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Also known as Paysafe Group, Paysafe is a UK-based merchant account provider that has acquired multiple large payment processing subsidiaries during the past five years. The company was formed in 2015 as a rebranding of Optimal Payments, and it was subsequently acquired in August 2017 by 2 private equity firms called The Blackstone Group and CVC Capital Partners. Its major acquisitions under both the Optimal Payments and Paysafe brands include Skrill, Meritus Payment Solutions, MeritCard Solutions, Merchants’ Choice Payment Solutions, and, most recently, iPayment. In 2020, Paysafe announced a partnership with US-based sports-betting platform FOX Bet as well as one with the Microsoft Store. In 2021 Paysafe expanded into cryptocurrency with a partnership with transcoin.me, and in 2022 they acquired SafetyPay. Further partnerships in 2023 included Greyhound and HotelKey.
Paysafe Payment Processing
Paysafe enables businesses to accept credit and debit card payments quickly and easily. Whether you’re looking to accept payments in-store, online, or on-the-go, Paysafe has a solution that can meet your needs.
Payment Gateway Services
Paysafe’s payment gateway services enable businesses to accept credit and debit card payments securely and easily via their website. The payment gateway is fully customizable and integrates with major e-commerce platforms such as Shopify, WooCommerce, Magento, and more.
Virtual Terminal Services
Paysafe’s virtual terminal services allow businesses to process credit and debit card payments over the phone or via email, without the need for a physical card reader. This is ideal for businesses that don’t have a storefront or need to process payments remotely.
Paysafe offers a variety of POS systems that are designed to meet the needs of businesses in various industries. Whether you’re looking for a traditional countertop terminal or a mobile POS, Paysafe has a solution that can help you process payments quickly and securely.
Mobile Payment Solutions
Paysafe’s mobile payment solutions allow businesses to accept payments on-the-go using a smartphone or tablet. This is ideal for businesses that operate in remote locations or attend trade shows, farmers markets, or other events.
Online Payment Processing
Paysafe offers a range of online payment processing solutions for businesses that operate online. This includes e-commerce payment processing, digital wallet services, and more.
Paysafe offers subscription billing services that allow businesses to set up recurring payments for their customers. This is ideal for businesses that offer subscription-based services or need to bill customers on a regular basis.
Fraud Prevention Services
Paysafe offers a suite of fraud prevention services that can help businesses reduce the risk of fraud and chargebacks. These services include address verification, card security code (CVV2) verification, and fraud screening.
Location & Ownership
Paysafe is a registered ISO/MSP of Deutsche Bank AG, New York, NY; PNC Bank, N.A., Pittsburgh, PA; Wells Fargo, N.A., Concord, CA; Woodforest National Bank, Houston, TX; BMO Harris Bank, N.A, Chicago, IL; Fifth Third Bank, N.A., Cincinnati, OH, USA; and Merrick Bank, South Jordan, UT. The company is headquartered at 27th Floor, 25 Canada Square, London E14 5LQ, UK. Bruce Lowthers is the CEO of Paysafe. Joel Leonoff, who has also served as the CEO of Skrill, founded the company in 1997.
Table of Contents
- Costs & Contract: Offers variable pricing terms among its many products, services, and…
- Complaints & Service: Has received more than 100 public complaints regarding…
- BBB Rating: The US branch of Paysafe has a rating of “A+” with the BBB but has had 155 complaints and 26 reviews in regards to…
- Sales & Marketing: Maintains different sales practices at each of its subsidiary organizations and has…
Paysafe Reviews and Complaints
Here's What Their Clients Say
Total Online Complaints
Live Customer Support
Most Common Complaint
Moderate Complaint Total
We have found fewer than 10 negative Paysafe reviews, but we are currently able to locate hundreds of complaints filed against Paysafe subsidiaries and Paysafe-owned brands. Complaints related to Paysafe’s payment processing products describe misleading sales tactics, undisclosed fees, fund-holds, high cancellation penalties, undesirable equipment leases, and poor customer service. There does not appear to be any change in the frequency or the content of these complaints as a result of Paysafe’s acquisition of smaller brands, which suggests that Paysafe has not imposed new corporate policies on its acquisitions.
Paysafe Lawsuits and Fines
In 2021, a class-action suit was announced against Paysafe for investors in the company’s securities. 2022 saw a similar suit: Kessler Topaz Meltzer & Check, LLP filed a class-action lawsuit against Paysafe Limited, a payment processing company, alleging violations of federal securities laws. The lawsuit claimed that Paysafe made false and misleading statements about its financial performance and the impact of its merger with a special purpose acquisition company (SPAC). The plaintiffs alleged that Paysafe’s statements artificially inflated the company’s stock price, causing investors to suffer damages when the truth was revealed. The case seeks damages and injunctive relief on behalf of the class of shareholders. The case is currently ongoing.
Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
Paysafe Customer Support Options
Paysafe does not list any dedicated customer support contact information on its official website, but this is because each of its subsidiary services offers its own support options. Most Paysafe subsidiaries offer phone support with the notable exception of Skrill, which has racked up hundreds of public complaints. In general, Paysafe appears to perform at an average level in this category—well below the top-rated processors for great customer support.
Paysafe BBB Rating and Report
Our Better Business Bureau Profile Assessment
Product & Service Complaints
Billing & Collection Complaints
Advertising & Sales Complaints
Guarantee & Warranty Complaints
No Dedicated Profile for Headquartered Office
The Better Business Bureau’s profile for Paysafe is for only the US branch of Paysafe, called Paysafe:Group. This is due to the fact that the BBB does not cover UK businesses and therefore only reviews Paysafe entities based in the United States. We will factor this profile into our review because it is relevant to a certain sector of Paysafe’s business, but merchants should note that it is not representative of the overall Paysafe organization.
Paysafe BBB Profile
At the time of our last update, the BBB held a profile for a California branch of Paysafe only, which had only 28 complaints. The larger Paysafe:Group profile currently has an “A+” score with the BBB and has been accredited since 2011. The company’s profile is currently showing a much larger number of complaints than in the past, with 219 complaints in the last 36 months. 103 of the complaints were due to a problem with a product or service, 103 were billing or collections issues, 6 were due to advertising or sales problems, and 7 were issues with delivery. Only 96 of these 219 complaints were resolved by the company to the satisfaction of the merchant. The remaining 123 were resolved to the dissatisfaction of the merchant or received no final response.
What Merchants Say
Paysafe has also received 37 informal negative reviews to its BBB profile. 36 of the reviews are negative and only 1 is positive. The most recent negative review describes poor customer service:
Just for some reason the credit card machine (Clover) would not take credit cards (Trans refused) but always works with debt card. Called them and started the process to get the problem fixed. Gave me a case number after being bounced around with 4 different people some of who I could not understand. Was told by the last person I talked to she had to research this and PROMISED to call me back, she never did. Started the next morning again and gave them the case number and was told case numbers expire in 24 hours and would have to start all over with a new case number. So they gave me a new case number and started all over again. Was bounced around again and finally ended up talking to “level 2” and was told they could not fix the problem had to go to “level 3” but they had to get permission to do that. She promised to call me back in less than 1 hour with a FIX. 1 hour came and went. After over an hour and a half she called to tell me that it was going to take longer and promised to call me with a fix in less than 4 hours. Well she never called. Day 3 came and I started all over again. Started by requesting ID number of the employee for my records. First person refused to give me there employee ID number, requested to speak to a supervisor. After a 30 minute hold a lady came on the line and this time was given there ID number. I gave her the case number and she said she could not find that number in the system. did I have the first case number? I gave her that and she said she found that number and the case says problem resolved. I explained again and she said let he look into if and put me on hold. Finally got back to me and said she had good news, the case was forwarded to level 3 and the engineers at that level said it was a problem that needed to be looked at and would “forward” it to the research team. The research team does not work on weekends or holidays but “should” look at the problem sometime next week and then they will decide what to do. That means our business can not take credit cards of over 6 days straight and that is assuming they fix the problem the first day they go back to work. I asked to speak to someone else up the chain and was told I was as high up as I could go. Level 3 or the research teams do not talk on phone but sometimes use email. I asked for an email address and was told she could not give that out. During all this I finally got to talk to the person I signed the contract with several months ago and he said he was shocked and would look into it the next day. That was last week and I have not heard back from him. So on and on it goes!
Merchants in this situation would be better served by a company with excellent customer service.
A “C” Rating Overall
With the influx of negative reviews and complaints, and considering the low number of resolved complaints, we have decided to lower Paysafe’s rating in this section to a “C”. It should also be noted that since this is only the US branch of Paysafe being reviewed on the BBB, and since Paysafe is a UK-based company with a large number of subsidiaries, it is difficult to determine whether the negative trend of the US branch is representative of the company at-large.
Paysafe Fees and Rates
A Closer Look at the Contract
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Monthly & Annual Fees
1.00% - 4.99%
Variable Contract Terms
Paysafe owns a wide range of sub-brands that each offer their own products and pricing structures. Its pricing is therefore likely to vary depending on which Paysafe subsidiary you are working with and who your sales representative is. This Paysafe merchant agreement from 2016 describes a one-year contract, but we have seen other evidence that Paysafe’s standard merchant account contract is a three-year agreement with an early termination fee of at least $495, a monthly minimum fee of $14.99, and a long-term, non-cancellable equipment lease. This pricing would be consistent with iPayment’s reported pricing.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, Paysafe also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
Paysafe does not list any specific pricing or contract terms on its website, but most evidence suggests that Paysafe clients will pay standard merchant account prices. At this time, there is no reason to believe that the company’s pricing will compete with the cheapest merchant accounts in the industry. Business owners are advised to work with sales representatives they trust and to read all relevant documentation. We encourage businesses to check out our list of the providers of the best merchant services.
Paysafe Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Audit Your Current Statement To Find Its Hidden Fees
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Uses Independent Resellers
Discloses All Important Terms
A Different Approach From Each Subsidiary
As the parent organization of many different payment processing companies, Paysafe appears to adjust its sales approach from market to market. The company’s high-level advertising is very generalized, and there does not appear to be a unique “Paysafe” sales team so much as a distribution of ISOs, sub-ISOs, and resellers. Paysafe’s traditional merchant account sales operation functions like most of its competitors, with independent sales agents initiating telephone and in-person contact with merchant prospects. By contrast, the company’s e-commerce and online platform products appear to rely more on internet marketing and strategic partnerships to target niche and high-risk industries.
Paysafe Sales Complaints
Despite the company’s aggressive growth strategy, we have found only a few sales-related Paysafe reviews from merchants. The available complaints cite misleading rate quotes, undisclosed cancellation fees, and promised savings that did not materialize. Paysafe’s acquisition of iPayment (a “D” rated provider on CPO) could generate more sales complaints in the future, as iPayment has a reputation for providing negative sales experiences. For now, though, the company is outperforming expectations on this front. If you suspect that Paysafe is overcharging you, we recommend a third-party statement audit to find and eliminate hidden fees. This does not compare favorably to our list of best credit card processors.
Paysafe Review Summary
Our Final Thoughts and Opinions
Paysafe rates as a fairly standard credit card processing provider according to our rating criteria. Paysafe Group itself is more of a parent corporation managed by equity firms than an actual payment processor, so the quality of its products and services will vary according to the policies of its subsidiary branches across the globe. In general, the various Paysafe sub-brands have established their own industry reputations ranging from average to below-average. Clients are therefore more likely to have a better experience through a top-rated merchant account provider.
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