Paysafe is a provider of merchant services. Its primary markets are Europe and North America. As many of its features are available only in Europe, US businesses use it mainly to provide credit card payment services.
Paysafe is also well-known for its vast range of payment solutions. It’s equipped to process payments on mobile devices, orders by phone or mail, orders online, and purchases made at a physical venue. It can process ACH payments, help companies accept checks, acquire working capital, and offer gift and loyalty cards.
How it works
It’s pretty simple to get started with Paysafe. When you click “Sign up,” you’ll be asked to choose your country. You can select from Global, US, UK, and Canada. Then, they ask if you’re an iGaming business.
This is followed by a brief contact form, where you must enter your name, email, phone, company name, website, and the country, where your business is based. Finally, there’s a question about your turnover volume. You verify that you’re not a robot, and you move on.
With Paysafe, your business can accept MasterCard, Visa, American Express, Discover, Carte Blanc, Voyager, Diner’s Club, JCB, EBT, debit cards, and Wright Express. It eliminates the risk of accepting ACH payments and electronic check processing.
The platform uses Check 21 to convert physical checks into electronic ones. It helps verify them at the point of sale, after which they are deposited directly into the business’s account. The inconvenience of trips to the bank and the risk of bounced checks are minimized.
Key features
Customers of Paysafe can accept contactless payments, EMV cards, and magnetic stripe cards for in-store payments, depending on their equipment. The platform will equip you with Payment XP to accept online payments.
Then, you can accept debit, credit, and gift cards, Check 21, ACH, checks, and subscriptions.
Paysafe offers Meritus PC and Payment XP to businesses that want to accept phone and mail order payments by check or card.
Mobile payments
Businesses that sign up with Paysafe can accept mobile payments via Meritus Mobile and wireless terminals. These are a good option for transport or at-home service companies. While a bit more expensive, wireless terminals have inbuilt printers and accept EMV cards, among other features.
Meritus lets you accept card payments through your tablet or smartphone. The platform supports payments via online and in-person debit and credit cards from most leading card issuers.
It guarantees security during checkout with tokenization, fraud prevention tools, and a process to manage chargebacks, which ensures PCI compliance.
Specific solutions
Paysafe’s services go beyond general payment processing to include more specific solutions for gas stations, convenience stores, regulated online lotteries, iGaming companies, digital marketing companies, etc.
One last important feature is Paysafe’s digital wallet, which allows users to pay contactless and stores credit card information. It offers this service through Skrill and Neteller, which it’s associated with.
Pros
Paysafe offers customized pricing, which lets businesses save on unnecessary features. They pay only for what they need. Businesses that process large volumes consistently can take advantage of discounts in cases where average transaction sums and monthly transaction volume are factors in price formation.
Cons
Paysafe offers a cash advance of up to $2 million to merchants who need quick access to working capital. However, its terms are not very transparent.
The platform’s pricing is not self-explanatory. Rather, it offers individual quotes based on several factors. This is a disadvantage for small businesses, but not for large ones, as noted above.
US-based businesses face limitations as many Paysafe payment methods aren’t available in the country.
Why should you use Paysafe?
Paysafe has a wide variety of features, and a convenient user interface with easy access to data. It includes reports and easy withdrawal thanks to the Paysafe Skrill wallet, which is effortless to sign up for. No fees are charged on transfers to foreign bank accounts.
What makes it different from competitors?
Paysafe’s sales approach is tailored to individual markets as the parent company of various payment processing firms. Its online and e-commerce products rely on strategic partnerships and internet marketing to target high-risk and niche industries, which sets it apart from the competition.
Final verdict
Businesses looking for customized fees that have high transaction volumes will like Paysafe’s quote-only pricing approach. Small companies will probably be better off looking elsewhere, as will businesses that need niche software features.