Worldpay vs Square, Comprehensive Payment Processing Comparison

Overview of Worldpay and Square

Worldpay, a UK-based company acquired by FIS in 2019, has been a longstanding player in the payment processing industry with decades of experience and a strong global presence. It caters to a wide range of business sizes, offering highly customisable solutions and supporting international transactions in multiple currencies. Worldpay's extensive infrastructure allows it to serve large enterprises and multinational corporations with complex payment needs.

Square, founded in 2009 by Twitter co-founder Jack Dorsey, is a US-based company known for its user-friendly software and sleek hardware designs. It has quickly become popular among small to medium-sized businesses thanks to its straightforward flat-rate pricing, ease of use, and seamless integrations with iOS and Android devices. Square’s appeal lies in its simplicity and speed of setup, making it a favourite for startups and mobile vendors.

Pricing and Fees

Worldpay Pricing

Worldpay operates on a quote-based pricing system, meaning fees vary depending on your business’s specific needs, transaction volume, and negotiated rates. This flexible pricing can benefit businesses with high transaction volumes or those seeking tailored solutions. However, the lack of upfront transparency means businesses may encounter additional fees such as PCI compliance fees, payment gateway fees, and early termination fees if switching providers. Long-term contracts are common, and early termination fees can apply, which may be a drawback for businesses seeking flexibility.

Worldpay’s pricing model may allow for lower rates for high-volume merchants, but the complexity of the fee structure can make budgeting more difficult for smaller businesses. It is important to request a detailed quote and understand all potential charges before committing.

Square Pricing

Square uses a flat-rate pricing model that simplifies budgeting with no hidden fees or long-term contracts. For in-person card-present transactions in the UK, Square charges 1.75% per transaction for chip and PIN or contactless payments. Online payments incur fees of 1.4% + 25p for UK card transactions and 2.5% + 25p for non-UK card transactions. Square does not charge for PCI compliance, authorisations, batch payments, business cards, or chargebacks, providing clear and predictable costs.

This transparent pricing is ideal for small to medium-sized businesses that want to avoid surprises and manage cash flow efficiently. However, for businesses with very high transaction volumes, Square’s flat rates may be less cost-effective compared to negotiated rates offered by providers like Worldpay.

Payment Options and Compatibility

Worldpay supports a broad range of payment methods, including numerous credit and debit cards, mobile wallet payments such as Apple Pay and Google Pay, and transactions in multiple currencies, making it ideal for international businesses. It integrates with various eCommerce platforms and shopping carts to facilitate online payments, and its support for multiple currencies is a significant advantage for businesses with global customers.

Square primarily accepts Visa, MasterCard, American Express, and mobile payments. Its hardware and software are compatible with both iOS and Android devices, and it integrates with a wide range of third-party applications via the Square App Marketplace and APIs, offering flexibility for businesses of all types. Square Payments also supports contactless payments, which have become essential in today’s fast-paced retail environment.

Hardware Solutions

Worldpay Hardware

Worldpay offers diverse POS terminal options to suit different business needs. These include countertop card machines for fixed locations, portable devices operating via Wi-Fi or Bluetooth for flexibility within premises, and mobile card machines with GPRS data connections for on-the-go payments. This variety caters well to businesses like retail stores, food trucks, market traders, and mobile services.

Worldpay’s hardware range is extensive and includes options that support advanced features such as chip and PIN, contactless payments, and mobile wallet acceptance. The ability to integrate with existing POS systems is a plus for businesses wanting to upgrade without a complete overhaul.

Square Hardware

Square’s hardware lineup is celebrated for its sleek, modern design and user-friendly experience. Key products include:

• Square Reader: A compact, portable card reader accepting chip and PIN and contactless payments, pairing directly with smartphones or tablets.
• Square Stand: Transforms an iPad into a full POS system with integrated card reader capabilities.
• Square Terminal: A compact all-in-one device that combines a card reader, receipt printer, and digital interface for easy payment processing.
• Square Register: A fully integrated POS system featuring a dedicated customer-facing display, designed for businesses seeking an out-of-the-box solution.

Square hardware is designed and built in-house to work seamlessly together and operates out of the box with no configuration required, enabling quick setup. The hardware’s intuitive design and ease of use make it especially attractive for businesses without dedicated IT support.

Security and Compliance

Both Worldpay and Square adhere to the highest industry standards for payment security. They are fully PCI DSS (Payment Card Industry Data Security Standard) compliant, ensuring that cardholder data is handled securely. Square further simplifies security by managing PCI compliance on behalf of merchants, reducing the burden on businesses and protecting them from potential online attacks.

Worldpay employs robust security solutions and a security service framework to protect transactions against fraud and cyber threats. Both providers use encryption and tokenisation to safeguard sensitive data during transactions.

Certain actions, such as submitting malformed data, SQL commands, or specific words during transactions, can trigger security solutions designed to protect against online attacks. If you encounter a block, contacting the site owner or support team with the Cloudflare Ray ID found in the error message can help resolve the issue promptly.

Customer Support

Worldpay provides 24/7 customer service, although some users report long wait times and inconsistent service quality. Customers may find it challenging to quickly resolve issues due to the complexity of the service and account management. The quote-based pricing model also means that support levels can vary depending on the contract.

Square also offers round-the-clock support, supplemented by a robust online self-service portal filled with articles, guides, and troubleshooting resources. Many Square customers appreciate this portal’s ability to resolve common issues quickly without waiting for direct assistance. The company’s user-friendly approach extends to its support, making it easier for businesses to get help when needed.

Transaction Processing and Reporting

Both Worldpay and Square process transactions in real-time, enabling businesses to track sales and revenue efficiently. They provide comprehensive analytics and sales reports to help business owners monitor performance, manage inventory, and make informed decisions. Square’s dashboard is particularly praised for its clarity and ease of use, giving businesses actionable insights at a glance.

Merchant Account and Integration

Worldpay offers merchant account services which allow businesses to accept credit and debit card payments securely. Their systems support integration with various POS systems and eCommerce platforms, providing seamless payment processing for both in-person and online sales.

Square compares favourably by offering an all-in-one solution that includes both the merchant account and payment processing, simplifying setup and management. Square’s APIs and third-party integrations further enhance its flexibility, enabling businesses to connect their payment processing with other business software and services.

Suitability and Use Cases

Worldpay is ideal for larger businesses or those requiring customised payment solutions, international payment processing capabilities, and a broad range of hardware options. Its quote-based pricing and flexible contracts may benefit businesses with high transaction volumes or complex needs. However, businesses should be aware of potential hidden fees and long-term contracts.

Square is particularly well-suited for small to medium-sized businesses, startups, and those valuing ease of use, transparent flat-rate pricing, and sleek, user-friendly hardware. Its quick setup and mobile payment capabilities make it popular among retail, hospitality, and mobile vendors. Square Payments’ ability to accept payments anywhere and its integration with various apps make it a versatile choice for growing businesses.

Compare Worldpay