Paysafe Review 2024: Global Payment Processing Simplified

Customized Fees and International Support, but Not Very Transparent

With a focus on simplicity, security, and flexibility, Paysafe aims to provide a reliable and user-friendly payment solution. Though it advertises itself as a great option for businesses of all sizes, we’ve found that Paysafe is best for businesses that sell high ticket items at low volumes.

Its offerings include point-of-sale (POS) devices, e-commerce payment gateways, and omnichannel payment solutions, catering to both brick-and-mortar and online businesses. This versatility allows your business to accept payments across multiple channels and reach a broader customer base.

Unlike many other processors, Paysafe is available in multiple regions, including the US, UK, Canada, and Europe, with partners in Latin America as well. This makes it ideal if you operate in multiple countries or are hoping to expand and want to stick to one system.

Despite all these distinctive features, Paysafe has less-than-stellar reviews. After digging deeper into this, I realized that most of the negative reviews are about a separate consumer product: the paysafecard.

Luckily, the credit card processing side of the business is much more positive. In fact, almost every review I read in regard to payment processing only had good things to say, from speedy responses and great account managers to affordable rates and equipment.

However, that’s not to say that Paysafe is the best for every business. Read on to discover if Paysafe is right for yours.

Not Feature-Rich, but Still Offers Everything You May Need

When it comes to features, Paysafe prefers to rely on simple, tired-and-true features that merchants need. Compared to some other processors, it may even seem like a bare-bones service, but the features Paysafe offers are more than sufficient for the majority of small businesses.

Online Checkout Provided By Authorize.net

Like many other merchant services providers, Paysafe offers a secure and convenient online payment gateway that allows you to accept credit card payments from anywhere in the world – in multiple currencies. Powered by Authorize.net, a Visa subsidiary, Paysafe’s payment gateway ensures the safety and reliability of transactions.

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In addition, Paysafe offers advanced APIs that enable you to integrate a checkout page directly into your website while maintaining the gateway’s security protocols.

Paysafe doesn’t offer as many integrations as some other processors do, though. While it covers shopping cart integrations with popular ecommerce platforms like WooCommerce and Magento, I wished there were more options available for accounting or payroll software integrations.

Accept a Wide Variety of Payment Methods Across the Globe

I was incredibly impressed by Paysafe’s available payment methods – there are over 250 on offer. Whether it’s credit and debit cards, digital wallets, virtual wallets, bank transfers, or local payment solutions, Paysafe ensures you can cater to the diverse needs and preferences of your customers.

Plus, you’ll get your funds in 1-2 business days as standard, with the option to have guaranteed next-day funding for an added cost. It’s one of the fastest payout schedules I’ve seen in the industry, though you should note that next-day funding is only available after you’ve been a Paysafe merchant for several months.

Paysafe Works With Top POS Systems Like Clover and Pax

Paysafe provides a variety of POS options that cater to your specific business requirements. The most popular option is the Clover brand, which is one of the most popular and user-friendly equipment on the market. And while most of its devices need to be leased or bought, Paysafe does include a free mobile card reader with an in-person account for added convenience.

By downloading the Paysafe Mobile Pay app, you can also turn your Android or iPhone into a POS terminal. You’ll still need a card reader to accept EMV chip cards, but you can manually key in card information, send digital invoices, and prepare receipts through this robust app.

Multichannel Payment Options

One of the best features that Paysafe offers is its versatility when it comes to payment options. Designed to suit any business type, Paysafe offers many payment channels, including digital invoicing, MOTO, pay-by-link, subscription-based billing, and even QR code payments through a partnership with Applova, which is ideal for restaurants and eateries.

Straightforward Onboarding, but You Can’t Apply Online

Setting up and managing an account with Paysafe is incredibly straightforward. The onboarding process is swift, and the payment processing tools provided are intuitive and user-friendly. However, to get started you’ll have to speak with a customer service representative – which can take some time.

Getting Started With Paysafe

To start the application process, you can fill out some basic information about your business through a step-by-step questionnaire on the website. After you’ve filled that out, you’ll receive a call from a business consultant to walk you through the application process.

This typically involves submitting necessary documentation, such as proof of identification, banking details, and company information. Overall, the sign-up system is easy to complete, but it’s a bit frustrating that you can’t just sign up online like some other processors.

Paysafe may also require additional information specific to your business model to assess your risk profile and compliance with regulations. Paysafe has a list of industries it doesn’t work with (like weapons and direct marketing), but it does accept some high-risk ventures like crypto businesses and travel agencies on a case-by-case basis.

Personalized Onboarding with Dedicated Account Manager

During the onboarding process, you’ll be guided through the setup of your payment processing infrastructure with your dedicated account manager. This is when you’ll set up your preferred payment channels, such as online terminals or physical POS systems. Your account manager is there to provide tailored support throughout the process.

Online Dashboard for Tracking and Reporting

Paysafe offers a comprehensive online dashboard to track and monitor your payments. This dashboard, called the Merchant Back Office, allows you to view all transactions, take orders through a virtual terminal, generate reports, and process refunds.

Compared to other processors, the UI for the online merchant dashboard is a bit dated. As such, it’s not as easy to navigate as some others, but it is still functional and relatively user-friendly. You can manage your account in one centralized location, which can help you stay on top of analyzing payment information to better inform business decisions.

Tailored Pricing Options, but Hard to Find Information Online

One of Paysafe’s biggest drawbacks is that the pricing information isn’t readily found online. This lack of transparency makes it hard if you’re looking to get started quickly and want to compare your options.

Luckily, I was able to get some information from the customer support team, but note that Paysafe employs a personalized approach, so these prices are only estimates. However, I learned that there are no long-term contracts and no application fees, which is definitely better than other processors.

I’ve found that the pricing generally works best for businesses that sell high-priced items at lower volumes, so things like handcrafted products, luxury goods, or specialty tech gear would be ideal for Paysafe’s services. It may also work for other companies, but it’s a good idea to do the math and figure out the best price point for yourself.

Paysafe groups its fees based on card type so your per-transaction rate will vary. For online transactions, prices range from 0.99% + 25¢ (debit cards) to 3.99% + 25¢ (foreign credit cards), depending on the payment type. Additionally, you’ll pay about $16 a month in monthly fees, which is one of the lowest monthly fees I’ve come across.

If you prefer a more transparent approach, the Interchange Plus plan might be a good choice. It’s even cheaper at $7.95 and 0.50% + $0.10 per transaction, but note that it comes with some extra charges, such as a batch fee, a PCI monthly fee, and a monthly minimum fee of $25.

If you want to sell in person, Paysafe offers a really great cash discount plan. If bundled with the online plan, I was told to expect to pay $20 a month for the service. What’s great about the cash discount is that it encourages cash purchases and pushes the transaction fee onto the customer.

In addition to monthly and transaction costs, there are a few other fees that may occur from time to time. These include POS leasing fees, chargeback fees, retrieval fees, fees for the enhanced security package, and PCI non-action fees. Getting a straight answer on these costs was a bit of a challenge and the lack of transparency is definitely a downside.

As far as the prices go, Paysafe is cheaper in certain instances, but overall it’s pretty average. If you’re looking for more negotiable prices, Leaders Merchant Services (LMS) may be your best option.

Advanced Security Options To Keep Your Customers’ Information Safe

As you might imagine from the name, Paysafe takes payment security very seriously. It aligns with industry standards and provides added security measures to protect you and ensure your customers’ data is safe at every step of the payment process. Additionally, as a European-based company, Paysafe is compliant with current General Data Protection Regulation (GDPR) laws.

PCI Compliance & More

Paysafe offers a wide range of equipment for card-present transactions that adheres to PCI regulations. Each device is EMV level 1 and 2 approved and PCI-certified, providing a trustworthy solution to safeguard sensitive information. If you’re interested in e-commerce, Paysafe’s chosen payment gateway, Authorize.net, also maintains the highest level of PCI compliance.

But it’s still on you to ensure your business completes the yearly questionnaire to avoid PCI non-compliance fees. While Paysafe doesn’t directly help with this, it does partner with several firms that can help. These partner firms are accredited Qualified Security Assessors and Approved Scanning Vendors that can help you determine vulnerabilities in your methods.

Additional Security Features

Paysafe has a risk management team dedicated to monitoring and preventing fraud around the clock. The team works by flagging and blocking suspicious payments from certain IP addresses or regions.

Also, Paysafe uses advanced security technology to prevent fraud during checkout, especially for card-not-present transactions. This includes address verification, end-to-end encryption, and tokenization.

For an additional fee, Paysafe offers an Enhanced Security Package. I wasn’t given the exact details of this policy, but the sales representative I spoke to told me it is an insurance policy to protect you in case your customer information is compromised in any way.

Decent Phone Support, but Other Support Channels Would Be Nice

Phone support for non-customers is only available during regular business hours, but it’s not clear exactly when this is. The after-hours phone message informed me that representatives are available from 9:00 a.m. to 7:30 p.m. (EST), but I found two instances on the website that quoted slightly different times.

However, once you’ve signed up, you’ll also be able to get support from your account manager through email and via phone support outside of business hours.

I called twice during business hours to ask a variety of questions I had about starting a new merchant account. Both times I was connected almost instantly with a customer service representative – and then promptly transferred to sales.

Each time I called, the sales reps were incredibly patient and helpful, painstakingly answering all my questions, even as I constantly sought clarification. Neither were pushy about closing a sale and one encouraged me to shop around before committing.

At the end of one call, one sales representative, Nico, provided me with his direct line to make it easier to reach out with any other questions or to get started. I really appreciated the personalized approach he took without being too salesy.

While the phone support was great, I found it frustrating that Paysafe didn’t have alternative means to contact support, especially as a non-customer. Whereas other processors offer live chat or even detailed online knowledge bases, Paysafe only has a single FAQ PDF that provides brief responses that ultimately aren’t very helpful.