Wepay

What is WePay

WePay is a payment processing service designed specifically for software platforms, such as Independent Software Vendors (ISVs) and Software-as-a-Service (SaaS) providers. Its core purpose is to allow these platforms to integrate payment acceptance directly into their own products, creating a seamless experience for their users. Founded in 2008 and acquired by JPMorgan Chase in 2017, WePay combines the agility of a tech company with the stability and resources of a major financial institution. The main functionality is to provide a comprehensive API that handles everything from merchant onboarding and payment processing to risk management and payouts, allowing the platform to focus on its core business while also earning revenue from payments.

WePay Features

WePay offers a suite of features tailored for platform-based businesses:

• Integrated Payments: Allows platforms to embed payment processing directly into their software. This means end-users (merchants) do not have to leave the platform to set up payments or manage transactions.
• Instant Merchant Onboarding: WePay manages the Know Your Customer (KYC) process, which simplifies and speeds up the process for merchants to get approved and start accepting payments.
• Customizable Solutions: WePay provides different integration levels to fit various business needs:
  • Link: A quick way to connect payments to your platform, where merchants are onboarded through a WePay-hosted flow.
  • Clear: A white-label solution that gives the platform full control over the user experience for a completely branded feel.
  • Core: For platforms that want to become payment facilitators, using J.P. Morgan’s core infrastructure for more control over money movement.
• Risk and Compliance Management: WePay takes on the responsibility for PCI compliance, fraud detection, and managing chargeback losses, reducing the burden on the platform.
• Partner Center: A dashboard for the software platform to manage their merchants, view detailed reports, access analytics, and customize their payment integration.
• Merchant Center: A portal for the platform's end-users (merchants) to manage their transactions, view reports, handle chargebacks, and control user access.
• Flexible Payouts: Offers features like same-day deposits, which improves cash flow for merchants, especially those who bank with Chase.

WePay Pricing Plans

WePay's pricing is customized based on the software platform's business model, transaction volume, and the specific integration solution chosen (Link, Clear, or Core). There are no standard public pricing tiers. Instead, WePay works with each platform to create a tailored pricing structure. This typically involves a fee per transaction, which is a combination of a percentage of the transaction amount and a fixed fee. This model allows platforms to either pass the cost to their merchants or build it into their own subscription fees. Some platforms may also implement a revenue-sharing model where they earn a portion of the transaction fees.

WePay Free Plan

WePay does not offer a free plan or a free trial in the traditional sense, as it is a transaction-based service. There are generally no monthly subscription fees or setup costs to integrate WePay into a platform. The service makes money by charging fees on each transaction processed. This means a platform can integrate WePay without an upfront investment and will only incur costs as its users begin to process payments.

How to use WePay

Integrating and using WePay is a process for the software platform, not the end merchant. Here is a typical workflow:

1. Become a Partner: First, your company must sign up as a WePay partner. This involves discussing your business model with their sales team to determine the best integration solution.
2. Choose an Integration: Select the right product for your needs: Link for a simple integration, Clear for a white-label experience, or Core for full payment facilitation.
3. Develop the Integration: Your developers will use WePay's API and SDKs to build the payment functionality into your software. This includes creating workflows for merchant onboarding, payment acceptance, and transaction management.
4. Onboard Your Users: Once integrated, you can start onboarding your users (merchants) onto the payment platform. WePay's APIs handle the verification and account creation process.
5. Process Payments: Your merchants can now accept payments from their customers directly through your platform.
6. Manage and Grow: Use the Partner Center to monitor transaction data, manage your merchant portfolio, and track your revenue from payments.

Pros and Cons of WePay

Pros:

• Backed by Chase: Being part of JPMorgan Chase provides a high level of trust, security, and stability.
• Designed for Platforms: The entire service is built to help SaaS and ISVs integrate payments, which is a key advantage over more general-purpose gateways.
• Handles Compliance: WePay manages complex areas like PCI compliance and risk, which saves platforms significant time and resources.
• White-Label Option: The 'Clear' solution allows for a fully branded payment experience, which is important for maintaining brand consistency.
• Fast Payouts: Same-day deposits to Chase accounts is a strong benefit for merchants.

Cons:

• Not for Direct Merchants: WePay is not designed for individual businesses or e-commerce stores looking for a simple payment gateway; it serves platforms only.
• Complex Pricing: The lack of transparent, public pricing can make it difficult for smaller platforms to estimate costs without a sales consultation.
• Support Focus: Customer support is primarily directed at the platform partner, not necessarily the individual merchants using the platform.

WePay Integrations

WePay is not a tool that integrates with other apps in the way a CRM or marketing tool does. Instead, WePay is the integration itself. Its primary function is to be integrated into other software platforms via its API. This allows various types of software to become payment-enabled. Examples of platforms that use WePay or a similar service include:

• Business Management Software: Tools for specific industries like fitness studios or salons integrate WePay to handle membership fees and appointment payments.
• Invoicing Platforms: Software that helps freelancers and small businesses send invoices can use WePay to allow clients to pay those invoices online.
• Crowdfunding Sites: Platforms for raising money can integrate WePay to process pledges from backers.
• Marketplace Platforms: E-commerce marketplaces use WePay to facilitate payments between buyers and sellers.

WePay Alternatives

• Stripe Connect: A direct competitor focused heavily on providing payment infrastructure for platforms and marketplaces. Stripe is known for its excellent developer documentation, extensive feature set, and ease of use.
• Adyen for Platforms: A global payment platform that offers a unified solution for online, in-app, and in-person payments. Adyen is a strong choice for large, international platforms that need to support many currencies and payment methods.
• Braintree (a PayPal service): Braintree provides payment solutions for both individual merchants and platforms. Its key differentiator is its seamless integration with the PayPal ecosystem, giving users access to a massive customer base.

WePay API

Yes, WePay provides a comprehensive and well-documented API for developers. The API is the core of their product, allowing platforms to integrate payment processing deeply into their applications. Developers can find extensive documentation, guides, and SDKs on the WePay developer portal.

To get an API key, a developer must first create a partner account on the WePay platform. Once the account is set up, they can create an 'application' in their dashboard, which will generate the necessary API keys (client_id, client_secret, and access_token) for both staging and production environments.

Here is a conceptual example of an API call using cURL to create a checkout object:

curl https://stage.wepayapi.com/v2/checkout/create \
    -H "Authorization: Bearer STAGE_ACCESS_TOKEN_OF_THE_APP" \
    -H "Content-Type: application/json" \
    -d '{
        "account_id": 123456789,
        "amount": 29.95,
        "currency": "USD",
        "short_description": "A brand new t-shirt",
        "type": "GOODS"
    }'

WePay Affiliate Program

WePay does not have a traditional public affiliate program where individuals can sign up to earn commissions for referrals. Their business model is based on forming direct partnerships with software platforms (ISVs and SaaS companies).

If you represent a software company that could benefit from integrating payments, you should contact their sales or partnership team directly to discuss a potential partnership. These partnerships often include revenue-sharing agreements, where the platform earns a percentage of the transaction fees processed by its users. For individuals or influencers, there is no standard program, but you could inquire with their marketing department about potential collaboration opportunities.