What is it?
WePay is a payment processor that lets its users to make online payments using their bank accounts or credit cards in the United States. It helps individuals as well as small businesses to send invoices and carry out their transactions. The company was founded in 2008 in Boston, Massachusetts. The company’s founder Rich Aberman has created WePay along with Bill Clerico and the story behind the creation of WePay was that Rich wanted to collect money for his brother’s bachelor party and he had to collect the money from friends living in different parts of the United States. Although he was successful in collecting the money with a series of PayPal transactions, cash and checks, he found it quite cumbersome and a complex process. So he decided to come up with an easier medium to collect money from people and used PayPal’s weakness and shortcomings to WePay’s advantage.
WePay’s main competitor is PayPal and many e-commerce gurus say that unless PayPal makes some distinctive alteration in their system, WePay will continuously pose threat to their business even if it means that it will be confined to the US.
How it works?
WePay has recently added e-store pages to let their users book tickets for a show, travel and hotel bookings, donate money and so forth do everything online. The users are asked to make an account on their official website to let them have the facility where they have to give their bank account details. The account’s owner has the freedom to grant access to other parties as well to view and manage their account. This feature is quite interesting and will surely attract customers who have joint accounts.
As far as the transaction fee is concerned, WePay has a three-fold system. They charge 2.9%+ $0.30 for all credit-card involving transactions. For bank account payments, the fee is 1%+ $0.30, whereas to create a webpage on WePay, customers need to pay additional 2%. There are no hidden costs, no monthly rentals, and no set up fee involved. The transaction fee seems quite reasonable and is lower than many other leading e-commerce service providers.
With the world going compact and getting all their jobs done over the phone, one can even precede with the WePay transactions on their smartphones. The WePay app for the I-phone is now available. Feel the ease of managing your funds with WePay.
One might wonder why WePay should be preferred over any other payment processor. The main reasons include ease of access. The customers do not have to go under complex processes to carry their transactions. Just by making an account on the WePay website, it gives you the license to go further with managing your wealth. Also, the very reasonable transaction fee, it’s neither too high nor too low. So, it does offer you the best of the services at a nominal fee.
The only let-down for WePay is their confinement to the United States. Had their service been globally available, they surely would have been the leaders in the e-commerce market. Having said that, it truly is a service to any customer would definitely want to avail.