Paysafe Review

By Top10 POS Systems staff

 

In a Nutshell

Paysafe provides a suite of payment solutions that includes payment gateways, software products, and debit and credit card processors. The company’s extensive network of point of sale (POS) and gateway solutions are currently deployed in more than 40 countries around the world in over half a million locations.

Pros

  • Ideal for those that need to receive multiple currencies
  • Fully compliant with international payment regulations
  • Electronic financial report generation after sale

Cons

  • Not fully transparent about charges
  • Wallets not universally accepted among retailers

Ideal For

  • Internationally-oriented businesses that need a provider with multi-currency support
  • Merchants requiring an all-in-one solution with omni-channel functionality

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What’s On Offer

Paysafe provides a single platform that is intended to make it as easy as possible for merchants to receive money through various means. Its online system includes payment gateway tools, an API, a billing automation platform, and a terminal that can be used for physical point of sale systems.

Additionally, the entire solution is designed to work with more than 100 currencies, including all major currencies, such as the US dollar, euro and the British pound. This means that it is an excellent choice for merchants that do business around the globe.

Additional offerings:

  • Fast funding means that funds can be withdrawn as soon as 1 business day after payment
  • Suite of payment APIs makes it easy to integrate programmatically without gateways
  • Access to in-house experts who can advise upon best payment solutions
  • Scalable solutions that are designed to grow with your business
  • Fraud detection engine to spot suspicious and fraudulent transactions

Ease of Use

Paysafe acquired iPayment last year, which has enabled the company to bring some very user-friendly functionalities, such as mobile tablet-based POS terminals, into its offering. Paysafe doesn’t publish prices on its website, so prospective merchants need to get in touch with the company directly before initiating the application process.

The application process involves:

  • Providing Paysafe with basic details about your place of business and industry
  • Describing current payment processing needs, and which Paysafe solutions are of interest
  • Scheduling a conversation with a member of the Paysafe sales and onboarding team

Likewise those wishing to join the Paysafe affiliate program in order to drive new registrations for NETELLER and Skrill need to get in touch with the company before logging in to the secure application tracking environment. Applications received are reviewed by the company within 24 hours, wherever possible.

What’s Unique About Paysafe?

Unlike other payment processors and gateways that provide some services but not all, Paysafe really puts everything that an online or brick and mortar merchant might need under one roof. Paysafe offers an ideal set of tools for a merchant that is doing business both online and physically, as well as one that is operating in multiple countries worldwide.

Users have sung the company’s praises for being able to assist them with setting up multiple pricing. In addition, the platform makes it easy to configure customized template-based emails to customers upon receipt of payment.

Paysafe has been in business for over 20 years and moves millions around the globe every day. Its wide range of operational arms include prepaid payment solutions as well as digital-only payment wallets, while its tools have been carefully optimized to the requirements of both business and private consumers. Prepaid funds deposited through Skrill, for example, can be accessed from more than 36 million locations around the world. These solutions are ideal for consumers that do not have a bank account and want an easy means of converting cash to digital currency and spending it online.

Paysafe is also well-known for its excellent reporting tools, which give business owners access to in-depth, real-time analytics about payments their businesses are receiving.

Customer Support

Paysafe customer support is available by email and telephone during both US and Canadian business hours. Those that have interacted with the team report favorably on their ability to really understand the needs of both business and private customers.

Although some reviewers have stated that customer service can be hard to reach at times, this is likely due to the multifaceted nature of Paysafe’s business and the fact that they have customers located literally around the world trying to access their centralized call resources.

Pricing

Paysafe does not disclose the pricing for any of its solutions publicly. Instead, those looking to use its enterprise tools, such as the POS systems, payment gateways, or API facilities, will need to get in touch with the company’s sales team first.

Information about the fee structure for Paysafe’s prepaid card is available online. According to the card’s website, the fees are levied according to a sliding scale system which is based upon the monthly transaction volume. The model starts at 15% for low transaction volumes and decreases to 9.5% for merchants with a transaction volume of over $395,000.

Contract Terms

For the prepaid card, payments are transferred once a month with a due date of payment 14 days later, or twice a month, with a 21-day payment cycle.

Terms and conditions for those in the Paysafe affiliate programs are available through a dedicated website. Contract terms for those using Paysafe’s merchant gateway and settlement services can be accessed in the user area of the online system and vary according to the service level subscribed to.

About Paysafe

The Paysafe Group is a multinational payment company that is headquartered in Douglas, Isle of Man. It is regulated in the UK by the Financial Conduct Authority and was formerly listed on both the London Stock Exchange and the FTSE 250 Index. The company’s payment solutions, including paysafecard, are used in more than 40 countries worldwide, including Europe, North America, Australia, and New Zealand. Joel Leonoff currently serves as the Executive Director, President, and CEO of the company which was recently acquired by CVC and Blackstone for $4.6bn.

Physical Address

Paysafe, 41-43 Victoria St, Douglas, Isle of Man IM1 2LF, Isle of Man.

Visit Paysafe

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