Paysafe Overview

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A Rapidly Growing Payment Processor

Also known as “Paysafe Group,” Paysafe (paysafe.com) 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 two 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.

Paysafe Headquarters and Ownership

Paysafe is a registered ISO/MSP of Merrick Bank, South Jordan, Utah, and is headquartered at 41 Victoria St, Douglas, Isle of Man IM1 2LH. Joel Leonoff is the president and CEO of Paysafe.

Paysafe Review Table of Contents

  • Costs & Contract: Paysafe offers variable pricing terms among its many products and services.
  • Complaints & Service: Paysafe has received more than 100 public complaints.
  • BBB Rating: Paysafe’s California location currently has an “A+” rating with the Better Business Bureau and has received eight complaints in the last three years.
  • Sales & Marketing: Paysafe maintains different sales practices at each of its subsidiary organizations.
  • Rates & Fees: How Merchants Got The Best Rates With Paysafe

Paysafe Statement Analyzer

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Products & Services Offered

Types of Businesses Served

  • Retail
  • Mobile
  • E-commerce
  • Online gaming
  • Travel
  • Property management

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Paysafe Rates, Fees, and Costs

Key Points

Swiped Rate 1.00% - 4.99%
Keyed-In Rate 1.00% - 4.99%
Early Termination Fee $495+
Monthly Minimum Fee $14.99
Equipment Lease Terms 48-month (locked)

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. One Paysafe merchant agreement from 2016 (available below) 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.

Industry-Standard Pricing

Paysafe does not list any specific pricing or contract terms on its website, but most evidence suggests that Paysafe merchants will pay standard merchant account prices. At this time, there is no reason to believe that the company’s pricing will undercut the cheapest merchant accounts in the industry. Merchants are advised to work with sales representatives they trust and to read all relevant documentation. See the Paysafe Merchant Agreement.

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Response from Paysafe

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Paysafe Complaints & Customer Reviews

Key Points

Total Online Complaints 100+
Live Customer Support Yes
Most Common Complaint Paysafecard Issues

Moderate Complaint Total

Paysafe Group itself has received fewer than 10 public complaints, 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.

Paysafecard Complaints

The overwhelming majority of Paysafe complaints are related to the company’s consumer-oriented Paysafecard product. Paysafecard is an online platform for making prepaid e-commerce purchases, and it is commonly used by consumers in high-risk sectors such as online gaming, online gambling, and the adult industry. Paysafecard complaints generally describe account termination, invasive demands for personal information, and poor customer support from Paysafe following violations of the company’s terms of use. While these complaints indicate inadequate complaint resolution efforts by Paysafe, they are unlikely to impact merchants.

Paysafe Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against Paysafe. 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 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 offer their 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.

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Response from Paysafe

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Paysafe BBB Rating Summary

Key Points - BBB

Product & Service Complaints 4
Billing & Collection Complaints 2
Advertising & Sales Complaints 1
Guarantee & Warranty Complaints 0
Delivery Complaints 1

Formerly Meritus Payment Solutions

The Better Business Bureau’s profile for Paysafe is simply the retitled BBB page for Meritus Payment Solutions. 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

The BBB currently assigns Paysafe an “A+” rating and BBB accreditation. The company has received eight complaints in the past three years, with four related to products or services, two related to billing and collection, one related to advertising or sales, and another related to delivery. None of the complaints were successfully resolved, but all of them received an answer from Paysafe.

What Merchants Say

Paysafe has also received two informal negative reviews to its BBB profile. The most recent review describes failure to open an account:

Not only did Paysafe fail to complete my application, 15 days after I dropped them they charged me for services never rendered. The process of getting a “Boss” to sign off on a bank charges has now taken days and still no refund. A British based company that does not render service as promised.

Merchants who have had similar experiences may benefit from understanding reasons why their application was denied.

An “A” Rating Overall

We do not see enough evidence to adjust the BBB’s rating at this time, but merchants should be aware that there are reasons to be skeptical of the BBB’s review process.

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Response from Paysafe

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Truth In Marketing & Advertising

Key Points

Employs Independent Resellers Yes
Advertises Deceptive Rates No
Discloses All Important Terms No

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 Paysafe sales complaints from merchants. The available complaints cite misleading rate quotes, undisclosed cancellation fees, and promised savings that did not materialize. Paysafe’s recent 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.

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Response from Paysafe

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Paysafe Marketing Example

Paysafe Logo

Our Opinion of Paysafe

An Average Option for Most Merchants

Paysafe rates as a fairly standard merchant services 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. Merchants are therefore more likely to have a better experience through a top-rated merchant account provider.

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Thank you for reading my review. I hope that it has helped you with your research.

My Qualifications

I'm a former credit card processing sales director who left the industry to start my own a small business. From the time that I starting working in the merchant services industry to when I left to write about it, I've been on the pulse of payments for nearly 15 years. It didn't seem fair to keep this insider knowledge to myself, so decided to build this website to help you research which providers to use and how to save money on rates and fees. I've reviewed hundreds of companies, read thousands of user reviews, and learned the pricing tricks of every provider. If you have questions about credit card processing, you can find the answers here. Simply scroll to the top of the page to find the search bar. You can also message me if you need any guidance.

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11 Reviews Leave Your Review for Paysafe Below

  1. Titan says:

    Rotten customer service. They’re a credit card processing company alright, and that’s about all they seem capable of doing.
    Whenever we have a chargeback, we are presented with roughly 2 to three entire business days to respond, and for them to address our response before we are out of time and have to eat the fraudulent chargeback. They have no care for us as customers and will happily let anyone place a chargeback without giving us suitable time to respond with the information of the sale.

    Their phone customer service is terrible as well. We recently got a new machine as our old one was printing poorly. When asking for the new machine, the woman on the phone asked me the time we want our batch closed. I told her, but when the machine arrived, it was set to a totally different time, not even close to what I told her.

    As we are unable to change the batch closeout time on the machine itself, we need to call their customer service number to get someone to do it for us. So far, I have had to call and wait on hold twice today, as the first time I was asked for our merchant ID (which I had) and Tax ID (which I did not have and needed to get from the business owner) – I was NOT asked for further information.

    The second time, I was asked for Merchant ID, Tax ID, and the last four of our bank account (which is a piece of information they have never asked for and which I did not have, and had to again ask the owner for). So, now I get to wait in line again to see if they decide to add any NEW stipulations on what information is needed. All to change the batch time which they set improperly in the first place.

    I just want the darn machine working properly, there’s no good reason for this to be such a hassle and it’s cut into my morning work. It’s a shame every card processing company is awful, it’s not like we have other good choices. What a shame. Terrible customer service every time we contact them throughout the years, they are just consistently unhelpful.


    This post will help: Best Payment Processors for Great Customer Service

    -Phillip

  2. MONICA CASANA says:

    The are the worst!. Have been trying to resolve Merchant Account and scanner never working for over a month now.
    Quick to withdraw their fees from your bank account regardless that your merchant account never worked. A plethora of Ticket #’s and false promises that you will be contacted or refunded. Wait time is 1½ hr with no resolution. STAY CLEAR OF THIS COMPANY!


    This post will help: Best Merchant Accounts for Great Customer Service

    -Phillip

  3. Bethina Redd says:

    I just found out that my account was over drown and with out me knowing. I called them and I was on hold for along time after talking to a sails rep she switch me to the people that suppose to stop the account, but know one answer the phone.


    This post will help: Best Merchant Accounts for Great Customer Service

    -Phillip

  4. Linda Kajma says:

    We went to this credit card processing company based on what we thought was a cutting edge company with a staff to support it. I have never in my life dealt with such incompetent people. The contact number on the invoice just keeps ringing, so we tried another number from their website and found out we were talking to someone in the Carbbean! They could not find our account. Really? They found it to keep taking funds out. Something needs to be done to stop them. Any ideas?


    This post will help: Best Merchant Accounts for Great Customer Service

    -Phillip

  5. Lawrence A traw says:

    This company is a total rip off a scam. I never used them to process any payment and they charged a bunch of fees that I was not aware of. After we finally found out who was debiting my account, I ask the service rep about these fees and I wanted my money back. He told me that i signed a contract which I do not remember and basically told me tuff luck. The total fees for not using this service were $3200, automatically deducted from my checking account over the past year. Hidden in my transactions. I am a very small business and this kind of fraud is very devastating to my bottom line. These guys are a bunch of crooks. Be very aware.


    This post will help: Cancelling a Merchant Account Without Paying a Fee

    -Phillip

  6. wayne says:

    Skrill moneybookers is owned by paysafe , I deposited funds last year November 2018 into my skrill account 9 days later the funds had not reflected so I contacted skrill ([email protected]) I received a case number and the soon thereafter the funds reflected. In March 2019 I made another deposit this time the amount was much more than the previous 16 days later no funds reflected I once again contacted skrill and explained I followed exact same procedure as last time and no funds reflect, I received an inquiry number and then nothing after that. No funds have reflected and zero communication from them. I have even provided them with the Bank transaction statement.


    This post will help: How to Make Your Payment Processor Release Your Money

    -Phillip

  7. Alfred Natrasevschi Robocut Inc. says:

    Company has been holding all processed credits and refunds. This has been ongoing from November 2018 to February 2019. Then they closed our account. November 26, 2018 through February 4 2019 Pay save has not deposited credits or refunds for our credit cards charged. They have closed our account and our holding our funds. I have been trying since February to get the funds released. I have talked to Mohammed 800-549-4631, Patrice Stampp 800-327-0093 and Brenda 800-549-4631. Patrice gave me a reference number 42178586. Mohammed said funds would be deposited almost a month ago. Brenda said today she is waiting for Gina from collections to release our money. I have asked many times for a manager to call us or to speak to a manager. They will not let me talk to a manager. A manager has never called. I believe this credit card processing company business practices are illegal. Do not use them.


    This post will help: How to Make Your Payment Processor Release Your Money

    -Phillip

  8. Johnson Johnson says:

    Paysafe staff is stupid, and the service is the worst. Their message recording system is cheating. There is an early termination fee for 500 bucks. Don’t use paysafe!

    This post will help: Cancelling a Merchant Account Without Paying a Fee

    -Phillip

  9. rick says:

    they keep taking money out even though im not using their service,i put a stop on them and they changed their name twice and put it througjh,i finally had to close my account and open under new number.called paysafe after 25 minutes i hung up

    This post will help: Cancelling a Merchant Account Without Paying a Fee

    -Phillip

  10. GENE says:

    Hi there

    I would like to make a formal complain about this agent named: ALEXANDER SERFES who actually signed me up for the contract with PAYSAFE.

    We had all the conversation and discussion before I signed up for the contract, he sent me an online form and told me everything was as per what we discussed and there was a time limit for the online contract and so I have to sign it quick. I trusted him and signed it and I was supposed to get the device FREE with ONE YEAR ADDENDUM.

    However, I was charged USD180.26 since NOVEMBER 2018. I called the customer service and they informed me that I must speak to the agent. So, I called Alexander multiple times, and he assured me that all paper work was submitted for the refund, and I should be receiving them soon. However, it didn’t happen. I called him many times, I hardly could reach him and he hardly return calls or answering my emails. And by early JANUARY, he told me I would receive the refund before 15th of January after his confirmation with the manager, and again, this never happened.

    And on Jan 24, he sent me a document for me to sign, I was kind of shock as he mentioned all paper work for the refund was submitted before, however, i signed and hoping I will get the refund soon.

    And again, numerous calls were made to Alex, no answer at all. I sent emails to him as well, and again, no reply.

    Today, I spoke to the Customer service, and Nicoleen mentioned to me that there wasn’t any request submitted for the refund.

    I am not sure if there was a misunderstanding, but however, I am truly disappointed of the service from ALEXANDER SERFES which was so irresponsible as in not returning calls, giving empty promises, ignoring emails.

    I hope someone will answer to this issue. I actually read all the good reviews about PAYSAFE before, and decided to go with PAYSAFE instead of other MERCHANT services, but I am so disappointed because of this agent. It is such a small issue at first, but it took 5 MONTHS, and yet I am not receiving any update or answer.

    I hope someone will answer to this.

    Regards
    Gene Phillips


    This post will help: Best Payment Processors for Great Customer Service

    -Phillip

  11. Carlos Garza says:

    PAYSAFE? More like waste your time on hold for more than 30 min. at a time. Beware local rep released all my bank information without my authorization and I am having hell trying to get a refund for which I did NOT give my consent I am writing this review and have been on hold for the last 48 min…What A JOKE!!!!!


    This post will help: Best Payment Processors for Great Customer Service

    – Phillip

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