Paysafe Review

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 the few pieces of evidence we have suggest 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.

Moderate Complaint Total

The parent organization of Paysafe Group has received almost no 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 does not impose 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 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.

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.

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.

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 not found many 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.