Worldpay

WorldPay is an industry-recognised online payment solution. The service supports the integration of digital payments on an international scale. This review will focus on WorldPay trading deposits and withdrawals. We cover how it works, customer service options, typical pricing, plus the benefits of selecting a broker that accepts WorldPay deposits.

How WorldPay Works

WorldPay UK Limited (Ltd) originated in 1989 under the trading name Streamline. The company has been involved in several acquisitions over the years, including by leading bank NatWest, also known as RBS, in 2002. In July 2019, an acquisition by Fidelity National Information Services Inc (FIS) was completed for $43 billion.

WorldPay Inc provides businesses with full support for multi-currency services, including seamless international payments. Additional solutions include the provision of a global card reader machine, a ‘pay by link’ terminal, a point-of-sale application, plus sales status analysis for merchants. The payment solution is available across the world, with investors in 120+ countries using it to make deposits and withdrawals to and from trading accounts.

As the shift towards ecommerce and digital transactions continues to grow, the gateway offers a secure platform for businesses to authorise payments online. WorldPay is also recognised as the UK’s number one payments group provider, used by 250,000 SME companies.

Importantly, WorldPay processing allows businesses and brokers of all sizes to accept a variety of safer payments, including credit and debit cards, electronic checks and mobile wallets such as Google Pay and Apple Pay.

Transaction Times

Payments made through the WorldPay gateway are typically processed instantly. With that said, brokers may have their online timelines which can cause a delay in funds being available. For example, FXTM highlights an average processing time of two hours before funds will be visible in trading accounts. Alternatively, XM generally offers instant deposits via the merchant terminal.

Processing times for withdrawals typically take up to two working days. This is because most regulated brokers have verification protocols they need to complete. As a result, it’s important to submit proof of identification documents promptly to prevent any delays.

Pricing Review

Traders don’t usually have to pay a fee when making payments through WorldPay. Instead, transfer charges are absorbed by the trading platform. This is ideal for swing trading clients who may have irregular deposit patterns. With that said, some brokers pass on third-party charges to traders so it’s worth checking payment terms and conditions before making a deposit.

Online brokers can select from a monthly payment plan or a pay-as-you-go service. The Standard Account is priced at £19 per month while the Advanced Account starts at £45 per month. Pay as you go services apply a flat fee of 2.75% + £0.20 per transaction similar vs Stripe at 2.9% + £0.30 per transaction. To reiterate, these are charges usually paid by the trading broker, though less transparent providers may pass this on to traders.

Security

WorldPay is a secure, international payment method. Fraud prevention capabilities are in place to protect both traders and brokers. In fact, all payments to a trading account will be subject to the Risk Management Mechanism (RMM) that detects and declines transactions deemed fraudulent. Brokers can also implement card verification codes or address verification services to authenticate payments. In addition, all merchants implementing WorldPay must meet minimum Payment Card Industry Data Security Standards (PCI-DSS).

The gateway also provides 24/7 customer support including a helpline phone number and email address. With that said, we would advise contacting your broker for any login issues or immediate help.

Pros of WorldPay for Traders

• Fast Payments – Credit and debit card payments made via WorldPay are processed instantly once verification details are submitted. Note, some brokers may have their own processing times.
• Industry Recognised – The payment gateway is well-known and the company has 25+ years of experience in processing credit and debit card transactions.
• Simple Functions – The solution provides a user-friendly, auto pop-up interface. Whether you are depositing or withdrawing funds from a desktop or mobile device, the payment gateway is easy to use.
• Security Features – Superior security protocols are integrated for both merchants and customers. This includes fraud detection functions and merchant compliance thresholds. Swing trading clients can be assured that this is a secure method for deposits and withdrawals.
• International Payments – WorldPay accepts 120+ currencies across all major card types. Exchange rates are competitive vs commercial banks, protecting your potential trading returns. Overall, it is a safe global payment gateway providing the link between trading platforms and individual traders through API integration.

Cons of WorldPay for Traders

• Availability – Although recognised across major industries, WorldPay is only integrated with a select list of brokers including XM and FXTM.
• Fees – Brokers may pass on some charges to customers via transaction fees. This can be in the form of a flat fee or a percentage of the deposit amount. Check terms and conditions before making a deposit.
• Customer Service Aimed At Merchants – As a B2B model, WorldPay customer support is primarily aimed at merchants integrating the gateway. Unfortunately, telephone number support is not available for traders and any system outage issues or problems with payments have to be directed to a broker.
• User Critics – The e-commerce dashboard has received some negative reviews online. The WorldPay merchant account system has common issues including login error messages, lengthy system downtime, features not working and refund processing delays. These can all be reasons why a broker may not incorporate the gateway.

How to Make WorldPay Deposits & Withdrawals

Using WorldPay is straightforward for swing trading clients. The virtual terminal is integrated into the services of your broker and solely acts as a platform to process credit and debit card payments. There are no additional sign-up requirements – these are completed between the broker and the payment gateway.

Below we outline the process to make a deposit or withdrawal to a live trading account:

• Login to your broker dashboard and select the deposit icon
• Click the debit or credit card logo
• You will then be redirected to the WorldPay area to select from the available options, such as MasterCard, Amex or VISA. Note, additional authentication may be required here
• A proof of payment email will be sent to you to verify the deposit
• A results page will then be displayed as either successful or denied
• Swing trading brokers will receive invoices of all payments made within their merchant dashboard interface

Verdict

WorldPay is a recognised payment gateway offering secure deposits and withdrawals for traders. Services are integrated directly into your broker’s payment portal often providing instant payments. As always, before using any transfer service, make sure to look out for potential transaction fees not absorbed by your broker.

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