Running a business in the UK? Brace yourself for some changes if you’re using Worldpay for your payment processing. Worldpay has announced several updates to their pricing structure that will impact merchant charges starting this year. Let’s dive into the details to understand what’s changing and how it might affect your operations.
Breaking Down the New Worldpay Charges
Keeping up with the latest pricing changes from your payment processor is vital for managing your business expenses. Here’s a detailed look at the updated fees from Worldpay:
1. Next Day Funding Fee
Effective August 1, 2024, Worldpay will introduce a £9.95 monthly charge for their Next Day Funding service. While this service ensures quick access to your funds, opting out will result in delays in receiving your payments (Merchant Cost Consulting).
2. Transaction Fees
Worldpay’s transaction fees now vary based on the type of plan you select:
- Pay-as-you-go plan: Charges 2.75% per transaction plus £0.20.
- Pay monthly option: Costs £19.95 per month with additional variable transaction fees that depend on the volume and type of card used (Expert Market) (Startups.co.uk).
3. Card Machine Fees
Different plans are available for card machines:
- Fixed monthly plan: Priced at £49.99 per month per machine.
- Custom plan: Starts at £17.50 per month per machine. Both plans come with variable transaction fees and require a minimum contract term of 18 months (Startups.co.uk) (Expert Market).
4. Virtual Terminal Fees
For those needing a virtual terminal to process payments over the phone, an additional cost of £9.95 per month is applied (Expert Market).
5. Monthly Service Charge
Worldpay applies a minimum monthly service charge of £15. There are no setup fees, making Worldpay competitive in terms of upfront costs (Merchant Savvy).
How These Changes Impact Your Business
Understanding these changes is crucial for adjusting your business strategies. The introduction of new fees and adjustments to existing ones could significantly affect your monthly expenses. Here’s a quick recap:
- Increased monthly costs: New fees for next day funding and virtual terminals add to your regular expenses.
- Transaction cost variability: Depending on your chosen plan, transaction costs may vary, impacting your overall cost structure.
- Long-term commitments: Card machine plans require a minimum 18-month contract, which could limit flexibility.
What You Can Do Next
Staying informed and proactive is key. Evaluate how these changes align with your current payment processing needs and consider alternative solutions if necessary. Regularly reviewing your payment processing options can help ensure you’re getting the best deal for your business.
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By staying on top of these changes, you can make informed decisions that best support your business operations. Don’t let rising fees catch you off guard—be prepared and proactive!
Disclaimer: The information provided here is based on sources available at the time of writing. Fees and charges mentioned are subject to change, and it is recommended to verify the latest details directly from Worldpay or their official communications. The author is not responsible for any discrepancies or changes in the information provided.
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