![]() ![]() I just don’t think there can be any doubt that in a face-to-face payment acceptance environment, a swiped transaction is hugely preferable than a key-entered one. Well, I, for one, am struggling to follow Clerico’s reasoning. But for service providers they’re only charging a handful of cards in a given day, not having hardware is actually an advantage. If you’re charging hundreds of cards a day, you need to have the hardware, it’s the only way you can keep up with that velocity of charges. Yet, he tells ’s Erin Bury that each approach has its advantages: In fact, the start-up’s other co-founder and CEO Bill Clerico makes it a point to emphasize in the press release that his company’s latest offering does invoicing and credit card processing “without requiring any extra hardware or a dongle”. Refreshingly, WePay’s mobile app is not just another Square clone. The user is charged payment processing fees at the rate of 2.90 percent plus $0.30 for credit and debit card payments and 1 percent + $0.30 for bank account payments. Regarding WePay’s pricing structure, there are no set-up or monthly fees and sending invoices is also free. In that respect, a virtual terminal-processed payment resembles an e-commerce one, except that in the latter case the payment form is filled out directly by the customer. It performs precisely the same function, with the only meaningful difference being that that, rather than “reading” the customer’s payment information from her credit card’s magnetic stripe or chip, the virtual terminal collects the data from a form, which is filled out by the merchant in a web browser. Virtual terminal is the web-based equivalent of the point-of-sale (POS) credit card processing machine, which we are all so familiar with. There is even an option for a late fee to be added, if deemed necessary.Ĭredit card payments are processed through the app’s virtual terminal, which in itself is not exactly a novelty, but it’s been around ever since the dawn of e-commerce, as an integral part of each online merchant account’s payment gateway package. Users can then track their invoices from within their WePay accounts and send payment reminders, as needed. Invoices can be customized and itemized and can be scheduled to be automatically sent on a recurring basis: weekly, monthly, quarterly, or annually. The news is that WePay has launched an app for iOS devices, which enables users to send invoices to customers and accept their payments. WePay’s Online Invoicing and Virtual Terminal ![]() Clearly, it was time to take another look at it. This past week, the payment processor upgraded its system by adding a virtual terminal and an invoicing feature to its toolkit, which reminded me that we too haven’t covered the company since shortly after its launch. ![]() Well, that was back in 2010 and since then WePay, which has managed to fly somewhat under the radar of many payment industry observers, has nevertheless grown to become a bona fide PayPal competitor, boasting 250,000 merchants, according to the company’s website. ![]() WePay, as the start-up was named, would make it easier for groups of people to collect and track money, and for group members to make payments. Sensing an opportunity, two years later he co-founded the company that was to solve future bachelor party organizers’ money collection problems. When Rich Aberman attempted to collect the dues for his brother’s bachelor party from 14 friends a few years ago, the process turned out to be much more complicated than he imagined and it took longer than he thought it should have. ![]()
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