Mangopay is a specialised, white-label payment solution tailored for marketplaces, crowdfunding platforms, and fintech startups. This article serves as a comprehensive guide detailing the services, pricing, comparisons and reviews of Mangopay, to help you decide if it’s the right solution for your business.
Headline numbers
- Over €10 billion processed since inception
- Supports 25 currencies
- Operates in 31 European countries
- More than 2,500 platforms integrated
- 150+ team members across Europe
Key information
| Information | Details |
|---|---|
| Founded | 2013, Luxembourg |
| Website URL | www.mangopay.com |
| Phone number | +44 20 3481 1720 |
| FSCS protected | No |
| FCA regulated | Yes |
Pros and cons of Mangopay
Pros
- Supports a wide range of payment methods
- Highly customisable and scalable
- Strong focus on compliance and security
- Multi-currency support
- Tailored for marketplace business models
Cons
- Not FSCS protected
- Complex pricing structure
- Requires technical know-how for integration
- Limited customer support availability
- Additional fees for extra services
Mangopay products and services
Escrow payments
Mangopay’s escrow payment service is a versatile tool designed to foster trust between buyers and sellers. When a transaction is initiated, funds from the buyer are securely held in a dedicated third-party account until all conditions of the transaction are fulfilled. This ensures both parties are protected, reducing the risks of fraud and chargebacks.
Featured pro tools
Used by over 1,200 platforms across Europe, the service boasts an impressive 99% user satisfaction rate.
Costs and fees
Mangopay charges a fee of €0.50 per successful escrow transaction. Depending on the volume of transactions, custom pricing plans can be discussed.
Direct debit
The direct debit service enables businesses to set up recurring payments, ideal for subscription-based models or invoice settlements. Mangopay takes care of all the compliance issues and automates the direct debit process, reducing administrative workload.
Currently utilised by over 500 businesses, it has a successful transaction rate of 97%.
Costs and fees
A fee of €0.30 is charged per transaction, with discounts available for higher volumes.
E-wallets
Mangopay’s e-wallet service is akin to a digital bank account for each user. These e-wallets can store value, receive payments, and execute transactions. The e-wallets are segregated, allowing for easy management of funds and detailed financial reporting.
Currently, there are over 2 million active wallets managed through the Mangopay system.
Costs and fees
Setting up an e-wallet is free. However, Mangopay charges a fee of €0.20 per deposit or withdrawal from the wallet.
KYC/AML Compliance
One of the standout features is its built-in Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. This is crucial for businesses that require stringent compliance measures. Mangopay automates the process, making it seamless and hassle-free.
With a 99.9% compliance rate, Mangopay’s KYC/AML service is among the best in the industry.
Costs and fees
Pricing starts at €1 per compliance check, but volume discounts are available.
Mangopay reviews
| Source | Rating |
|---|---|
| TrustPilot | 4.2/5 |
| Google Reviews | 4.0/5 |
| Reviews.io | 3.9/5 |
| Average | 4.03/5 |
Alternatives to Mangopay
Additional considerations
Choosing a payment solution like Mangopay should not be taken lightly, and there are several additional factors you should consider:
Technical expertise
While Mangopay is a powerful tool, its integration into your platform is not a one-click affair. The API documentation is extensive, but businesses without a technical team may find the process daunting. The time for integration could range from a few weeks to a few months, depending on the complexity of your existing systems.
Business model alignment
Mangopay is ideally suited for marketplace, crowdfunding, and fintech business models. If your business doesn’t fall into these categories, you might find some features redundant or, worse, lacking the functionalities you require. Therefore, a detailed evaluation against your specific business needs is imperative.
Hidden costs
While Mangopay’s pricing seems straightforward, additional services and features could incur extra costs. These may include fees for currency conversion, international payments, and premium customer support.
Regulatory considerations
Being FCA regulated provides a level of trust and compliance, but keep in mind that the service is not FSCS protected. You will have to weigh the risk factors and decide if this aligns with your risk management strategy.
Customer support
Mangopay does offer customer support, but it isn’t 24/7. If your business operates across different time zones, this could be a concern. Moreover, the support channels are primarily geared towards addressing technical issues rather than providing general customer service.
By carefully considering these aspects, along with Mangopay’s product offerings and reviews, you will be better positioned to decide if Mangopay is the right fit for your business.
Mangopay company history
Founded in 2013 in Luxembourg, Mangopay has focused on providing specialised payment solutions for online marketplaces and crowdfunding platforms. They have grown considerably, securing their position in the fintech sector across Europe.
FAQ
No, Mangopay is not FSCS protected.
Yes, Mangopay is regulated by the Financial Conduct Authority (FCA).
Mangopay supports over 25 currencies.
Yes, Mangopay is scalable and suitable for small to large businesses.
Mangopay places a strong emphasis on security and compliance, including KYC and AML checks.
Yes, Mangopay does offer volume-based discounts.
Yes, integrating Mangopay into your platform will require some technical know-how.
Yes, but the availability is limited.
No, there are no setup fees for most of Mangopay’s services.
Typically, Mangopay can process payments instantly or within a few hours.
Currently, Mangopay operates in 31 European countries.
Mangopay is tailored for marketplaces, crowdfunding platforms, and fintech startups.
Transaction fees vary depending on the service and volume.
Yes, Mangopay is optimised for mobile use.
Yes, Mangopay offers a comprehensive API for integration.
Mangopay is generally considered reliable, with a high rate of uptime.
KYC checks are conducted online and are generally processed within 48 hours.
Yes, Mangopay allows for customisation of the payment flow.
Yes, Mangopay supports multi-currency transactions.
Mangopay differentiates itself through its focus on marketplaces, and its customisability and scalability.