There’s a choice between two transaction fee structures: Simplicity flat-rate pricing and Custom varying pricing.
Simplicity charges a fixed transaction rate applicable to all cards. This fixed rate is determined by Worldpay based on your type of business, typical cards accepted and monthly over-the-phone payments turnover.
Custom‘s transaction charges are typically a flat fee 10p or 20p plus a percentage based on the type of card being processed. American Express and Diners Club will incur higher rates (e.g. 2.75%) than debit Mastercard and Visa cards issued in the UK (e.g. 0.95%). Foreign cards are usually more expensive than domestic cards, and premium, corporate and credit cards have higher fees as well compared to personal debit cards.
If your average transaction size is low, for instance £20 or less, it is best to negotiate a lower flat fee such as 10p. The %-rate charged will be based on the card accepted, so think about your customer base and the cards they would typically use.
On both plans, it is essential to pay for PCI-DSS compliance (card industry’s security standards for merchants) which can have annual and monthly fees. If you fail to return the required PCI documentation, you can expect to pay a monthly non-compliance fee. Worldpay offers a PCI-DSS management programme called SaferPayments. It is a kind of support portal with a choice of a basic and Plus plan depending on your preferred level of service (different costs apply).
All the costs and fees are given to you personally by Worldpay so we recommend you get an offer from the company for the full picture.
The monthly cost makes Worldpay Virtual Terminal better for merchants with a consistent sales volume above £2k a month, in which case the Custom plan can get you good transaction fees. The 30-day rolling contract makes it easy to commit to Worldpay’s £9.95 monthly cost, as the option is always there to cancel if you regret subscribing to it.