Worldpay is an online payment platform that you can use for your CBD business. You can make payments online via Worldpay’s website or app. Worldpay is integrated with other payment merchant accounts, and it is easy to use. The API has custom check out forms that you can activate and accept payment within 24 hours. This online payment platform is a tested and trusted payment merchant with millions of users worldwide. The platform is stable and secure for payment processing, which you can use for your CBD business.
Features of Worldpay processing
- Live dashboard update;
- Refund management;
- Webhook notifications feature for new product orders.
- Swift payment process;
- Recurring payment feature;
- 24/7 access
- Fraud prevention.
How Credit Card Processing Works
Businesses mostly now operate virtually. You can place orders and make payments without leaving the comfort of your home. The role of a credit card processor like worldpay is to take care of accepting debit and credit cards of consumers who want to pay for products and services via the worldpay platform. The way it works is that a consumer with either a debit or a credit card uses his bank account to pay for services. The payment gateway processes the transaction by connecting the merchant, the merchant’s bank, and card networks to make the payment possible. The credit card processing gateway deducts charges at the end of the transaction.
World pay Credit Card Processing Fees
The credit card rates of Worldpay varies, depending on the transaction. The swipe rate on worldpay is 2.90% plus $0.30 for all transactions. If you are keyed in, the rate is 3.30% plus $0.30. If you are a merchant, you are likely to be charged more with a more extended service agreement if you sign up directly. Worldpay has a standard service agreement for 3 years with automatic one-year renewal and an early termination fee of $295. Worldpay also charges a monthly PCI compliance fee of $15 – $25.
How To Reduce Worldpay Credit Card Processing Fees
Credit card processing fees might seem inconsequential on every transaction, but when you add up your credit card processing fees with other charges like authorization costs, assessment fees, and other monthly charges, you’ll realize it can be on the high side. However, there are steps you can take that can cut your credit card processing fees. You can use any of the following tips:
- Minimize Risk Of Credit Card Fraud
If your business is exposed to credit card risks, you may experience high credit card transaction fees. You can minimize the risk of credit card fraud through swiping credit card and using security information. This secured form of transactions helps to reduce credit card processing fees.
- Discuss With Your Credit Card Processors
When you make your business a reliable venture, you have the leverage to negotiate with World pay using your transaction volume as a reason for a reduced credit card. In other words, the more your transaction volume, the more value you add to worldpay, and they can decide to give you a reduced credit card processing fee.
- Appropriate Account and Terminal Set-Up
Simple mistakes that occur during terminal and account set up can be a cause for high credit card processing fees. You can avoid this by ensuring that your account is set up correctly.