Best for
Small, medium, and large businesses processing mobile, POS, and/or eCommerce transactions
Specializes in
Merchant payment processing and business analytics tools
Pricing Summary
Setup Fee: None
Monthly Fee: Up to $15.95
Swipe Rate: 1.65% + $0.20 to 2.55%
Keyed-in Rate: 2.55% + $0.20 to 2.75% + $0.25
Early Termination Fee : None
Contract Terms:
SecureNet is an Austin, Texas-based merchant account provider that was acquired by WorldPay in 2015. The firm now operates as a fully-owned subsidiary under WorldPay and its contract terms are administered by WorldPay.
Prior to the acquisition, SecureNet was recognized for creating the first cloud-based payment processing service, which could authorize mobile, POS, and eCommerce transactions.
SecureNet is a merchant account provider that was founded in 1996 and acquired by global financial service company, WorldPay, in 2015. Prior to its acquisition, SecureNet was recognized for pioneering the payment processing industry’s first cloud-based payment solution. This solution enabled merchants to process POS, mobile, and eCommerce payments completely through the firm’s cloud-computing servers. Additional cloud-based services offered by SecureNet included inventory management tools and data analytics for merchants.
As of today, SecureNet is a fully owned subsidiary of WorldPay and there is no functional difference between the two companies at this time. The contract and pricing information in this article is therefore drawn from WorldPay’s standard contracts.
WorldPay CEO, Tony Catalfano, explained the purpose behind acquiring SecureNet as being to “combine SecureNet’s innovative software integration with Worldpay’s direct acquirer distribution advantages and partnership management strengths.” SecureNet’s operations are now fully integrated into WorldPay’s global payment processing services.
The SecureNet firm is still headquartered in Austin, Texas, and is a registered ISO of Wells Fargo Bank N.A. in Walnut Creek, California as well as Eagle Bank N.A. in Bethesda, Maryland.
Head Quarters
Austin, Texas
Year Founded
1996
CEO
Brent Warrington
Employees
50
Merchant Provider Risk Tolerance
SecureNet (through WorldPay) offers mobile, POS, and eCommerce payment processing services. The firm also advertises a variety of tools aimed to help merchants measure and grow their business while under contract for service.
Included in these business tools are real-time data reports constructed via a live dashboard that tracks all new incoming transactions. Merchants are also offered the ability to authorize recurring subscription charges and implement WebHooks to receive instant order updates.
Discloses All Important Terms
Yes
Public Pricing Available
No
SecureNet’s fees (based on WorldPay’s standard rates) include a 2.9% + $0.30 charge for card swipe transactions and a 3.3% + $0.30 charge for keyed-in transactions. Qualified transactions have a slightly lower rate of 2.7% + $0.30.
Pricing Model
Flat Rate
Swiped Rate
1.65% + $0.20 to 2.55%
Keyed-in Rate
2.55% + $0.20 to 2.75% + $0.25
Mobile Payment Rate
Virtual Terminal Rate
Variable
Monthly Fee
Up to $15.95
Payment Gateway Fee
Batch Fee
Variable
Early Termination Fee
None
PCI Compliance Fee
None
Equipment Lease Terms
Variable
Address Verification Service (AVS)
Application Fee
Account Setup Fee
None
Gateway Setup Fee
Annual Fee
Monthly Minimum
None
Statement Fee
Since SecureNet is a fully owned subsidiary of WorldPay, we can consider the terms of a WorldPay standard contract. A standard service agreement is a three-year contract which will automatically renew for one year if cancellation notice isn’t given 90 days prior to the end of the three-year period.
A standard agreement includes a $295 Early Termination Fee and a PCI Compliance Fee of $15 to $25 per month. There is also a reported annual IRS-1099 Reporting Fee of $69.
WorldPay also offer 12-to-48 month POS equipment leases with an option to purchase the equipment at the end of the lease. Pricing for WorldPay’s POS lease contracts is based on the credit score of each merchant.
Contract Length
No Contract RequiredMonth-to-month
Early Termination Fee
None
WorldPay is the much larger payment processing firm that acquired SecureNet and it has received hundreds of negative reviews accusing the company of being a scam. Although this may not accurately represent the feedback that SecureNet’s operations have earned, WorldPay has fully absorbed SecureNet and is now responsible for administering the payment processing services of SecureNet’s clients.
Prior to the acquisition, SecureNet was accredited with the Better Business Bureau and maintained an “A+” rating on its BBB profile. The company had 8 complaints over a 36-month period, a vast majority of which had to do with billing and collection issues.
BBB
B- and is not BBB Accredited. (0 Review; 1 Complaint)
3.3 Stars / 8 Reviews
N/A
Yelp
N/A
Total Online Reviews
20+
Total Online Complaints
10+
Lawsuits
None
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