Paysafe provides merchant services. Paysafe’s main markets are North America and Europe. Because many of its features can only be found in Europe, US companies use it primarily to offer credit card payment services.
Paysafe is well-known for offering a wide range of payment options. 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 also process ACH payments and help companies acquire working capital.
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. There are several options available: Global, US and UK. Then, they ask if you’re an iGaming business.
The next step is to complete a contact form. Here you will need to enter your name and email address, as well as your phone number, company name, website, country, and where your business is located. 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. This eliminates the need to accept ACH payments or electronic check processing.
Check 21 is used to convert physical checks into digital ones. It helps verify them at the point of sale, after which they are deposited directly into the business’s account. It reduces the need to travel to the bank and eliminates the chance of bounced checks.
Principal features
Paysafe customers can accept contactless payments and EMV cards. Customers can also use magnetic stripe cards to make in-store payments depending on the equipment. You will be able to accept online payments through Payment XP.
Then you can accept debit and credit cards as well as gift cards. Check 21, ACH and checks are also available.
Businesses who wish to accept checks or cards by phone or post can avail Meritus PC from Paysafe.
Mobile payments
Paysafe allows businesses to accept mobile payments through Meritus Mobile or wireless terminals. These terminals are great for service providers and transport companies. Although they are a little more expensive than traditional terminals, wireless terminals can be equipped with printers and will accept EMV card.
Meritus allows you to accept card payments via your smartphone or tablet with Meritus Payments can be made online or in-person using debit and credit cards issued by most of the major card issuers.
It ensures security at checkout through tokenization, fraud prevention tools and a process for managing chargebacks. This helps to ensure PCI compliance.
Solutions specific
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’s customized pricing allows businesses to cut costs by removing unnecessary features. Paysafe customers pay for only what they use. Companies that handle large volumes of transactions regularly can benefit from discounts when average transaction amounts and monthly volume are important factors in price formation.
Cons
Merchants who require quick access to working capital may be eligible for a Paysafe cash advance of up $2 million. Its terms aren’t very clear.
The platform’s pricing is not self-explanatory. It offers customized quotes that are based on multiple factors. This is a disadvantage to small businesses, but it’s not a problem for large companies, as mentioned above.
US-based businesses face limitations as many Paysafe payment methods aren’t available in the country.
Paysafe: Why use it?
Paysafe offers a variety of features and an easy user interface that allows you to access your data. Paysafe Skrill wallet allows you to easily withdraw funds and provides easy reports. Transfers to foreign bank account are free of fees.
What makes it different than its competitors?
Paysafe’s sales approach is tailored to individual markets as the parent company of various payment processing firms. Paysafe’s online and digital products are based on strategic partnerships and internet advertising to target niche and high-risk industries. This sets it apart from its competitors.
Final verdict
Businesses looking for customized fees that have high transaction volumes will like Paysafe’s quote-only pricing approach. Small businesses will likely be better off looking elsewhere than those who need niche software features.
CoinJournal published the post Paysafe.com: A objective review.
