Worldpay’s U.S. payment processing division introduced direct settlement for American Express Card transactions to eligible new U.S. customers. Simplifying card acceptance for customers, Worldpay will now settle transactions for all the major card brands directly to the customers’ bank accounts in one deposit. Worldpay is among the first payment processors to offer the direct settlement program for American Express Card acceptance.
Merchants who accept less than $1 million annually in American Express Card volume generally will be eligible for the Worldpay program. Worldpay has already begun the rollout of the program to existing eligible Worldpay customers, which will continue throughout the summer. Worldpay customers who accept more than $1 million annually in American Express Card volume will continue to have their American Express Card transactions settled via American Express.
“Customers tell us they want their funds quickly and need straightforward payment processing. We keep that in mind with every program we introduce,” says Patti Newcomer, Worldpay CMO. “This new direct settlement program revolves around faster funding and improved account efficiencies. American Express settlements will have the same industry-leading funding times as our other payment networks—including Next Day Funding (NDF) for customers who are on a NDF schedule. We aggressively pursue opportunities to enhance customer experience with card acceptance. This program does just that.”
The direct settlement program showcases Worldpay’s move to simplify card acceptance. In addition to a single deposit for card transactions, other small merchant benefits include improved management and reconciliation process, integrated settlement, reporting, and one consolidated billing statement; and easy add-ons when merchants add locations or add American Express to existing or new locations so set-up is integrated without delays.