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The online payment service provider WePay was founded in 2008 in Boston. It first processed peer-to-peer (P2P) payments, e.g. amongst friends, family, and sports teams. With the rise of online marketplaces and crowdfunding websites, WePay is now focusing on e-commerce platforms.
Since October 2017, the company is a subsidiary of the JPMorgan Chase banking and financial services multinational.
Launched in 2014, WePay Clear enables merchant to accept and process payments directly through customizable modules on their websites. User information is not shared with payment providers, limiting exposure and risks.
How does wepay work?
WePay’s platform processes payments in a secure, customized and frictionless checkout. In addition to their payment API, WePay provides risk and support solutions as well as services to software and platforms businesses. Their payment solution is also available as a mobile point-of-sale (mPOS), notably on tablets.
WePay uses their own risk prevention system, as well as partnerships with third party vendors, to implement fraud and risk prevention measures. Fraud is detected through data sources, notably social data connections, and machine learning algorithms backed by human experts. Furthermore, WePay has a “No Fraud” guarantee, meaning that they indemnify customers against fraud.
WePay is headquartered in Redwood City, California with satellite offices in Providence, Rhode Island, and London. Their platform is designed to facilitate cross-border payments and international customers.
WePay overtakes the compliance management as well as the risk and fraud prevention, thus allowing merchants to focus on their business. Fees are influenced by the package and options the merchant chooses. Customer service is available in 3 packages, silver, gold or platinum.
WePay specialize in offering a solution to small businesses as well as crowdfunding and small business tools. Over 1000 businesses and non-profits are currently partnering with them. Some of their customers include GoFundMe and Freshbooks.