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Cryptopay forcing switch

E

Earl Weiss

Well-known member
Just got an e-mail that cryptopay is forcing switch of existing accounts from First Data to worldpay. Don't know how this will affect me since both my Tunnel and SS use the same First data account.
 
Hello Earl,

We value your support of CryptoPay and are here to address your concerns. Give us a call at CryptoPay (719-277-7400) or Worldpay at the number below.


Overview: CryptoPay's strategic merchant partner over the last 7 years has been Worldpay. This partnership has allowed us to offer many benefits to our car wash and laundry sites. One of the key new benefits is a program called StoreCard - a gift and reward card program. Worldpay will be reaching out to existing accounts to discuss these benefits, assist with setting up your account, and answering any questions you may have.

Question Call: 903-929-3001
 
I was going to post the same thing. I have great rates with First Data and am about to get shafted now that I have to switch.
 
slash007 said:
I was going to post the same thing. I have great rates with First Data and am about to get shafted now that I have to switch.
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Is WorldPay incahoots with Cryptopay? Why would we be forced to switch, if not? What are rates of Worldpay? Ya know, in a scope of full transparency....
 
Washmee said:
I am a current Worldpay customer. I am buying a wash that uses First Data. I was able to gey Worldpay to match the rate that First Data was charging.
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I would be concerned that your referred to lever of having the ability to switch is now removed from future negotiations???
 
I got a notification a few months ago and called cryptopay because I did not want to switch. They assured me at the time it was voluntary and if I liked first data I did not have to switch. Now it looks like I don't have a choice. Its nice of Cryptopay to lie to me the first time. Real classy.
 
Got the call yesterday and e-mail to fill out the merchant application. Guy swore up down and sideways the "All In" Rate will be less than I pay now with First Data, Also probing new terminal for Tunnel a no charge and a swiper I can supposedly attach to an I Pad and process thru Wi Fi that I can use on Busy days for the tunnel.

Posting this now. - Will provide results as time goes by.
 
Earl Weiss said:
Just got an e-mail that cryptopay is forcing switch of existing accounts from First Data to worldpay. Don't know how this will affect me since both my Tunnel and SS use the same First data account.
Click to expand...
Earl Weiss said:
Just got an e-mail that cryptopay is forcing switch of existing accounts from First Data to worldpay. Don't know how this will affect me since both my Tunnel and SS use the same First data account.
Click to expand...
I got the same email. I don’t see how they can force me to use them exclusively when I bought and paid for my own hardware. This doesn’t sound legitimate to me.

First data customer service is far superior and if WP is offering to match rates then that means they are already higher than FD. I’m sensing collusion here.
 
Hi Folks,

We value your support of CryptoPay and we want to address your concerns. Please give us a call at CryptoPay (719-277-7400) If you would like to discuss this in more depth.
 
CryptoPay Support said:
Hi Folks,

We value your support of CryptoPay and we want to address your concerns. Please give us a call at CryptoPay (719-277-7400) If you would like to discuss this in more depth.
Click to expand...
Kind of a "Lame" public statement. Tell us here in public if you are forcing a switch to WorldPay and how much if any cut you get on our sales.
 
Just checked my four worldpay statements from September 2019. They range from 3.6% to 4.5% all in. The highest percentage is at the wash where I use them only on SS and Vacs, which should have a lower ticket average.
 
Ghetto Wash said:
Kind of a "Lame" public statement. Tell us here in public if you are forcing a switch to WorldPay and how much if any cut you get on our sales.
Click to expand...

I don't blame them for engaging us here. We've seen how vendors have attempted to do that and we just pile on. I posted those numbers to hopefully alleviate some concerns some of you might have. I have seen some claims of super high rates (6%+). It's possible if you have a low start up cost. If someone starts a vacuum up or sells vending for 1.00 and allows CC the swipe fees itself will skew things badly. I don't know if rates have changed lately but two of these accounts were started in the past year.
 
Greg Pack said:
wash 1- avg transaction $8.29 $8740.50 net deposits total fees $394.18 4.50%(SS& Vacs only at this wash)
wash 2- avg transaction $9.16 $8688.25 net deposit total fees $341.12 3.92%
wash 3- avg transaction $10.37 $4316.00 net deposit total fees $155.81 3.61% (Gated SS wash with $10 entry fee)
wash 4- avg transaction $11.70 $21125.00 net deposit total fees $767.02 3.63%
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You figure the rate as a percentage of Net (After deductions) deposits? I always figured it as a percentage of the Gross (Total before deductions) CC Receipts.
At the end of the day not a lot different but it would make the % Less. I do this because % charges are on the gross , not the net.
 
On the Worldpay statement there is a column for "net sales" and a column for "net deposits". In our case they are the same as gross sales but if you had adjustments, chargebacks, disc., or 3rd party funded then the net deposits would not be the same. Our all in fee percentage was 4.8% this month.
 
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