swiped payments, over $500,000: Subscription plans start at $199 per month. $0.06 + direct cost per transaction.
- Keyed payments, up to $500,000: Subscription plans start at $99 per month. $0.15 + direct cost per transaction.
- Keyed payments, over $500,000: Subscription plans start at $199 per month. $0.12 + direct cost per transaction.
The Bottom Line
As we clarified, the four Worldpay competitors above are not the only Worldpay competitors in existence—there are tons of other merchant account providers, merchant services providers, and payment processing companies that can better suit your needs. But we stand by Braintree, Authorize.Net, Square, and Fattmerchant especially for their reliability, security, and ease of use, which makes them approachable options for both new business owners and more experienced entrepreneurs seeking a more integrated option than Worldpay.