WorldPay (from a merchant's point of view)
Discussion
I was wondering if anyone with experience of WorldPay could answer a few questions on real-world usage.
I understand when you set up a WorldPay account you set up a trading name, and this is the name that appears on your customers' statements (credit card / debit card / bank statement / whatever)
What are the realities of taking payments from various income streams? Can you assign a reference number to a payment, so for example, you can have "MyCompany ref: StreamA" show up on your customers' statements for StreamA and "MyCompany ref: StreamB" for StreamB?
Or do you just have to tell customers of both StreamA and StreamB to look out for a charge in the name of MyCompany?
Does WorldPay explicitly forbid you from collecting payment on someone else's behalf and passing the money on to them, or is there in reality no problem with this?
For example, say I set up the WorldPay account through my company (of which I am the Director) and I or my wife (also a Director) had another unrelated Sole Trader type business, could I use the same WorldPay account. And, going back to my earlier question, would there be any way of differentiating them on a customer's statement?
Thanks in advance
Jon
I understand when you set up a WorldPay account you set up a trading name, and this is the name that appears on your customers' statements (credit card / debit card / bank statement / whatever)
What are the realities of taking payments from various income streams? Can you assign a reference number to a payment, so for example, you can have "MyCompany ref: StreamA" show up on your customers' statements for StreamA and "MyCompany ref: StreamB" for StreamB?
Or do you just have to tell customers of both StreamA and StreamB to look out for a charge in the name of MyCompany?
Does WorldPay explicitly forbid you from collecting payment on someone else's behalf and passing the money on to them, or is there in reality no problem with this?
For example, say I set up the WorldPay account through my company (of which I am the Director) and I or my wife (also a Director) had another unrelated Sole Trader type business, could I use the same WorldPay account. And, going back to my earlier question, would there be any way of differentiating them on a customer's statement?
Thanks in advance
Jon
Hi Jon,
The details that appear on the customer card statement (called the statement narrative) would normally show your company name, but this can be changed on request. If your trading name differs from the company name this can be a good idea to help minimise chargebacks.
It is possible to have different statement narratives for different income streams, providing that the money is being settled to the same legal entity. There are various ways of doing this which I won't go into here.
It's generally not possible to use an account belonging to a limited company to process payments for a sole trader (or any other separate entity), even if the sole trader is an employee of the limited company - this restriction is due to money laundering regs.
The above is a bit general, not knowing your company details, so if you need a more specific answer please feel free to give us a call.
Keith
WorldPay.
The details that appear on the customer card statement (called the statement narrative) would normally show your company name, but this can be changed on request. If your trading name differs from the company name this can be a good idea to help minimise chargebacks.
It is possible to have different statement narratives for different income streams, providing that the money is being settled to the same legal entity. There are various ways of doing this which I won't go into here.
It's generally not possible to use an account belonging to a limited company to process payments for a sole trader (or any other separate entity), even if the sole trader is an employee of the limited company - this restriction is due to money laundering regs.
The above is a bit general, not knowing your company details, so if you need a more specific answer please feel free to give us a call.
Keith
WorldPay.
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