Worldpay’s approach to Brexit – answering your questions
As you will be aware, the UK is due to leave the EU on 29 March 2019. While the outcome of Brexit remains unclear, our priority is to ensure that Worldpay’s services to our customers are affected as minimally as possible by this event.
In line with this, some customers will receive a notice on the changes we may need to implement, depending on the anticipated outcome of the Brexit negotiations, to ensure continuity of service from Worldpay post March 2019. We have produced the below FAQs to help answer questions you may have about this notice.
Q: Will I experience a disruption in my services from Worldpay?
A: We are working to ensure that this does not happen. Some customers will see certain operational changes, but we are aiming to reduce the impact of these as much as possible and will communicate with you individually should you be affected.
Q: Why does Worldpay need to make change as a result of Brexit?
A: Worldpay entities with regulatory licenses in the UK and EU currently make use of a regime called ‘passporting’ that allows them to offer payment services to customers across the UK – rest of EU border. As part of our Brexit Readiness Programme, Worldpay has been working on the basis that the passporting regime will end on 29 March 2019, and that our UK entities will no longer be able to serve EU customers from this point onwards, with the reverse being true for our EU entity in the Netherlands, Worldpay BV. Therefore, to continue to provide payment services to all our customers we need to ensure that our customers based in the EU are contracted to and can receive services from Worldpay BV, and that our customers in the UK are contracted to and can receive services from one of our UK entities.
Q: What changes can I expect to see?
A: Some customers may need to be contracted to a different Worldpay entity and in some cases might see changes to their settlement and invoices. As a result, some customers may need to have their ‘company structures’ (the way we record our relationships with customers) amended on our systems. Aside from this, we believe the impacts will be minimal, although any changes we identify will be communicated to you.
Q: Do I need to do something?
A: Not all customers are affected. If we need to make any changes to your service or require an action from you, we will be in contact with you directly.
Q: What do I need to do if I did not receive a notice?
A: Not all customers are affected. If we need to make any changes to your service, we will be in contact with you directly. If you are receiving services across the UK – rest-of-EU border, you should receive an initial notice from us in November or early December this year.
Q: Does this notice mean that I am now contracted to a different Worldpay entity? What are the key timelines I need to be aware of?
A: No, the effect of the notice will only become operative if we decide we need to change your service providing entity. Worldpay will make a decision in January 2019 on whether to proceed with the necessary changes. You will be informed if this is the case.
Q: What happens if a transition period is formally agreed?
A: We will likely postpone any necessary changes to a later date if a transition period is formally agreed. This would likely allow Worldpay to maintain its current arrangements until January 2021.
Q: Does this only apply to card processing?
A: No, this will also apply to all “Passported” services (including Alternative Payment Methods (APMs) and Bankin / Bankout services you may use, and services related to those passported services.
Q: Can I still accept cards issued across the UK and Europe?
A: Yes, customers will continue to transact in the same way as they do today.
Q: Will the card schemes still consider UK as part of Europe for Interchange purposes?
A: This will be a decision made by each card brand individually. Should we formally hear of any changes from a card scheme, we will notify you via our usual bulletins.
Q: Will there be anything else I need to consider that may affect my payment processing?
A: We encourage you to review what Brexit may mean for your business, regardless of where you are located. Worldpay will aim to support you with any changes you may require to your payment processing needs.
Q: Where can I get more information?
A: We will be in touch with you about our future plans at a later date, but please get in touch if your questions have not been answered by the information on this web page or if you would like to discuss any other changes to your company’s payment processing needs with us.