These days, the idea of transferring money via the Internet is not only accepted, it’s often essential. There are many freelancers who nowadays rely on Internet payments in order to carry out business. Most of us currently rely on PayPal to ensure our payments get through. Now there’s a new competitor called WePay in town who might make a viable alternative if you’re a US-based customer.
It’s also a neat way to take payments for donations and events. For non-US users, there’s still some merit in using WePay for making payments, so read on.
Sign Up & Get Money
Currently, WePay are running a great promotion which gives you a $10 credit for new accounts and $10 for each person you refer to the service. These credits won’t appear in your account until you’ve received one credit from some other source, because they want you to actually use the service rather than just getting free money (also, this means non-US customers won’t be able to get the credits – sorry).
Sell Tickets Or Items
You can use WePay as a ticketing agent or a store checkout, collect donations or send bills to your customers.
If you’re collecting donations, it’s possible to create an official WePay donation page to help advertise your cause. The same goes for events, so the guest list can be managed and your event payments are clear and easy to process. Donation pages, stores and event pages can be listed in the WePay directories in order to get more exposure.
Anyone worldwide can pay for these items using an international credit card, which will be charged in US dollars.
WePay aim to be transparent and simple with their fee structure. The fee per transaction is 3.5% with a minimum of 50 cents.
WePay have made it easy for multiple users to view accounts. For example, you can set up an account to collect rent money from your flatmates. The administrator is ultimately responsible for the account, but other flatmates can be added so that they can view the transactions and bug anyone who is late with the rent. WePay will also send reminders to people who are late paying their bills.
Getting Your Money
This is where it’s currently impossible to be an international customer, although they say they’ll be expanding soon. Technically, international customers probably could take in payments right now, but they would not be able to get the money out afterwards. WePay could also be forced to close the account.
US-based WePay customers can link a bank account to receive payments or get a cheque sent out. You can even order a debit card for your account.
WePay Vs PayPal Comparison
WePay aim to make it easy for individuals and groups to collect payments. Collecting payments easily is WePay’s primary goal, whereas PayPal’s aim is to facilitate the sending of money too.
Fees vary wildly between PayPal and WePay:
- PayPal aim to take fees from merchants and the senders of money, while WePay defaults to take money from the person making the payment (except for donations). WePay customers can also choose to change the default so that the fees are charged to them.
- WePay fees are easy to understand, while PayPal fees take pages of detail to explain.
- A US$10 payment incurs fees of 50 cents at WePay or a minimum of 52 cents at PayPal (30c + 2.2% for discounted merchant rate), while the normal fee payment would be 59 cents at PayPal (30 cents + 2.9% for merchants or personal transfers).
- A US$100 payment incurs fees of $3.50 at WePay or a minimum of $2.50 at PayPal (30 cents + 2.2% for merchants) to a maximum of $4.20 at PayPal (30 cents + 3.9% for international payments), while the normal fee payment would be $3.20 at PayPal (30 cents + 2.9% for merchants or personal transfers).
- WePay is not yet available internationally, whereas PayPal is available in most countries.
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Will you be using WePay when it’s available in your area? Why or why not?