Established in 2008, WePay is a digital payment solution that offers payment infrastructures to merchants in order to process payments. WePay’s target market mainly includes financial service firms, payment providers, large-scale online transactions and solutions, and software developers.
WePay allows organizations across the world to accept payments with a variety of products, including payment hardware, mobile app integrations, and payment software solutions. This focus on financial service firms and large-scale businesses makes the company quite different from typical payment processing offerings providers such as Stax.
While WePay was initially launched as a standalone operation, it was acquired by JPMorgan Chase in 2017. Chase’s acquisition was a strategic move to touch more Fintech solutions, increase its transaction base, and have more platform exposure.
Since the acquisition, it operates as a division of the world-leading corporation, Chase bank, and provides its solutions in line with the financial services firm’s infrastructure.
Since Chase WePay doesn’t offer conventional POS solutions or payment processor services, it remains more restricted and limited in terms of its overall solutions. It also means that WePay’s offerings are not the right fit for typical brick-and-mortar stores or walk-in stores that need traditional POS support.
With that being said, WePay does offer a variety of solutions in terms of its financial services. If you run a payment firm that needs financial services infrastructure, a payment facilitator or need to integrate large-scale transactions into your operations, WePay can be the right fit for you.
Let’s take a look at what WePay offers in contrast with Stax’ Payment solutions.
This will allow you to understand which company will be the right fit for you and how you can rely on their services in various situations.
What Is WePay?
WePay falls in the category of payment services. It is present within the United States and offers integrated and specific payment services through its application programming interfaces. WePay enables merchants with the ability to process payments as a subsidiary of the J.P. Morgan Chase Corporation.
It is different from other money and payouts facilitator options in that it caters to online entities and is not a third-party aggregator.
The firm does conduct money transfers for platform businesses and acts as a payment facilitator for various customers in payouts and money acquisition.
Specific customers that take advantage of WePay fall under the category of platform entities that range from sites similar to GoFundMe to other sites that facilitate transactions between sellers and buyers on a large scale.
Much like traditional merchant service companies and payment processors, this company also offers risk mitigation and fraud prevention to its customers.
Is WePay a Legitimate Payments Provider?
Before you start with a side-by-side comparison of WePay and Stax, you may need some crucial facts regarding WePay and its platform business. This is critical information since it revolves around the payment solution’s overall legitimacy and the questions surrounding it on public and social media platforms.
When WePay started its operations, it began as a digital payments solution provider. Its main focus was on functions that depend on large-scale transactions, such as those conducted by crowdfunding sites.
However, once the firm was acquired by JPMorgan Chase, it revamped its slew of offerings and introduced new products in 2019. This included WePay Link, Core, and Clear, which mainly serve financial service companies or specific business model types better than others.
From being a digital payment solutions provider to becoming a fully-fledged service for large-scale businesses in under a decade, the rapid transformation of WePay’s products has left quite a few people in doubt about its overall operations.
Who Uses WePay?
Some Companies Can Use Other WePay Services, Which Remain Unsuitable for Various Businesses
WePay’s offerings include WePay Core and WePay Clear. Both of these solutions are created for large-scale enterprises that mainly operate in the financial services sector.
This especially holds for WePay Core, which specifically caters to larger companies. Due to their specialized needs, these firms can utilize Chase’s infrastructure to support their operations, which allows them to micromanage everything about their payment experience. Once again, this particular offering is not of any use to typical businesses that are trying to find a POS solution or an online payment system that fits their needs.
WePay Clear is a somewhat different scenario. While the particular solution does cater to businesses, it is mainly suitable for software developers, software as a service (SaaS) providers, or specific marketplaces where large-scale transactions are involved.
It’s because Clear refers to white label service where organizations can use their branding to select WePay payment services for their users. As such, any software developer that wants their mobile apps or computer software platforms to use in-app payments can use WePay’s white label application programming interface (API) and other functionalities to make payments easier for their users.
Stax offers a similar service to WePay Clear called Stax Connect. As a merchant services provider, Stax Connect facilitates digital payments through online payment gateways, virtual payment terminals, and mobile app integration. Stax Connect is a SaaS platform integration that partners with web-based organizations and independent software vendors (ISVs), allowing them to be the payment provider to their customer base.
With Stax Connect, you can leverage your newest integrated payments solution as an additional revenue generation engine. We allow platform owners to monetize their payment processing through a custom revenue share.
- Access to Stax’ Dashboard
- Award-winning 24/7 customer support
- No need for custom engineering resource requirements
- Save costs on implementation, with no additional fees
- Easy enrollment allowing you to onboard customers in 20 minutes
- Access to the lowest credit card payment processor fees, in addition to the ability to adjust customer pricing
- Revenue Sharing
Since most businesses prefer a hassle-free way to accept credit and debit payments through different methods, the more intricate processes offered by Core and Clear veer off of meeting their needs. If you are looking for a conventional business solution, Stax is a more suitable choice.
The Most Significant Difference Comes in the Form of Accessibility for Small Businesses
Once you have a clear idea about the target audience and overall solutions of both WePay and Stax, it becomes easier for you to determine the most significant differences between both options.
From the perspective of small businesses, perhaps the most significant distinction comes from the accessibility of these solutions. As mentioned above, WePay offers physical and virtual merchant account services to businesses through its Link line of financial solutions. However, these products only become accessible for businesses if they approach them via a WePay-partnered financial firm.
This means that to use WePay account solutions as small businesses or as small business software companies, you need to jump through several barriers to get to the subscription itself. While the onboarding and sign-up process remain relatively easy, it’s the first hurdle of finding such a payment provider itself that puts several layers of difficulties in the undertaking.
In comparison, Stax’ solutions remain a call or a click away for all types of small businesses. Regardless of your industry, you can directly reach out to the company to sign up with a complete range of merchant account services. This means that you don’t have to deal with any middlemen or third parties to get a referral. This is incredibly convenient for budding startups and growing businesses, which need to cut back on convoluted processes in order to run a smoother operation.
On the other hand, if you want to accept payments via digital solutions such as mobile apps, WePay’s approach once again goes against the norm. Where conventional merchant services use checkout pages or payment gateways in such mediums, WePay utilizes the functionality of integrated payments. As noted above, these payments work through the company’s API and ensure that the respective app users don’t have to leave the main interface to complete their transactions.
In this scenario, merchants don’t have to go through the requirement of finding a financial firm before contacting WePay. As a result, these integrated payments are comparatively more accessible to businesses. However, the overall expense of integrating these payments can be quite significant. That is why these solutions are only reserved for specialized merchants such as software development firms that want to optimize their users’ overall experience.
Is WePay Associated with GoFundMe?
WePay partners with platforms such as GoFundMe, but it has not been a smooth partnership. The fact that various users from GoFundMe complain about their donations being delayed or blocked by WePay on grounds of verification or fraud further affects the firm’s reputation.
Despite these issues, you can rest assured that WePay is legitimate and operated by a credible entity in the form of JPMorgan Chase. While there have been reported delays in payments for organizations such as GoFundMe, they remain in place due to the firm’s authenticity and safety checks on such transactions.
It is also prudent to note that these delays and issues are mainly noticed by those who use websites such as GoFundMe for charity and crowdfunding purposes.
If you are a business or marketplace that facilitates payments on a larger scale, you may not face these issues. With that being said, you may still have to go through verification processes for safety and authenticity.
What Payment Processing Services Does Stax Offer?
Stax’ payment processing services include:
- Stax’ Integrated payments
- Contactless by Stax
- Mobile
- Keyed Payments
- In-Person Payments
- E-commerce
- Developer API’s
- Quickbooks online integration
These payment solutions meet the needs of various businesses from credit card-present and card-not-present transactions. They vary from in-person solutions to various online solutions that genuinely make a difference in the lives of consumers and merchants in more ways than one.
In addition, there’s a very simple and straightforward explanation of how WePay’s services diverge from Stax. Conventional merchant services such as Stax, deploy payment solutions to merchants that want to accept payments through credit cards and debit cards.
Conversely, WePay mainly supports those organizations that build and design these solutions. This puts both solutions in highly different parts of the financial services spectrum. As such, a single glance is enough to confirm that these firms operate in contrasting mediums within the same sector.
There are some scenarios where WePay and Stax meet in terms of the target market.
This includes WePay’s payment integrations for merchants, which allow the company to offer its solutions to businesses for electronic payments across different modalities. Since Stax offers the same services at a smaller scale, this is an area where its solutions can be compared to WePay.
However, WePay’s payment options and integration options are not directly offered to merchants. Instead, they often come through referrals by the company’s payment partners, who earn a set fee for their references.
This creates a barrier that you cannot overcome easily. As a result, these offerings remain void of any direct use to you as a business. That is unless you have a referral ready by your side. But if you are a merchant services provider or payment facilitator, you can utilize these solutions for the users of your products.
On the other hand, Stax’ solutions don’t require you to jump through these hoops as a business. Whether you run a brick-and-mortar business, an online store, or a hybrid solution that combines both business mediums, you can reach out to Stax to enjoy its services.
The Benefits of Stax Payment Processing Solutions
The Stax appeal is simple. Businesses can take advantage of simplicity, transparency, and effective customer service.
Stax presents a compelling value proposition from a pricing standpoint by offering subscription-level services that enable business owners to access the direct cost of interchange for a simple monthly fee.
Merchants do not have to worry about additional costs except for interchange, cost per transaction, and a flat monthly subscription. With Stax, you also have access to award-winning superior customer support.
But that’s not all that Stax has to offer.
The brand will also provide access to data, analytics, and other features through the Stax Platform. Take advantage of the holistic payment experience within a singular hub. You don’t have to worry about paying anything extra for aspects such as PCI compliance or other components like statements regarding your business.
Stax vs WePay Processing, In Summary
With Stax, you can take advantage of fantastic features, amazing customer success, and you can process payments at extremely competitive rates. Clients appreciate that they can call into Stax and contact a real live human being as opposed to a robot.
From being able to access all of their crucial data within one specific hub to providing a simple setup of contactless aspects and payment processing, Stax’ solutions present holistic value.
Find out more about Stax and why businesses are turning to its services today.
WePay FAQs
Q: Is WePay the same as PayPal?
PayPal is a software company whose payment services are intended primarily to assist with money-transfer services. WePay differs from PayPal in that it is a payment service provider offering integrated payment solutions for crowdfunding and SaaS platforms. WePay is a Chase Company.
Q: What is the difference between WePay and PayPal?
PayPal payments is a provider that allows money transfers and offers alternative payment modes for paper and digital transactions. WePay differs from PayPal in that it is specifically for the delivery of online payment services for crowdfunding and SaaS platforms to allow them to accept credit cards.
Q: What payment methods does WePay accept?
WePay accepts cash, credit card and electronic payments.
Q: Can Americans use WePay?
Yes. WePay provides a variety of credit and debit card services with Visa, MasterCard or American Express.
Q: What is WPY on my billing statement?
“WPY” indicates the transaction has been processed by WePay. WePay is a software that allows software platforms to accept card payments from the card issuer.
