Overview

Paysafe prioritizes simplicity, security, and flexibility, striving to deliver a dependable and user-friendly payment solution. While it promotes itself as suitable for businesses of all sizes, it is particularly well-suited for those selling high-value items in lower volumes.

Its services include point-of-sale (POS) systems, e-commerce payment gateways, and omnichannel payment solutions, making it a versatile option for both physical and online businesses. This flexibility enables businesses to process payments through multiple channels and expand their customer reach.

Features and Services

Paysafe focuses on providing essential, reliable features that merchants depend on. While it may seem more basic compared to some competitors, its offerings are well-suited to meet the needs of most small businesses.

Online Checkout

Similar to other merchant service providers, Paysafe offers a secure and user-friendly online payment gateway, enabling businesses to accept credit card payments globally in multiple currencies. Powered by Authorize.net, a Visa subsidiary, this gateway ensures reliable and secure transactions.

Paysafe provides advanced APIs that allow businesses to seamlessly integrate a checkout page into their website while maintaining strong security protocols. However, its range of integrations is somewhat limited compared to other processors. While it supports shopping cart integrations with major e-commerce platforms like WooCommerce and Magento, there are fewer options for accounting or payroll software, which could be an area for improvement.

Multiple Payment Methods and Channels

Paysafe supports a wide range of payment methods—over 250 in total—including credit and debit cards, bank transfers, digital wallets, virtual wallets, and local payment solutions. This variety allows businesses to accommodate different customer preferences seamlessly.

Standard payouts take 1–2 business days, with an option for guaranteed next-day funding at an additional cost. While this is among the fastest payout schedules in the industry, next-day funding is only available after several months of being a Paysafe merchant.

One of Paysafe’s standout features is its flexibility in payment options, making it suitable for a wide range of businesses. It supports multiple payment channels, including digital invoicing, MOTO (Mail Order/Telephone Order) transactions, pay-by-link, subscription-based billing, and QR code payments. Through its partnership with Applova, Paysafe’s QR code payment option is particularly beneficial for restaurants and eateries.

Works With Top POS Systems

Paysafe offers a range of POS solutions tailored to different business needs. Its most popular option is the Clover brand, known for its ease of use and reliability. While most POS devices must be purchased or leased, Paysafe provides a complimentary mobile card reader with an in-person account for added convenience.

Additionally, the Paysafe Mobile Pay app allows you to transform your Android or iPhone into a POS terminal. Although a card reader is required to process EMV chip card payments, the app enables you to manually enter card details, send digital invoices, and generate receipts, making it a versatile tool for mobile transactions.

Customized Onboarding with a Dedicated Account Manager

As you set up your payment processing system, a dedicated account manager will guide you through the onboarding process. This includes configuring your preferred payment channels, whether online terminals or physical POS systems. Your account manager will offer personalized support to ensure a smooth setup.

Online Dashboard for Payment Management and Tracking

Paysafe provides a robust online dashboard, known as the Merchant Back Office, for managing and monitoring transactions. This platform allows users to track payments, process orders via a virtual terminal, generate reports, and issue refunds.

While the interface may feel somewhat outdated compared to other processors, it remains functional and fairly user-friendly. The centralized dashboard helps businesses efficiently manage accounts and analyze payment data to support informed decision-making.

Plans and Pricing

One of the main drawbacks of Paysafe is the lack of readily available pricing information online. This lack of transparency can make it difficult for businesses to compare options and get started quickly. Paysafe uses a personalized pricing model, so any estimates provided may vary. However, the absence of long-term contracts and application fees is a notable advantage compared to other processors.

Paysafe’s pricing structure is generally best suited for businesses that sell high-value items in lower volumes, making it an ideal option for industries such as luxury goods, handcrafted products, or specialty tech gear. While it may still be a viable choice for other businesses, it’s important to analyze the costs carefully to determine if it aligns with your specific pricing and sales model.

Paysafe structures its fees based on the type of card used, meaning transaction rates will vary. For online payments, fees range from 0.99% + 25¢ for debit cards to 3.99% + 25¢ for foreign credit cards, depending on the payment method. Additionally, the monthly fee is approximately $16, which is among the lowest in the industry.

Interchange Plus Plan

For those seeking a more transparent pricing model, the Interchange Plus plan is a solid option. It offers lower rates at $7.95 per month with a transaction fee of 0.50% + $0.10. However, additional charges apply, including a batch fee, a PCI compliance fee, and a $25 monthly minimum fee.

Cash Discount Program

For in-person sales, Paysafe provides an appealing cash discount program. When bundled with the online plan, the service costs around $20 per month. This program shifts transaction fees to customers, encouraging cash payments and helping businesses reduce processing costs.

Other Fees

Additional fees may apply occasionally, including charges for POS equipment leasing, chargebacks, retrieval requests, enhanced security packages, and PCI non-compliance. However, obtaining clear details on these costs can be difficult, making the lack of transparency a notable drawback. In terms of pricing, Paysafe can be cost-effective in some cases, but overall, its rates are fairly average.

Ease of Use

Creating and managing a Paysafe account is a simple and hassle-free process. The onboarding is quick, and its payment processing tools are designed for ease of use. However, getting started requires speaking with a customer service representative, which may take some extra time.

To begin the application process, you’ll need to complete a step-by-step questionnaire on Paysafe’s website with basic business details. Once submitted, a business consultant will contact you to guide you through the next steps.

The process usually requires providing essential documentation, including identification, banking details, and company information. While the sign-up process is straightforward, it can be inconvenient that full online registration isn’t available, unlike with some other payment processors.

Paysafe may request additional details related to your business model to evaluate risk and ensure regulatory compliance. While the company has a list of restricted industries, such as weapons sales and direct marketing, it considers certain high-risk businesses, including cryptocurrency companies and travel agencies, on a case-by-case basis.

Customer services

Phone support for non-customers is limited to regular business hours, though the exact availability is unclear. An after-hours phone message indicated that representatives are available from 9 AM to 7 PM (EST), but conflicting information on the website suggests slightly different hours.

Once you’ve signed up, you can access additional support through your dedicated account manager via email and phone, even outside standard business hours. However, Paysafe lacks alternative support options, particularly for non-customers. Unlike other processors that provide live chat or comprehensive online knowledge bases, Paysafe offers only a single FAQ PDF with brief answers that may not be very useful.

Bottom Line

If you’re looking for a credit card processor that supports multiple payment methods for both online and in-person transactions, Paysafe is worth considering. However, since its pricing is fairly average, it’s important to estimate your monthly transaction costs before making a decision.

Despite some critical online reviews, Paysafe is a reliable credit card processor with distinctive features. Unlike many competitors that operate exclusively in the U.S., Paysafe serves multiple international markets, making cross-border transactions more accessible. Additionally, it offers a wide range of payment solutions tailored to various industries and business needs.