WePay Review: Is It A Good Choice For eCommerce and Crowdfunding?

WePay Review: Is It A Good Choice For eCommerce and Crowdfunding?

Review coming soon.
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Review coming soon.
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WePay is an eCommerce and crowdfunding-centered credit card processor, though the latter is what it’s best at. If you are just getting an online store up and running, Stripe, PayPal or Braintree may be better alternatives as they will give you the potential to accept more types of payments from your customers. When it comes to setting up crowdfunding, WePay’s API is well-received by developers, and is used by online giants like GoFundMe.

Note: Since WePay is a payment aggregator, and not a dedicated merchant account, it may be prone to sudden account freezes. If you’re just starting out this won’t necessairly be an issue. However, if you are a big business processing over $5,000 per month, you may experience problems.

Review: Is WePay A Good Credit Card Processor?

WePay was launched as a competitor to PayPal, though there are only a few instances where this service shines above their main competitor. The company’s API and services are well-suited for crowdfunding use. When browsing developer forums, like StackedOverflow, WePay is consistently cited as the easiest to work with for this type of payment processing. However, when it comes to processing basic eCommerce, Stripe and Braintree and much better than WePay.

Good For…Bad For…
CrowdfundingBusinesses processing over $5,000 per month
Basic credit, debit and ACH processingeCommerce businesses that want to accept PayPal payments

One thing WePay does right is pricing. The company charges 2.9% + $0.30 for each transaction, and has no other overhead costs. This is the industry standard, so you’re not being gauged with fees. WePay will also process ACH payments at a reduced cost, charging just 1% + $0.30.

The main issue we have with WePay is that it cannot accept PayPal payments. One golden rule of eCommerce is to give your customers the greatest number of options possible at checkout. Doing so will maximize the chances of them actually going through with the transaction. Given the popularity of PayPal, especially for online payments, that is a massive drawback to WePay's service. If you want your business to accept PayPal payments, you’ll need to sign up with either Braintree or PayPal.

We would also remind you that WePay is a payment aggregator, making it a poor choice for anyone processing a large volume of sales each month. WePay may be prone to sudden account closures and your funds being frozen. A quick online search reveals dozens of complaints about this issue.

Bottom Line: WePay is a solid credit card processor, though its lack of PayPal support is a major problem for anyone getting into eCommerce. If all you want is the ability to process debit, credit and ACH payments, WePay is a good way to go.

WePay Up Fees, Features & Benefits

WePay is a predominantly web-based credit card processor built for online use. It doesn't provide much support for processing payments at brick and mortar locations. It is a third-party aggregator, and not a full-fledged merchant account. That means WePay is relatively quick to get up and running, though may be more prone to fund and account freezes.

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WePay Credit Card ProcessingDetails
Transaction Cost
  • Online: 2.9% + $0.30
  • Retail/Swiped: Unavailable
  • ACH: 1% + $0.30
Networks Accepted
  • Visa
  • Mastercard
  • Discover
  • American Express
Monthly FeeNone
Monthly MinimumNone

Being modeled after PayPal, WePay charges its users 2.9% + $0.30 per transaction. This is a standard rate for online card processing, and it’s the same thing you’d pay with Square, Stripe or PayPal. Since WePay provides a very bare bones solution that is focused on delivering speed rather things with a lot of overhead, like dedicated customer support, there are no additional monthly fees or minimums you need to pay. WePay has month-to-month contracts, no cancellation fees, and it doesn’t charge its users any PCI compliance fees. However, if you’re a business that processes over $5,000-$10,000 per month or more, it may be worthwhile to seek out another processor that does charge these fees, since that will mean greater stability for your funds.

Like most online credit card processors, WePay gives you access to their API that allows you to fully integrate their payments into your website. Your customers don’t ever have to leave your site, and the entire experience can be seamless. This can be bad if you don’t have any coding experience, or don’t have developer resources available to you. The API supports SDKs for PHP, Ruby, Python, NodeJS and Java. You can check out the documentation for WePay’s API here.

How Much Can WePay Credit Card Processing Cost Your Business

We wanted small business owners to get a sense for how expensive WePay is for payment processing. While their fee structure is simple, we wanted to show exactly how much it can cost you. We modeled the monthly cost of WePay for businesses with four different average sale amounts.

Transaction Volume (Monthly)$20 Average Sale$75 Average Sale$200 Average Sale$1,000 Average Sale

How Does WePay Compare to Other Credit Card Processors?

Most small business owners know the value of shopping around for the best price and service. When it comes to choosing a credit card processor it’s no different. We took a look at how WePay stacks up against its biggest competitors.

WePay vs PayPal

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WePay bills itself as the anti-PayPal, though the two platforms are very similar. The biggest difference between the two is that PayPal does not support as many payment types. It cannot process Apple Pay or ACH. Of course, WePay also cannot process PayPal payments, which is arguably a bigger deal. As a rule, you generally want to give your customers the greatest number of options at checkout. While credit and debit card processing is the biggest deal, some of your customers may want these other options. You need to decide whether Apple Pay and ACH matters more or less to your customers than PayPal payments, and make your decision based on that.

In terms of pricing, PayPal costs the same for businesses processing less than $3,000 per month. Past that, you may be set up with a merchant account, though this may also increase your monthly costs. Also, if you want access to an API, like you get with WePay, you need to use PayPal Payments Pro, which throws in a $30 monthly fee your way. This may be an annoying expense for companies that are just starting out.

PayPal Highlights

  • 2.9% + $0.30 per transaction
  • In person credit card processing options available
  • Does not process ACH or Apple Pay
  • Read Full Review

WePay vs Stripe

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Stripe is one of the absolute best credit card processors for the web and eCommerce. We recommend this service over WePay for most users. First of all, Stripe provides the same level of payment support as WePay, and then some. In addition to being compatible with crowdfunding, Apple Pay and ACH, Stripe also can handle crypto currencies like bitcoin. Stripe is also one of the only credit card processors with access to the Chinese market, thanks to their partnership with Alipay and WeChat. Therefore, if you’re going after a more global market, rather than just the U.S., Stripe is the clear winner.

It’s also worth noting that Stripe is famous for its easy-to-work with API. That is not to say what WePay offers is bad. We haven’t come across negative reviews of WePay’s developer resources. However, Stripe’s API is what made them popular, and it’s still a frequently cited reason by small business owners for why they stick with this platform.

Stripe Highlights

  • Compatible with ACH, Apple Pay, Alipay, WeChat and bitcoin
  • Great API
  • 2.9% + $0.30 per transaction, with no monthly fees or minimums
  • Read Full Review

WePay vs Braintree

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Braintree is a subsidiary of PayPal, so the advantages over WePay will be similar to our discussion of PayPal above. However, Braintree makes up for some of PayPal's shortcomings, and is actually compatible with things like Apple and Android Pay, bitcoin, and even Venmo. Braintree is made with developers in mind and, like WePay, and it is centered around getting you to work with their API to build a checkout that works the way you want it. There is little support available for those with no coding experience.

If you’re building a crowdfunding platform, WePay’s API comes highly recommended over Braintree for this type of application, according to developers. However, when it comes to simple eCommerce support, picking between the two can be a tossup. We would recommend Braintree, given the fact it can also accept PayPal payments.

Braintree Highlights

  • Can accept bitcoin, Apple and Android Pay, and PayPal
  • 2.9% + $0.30 per transaction
  • No monthly fee or minimum

WePay vs Square

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We recommend Square for businesses that have brick and mortar locations and are interested in mobile credit card processing. While Square does offer online solutions that are priced just like WePay, it’s simply not where the company focuses its efforts. Since WePay is specialized for online use, their customer service and tech support will likely be able to provide you with much better assistance.

WePay doesn’t come with any card readers, making it ill suited for use at a physical location. On the other hand, Square offers a lot of different readers that are well-suited for both inventory-based businesses and restaurants and coffee shops. In that way, it is significantly more versatile than WePay. If you want a single credit card processor to handle your online and offline business, Square is the winner by default.

Square Highlights

  • Online and offline credit card processing
  • 2.75% per in person swiped transaction, 2.9% + $0.30 for online processing
  • No monthly fees or minimums
  • Read Full Review

Yowana is a former product analyst at ValuePenguin, specializing in credit cards, rewards programs and travel. He previously covered mortgages, banking and insurance for the website. Yowana graduated from Columbia University with a B.A. in Political Science.

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