Paysafe – Services, pricing, comparisons and reviews

Last updated on 29 September 2023

Paysafe is a payment systems company that aims to streamline online transactions for businesses. Originating from the digital wallet landscape, the company has evolved to offer a suite of financial services. This article serves as a comprehensive guide to inform UK business audiences about Paysafe’s offerings, costs, market standing, and alternatives.

Compare options for taking card payments
Video: Card readers and payment machines explained

Headline numbers

  • Over 3.8 million active users globally
  • Operates in more than 40 countries
  • 2021 revenue of approximately $1.4 billion
  • Processes over 12 billion transactions per year

Key information

CriteriaDetails
Founded1996, Isle of Man
Website URLwww.paysafe.com
Phone number+44 800 294 1404
FSCS protected?No
FCA regulated?Yes

Pros and cons of Paysafe

Pros

  • Broad range of financial services and products.
  • High level of security features, including fraud protection.
  • User-friendly interface with mobile compatibility.
  • Competitive pricing models.

Cons

  • Not covered by the Financial Services Compensation Scheme (FSCS).
  • Customer service responsiveness can vary.
  • Exchange rates and fees can be less favourable compared to high-street banks.

Paysafe products and services

Digital wallets (Skrill, Neteller)

Digital wallets by Paysafe, offered under the brand names Skrill and Neteller, are designed to simplify online transactions. These wallets support a plethora of uses such as online shopping, investment in forex markets, and participation in online gaming.

  • Skrill and Neteller together serve over 2 million active users
  • Over 100 supported currencies
  • Integration possible with 120+ online banks

Costs and fees

  • Free to open an account
  • Sending money to another Skrill or Neteller account incurs a 1.45% fee
  • Currency conversion fees average at 2.75%

Features

  • Instant money transfers to many countries
  • Ability to hold multiple currencies in one account
  • Prepaid cards available for easier offline transactions

eCash solutions (Paysafecard)

Paysafecard is an eCash solution, essentially a prepaid card that allows users to pay online without needing to enter personal bank details. It’s a convenient option for people who prefer to pay in cash while still taking advantage of online offers.

  • Used by over 1 million people for primarily small-value transactions
  • Available in denominations ranging from £10 to £100
  • Can be used at thousands of online shops

Costs and fees

  • No fees for using the service within the first 12 months
  • A monthly service charge of £3 is deducted from the remaining balance from the 13th month onwards
  • Currency conversion fees can be up to 2.5%

Features

  • Suitable for making small, fast, and anonymous online purchases
  • Mobile app to manage your Paysafecard and check balance
  • Availability in physical stores for purchase

Payment processing (Payolution, Income Access)

Paysafe offers an extensive set of merchant services designed for ecommerce, under the brand names Payolution and Income Access. These include but are not limited to card processing, direct debit, and even solutions tailored for specific industries like iGaming.

  • Integration possible with over 200 alternative payment methods
  • PCI compliant and uses SSL encryption for enhanced security

Costs and fees

  • Costs are customised based on the business needs and transaction volume
  • Additional fees may apply for chargebacks and international transactions

Features

  • Real-time analytics dashboard for tracking transactions
  • Support for multi-currency transactions
  • Plug-and-play integrations for eCommerce platforms

Paysafe reviews

PlatformRating
TrustPilot4.1/5
Google Reviews3.9/5
Reviews.io4.0/5
Average4.0/5

Alternatives to Paysafe

  1. PayPal – Offers a similar range of services but is generally more expensive.
  2. Stripe – Known for developer-friendly interfaces, although lacks a prepaid option.
  3. Square – Ideal for small businesses but limited in international capabilities.

Additional considerations

  • Paysafe is not FSCS protected, which means customer deposits are not safeguarded by the UK government.
  • Paysafe operates under various brand names, including Skrill and Neteller, each offering slightly different services.

Paysafe company history

Founded in 1996, Paysafe has evolved from a humble digital wallet service to a comprehensive financial services provider. Over the years, it has acquired numerous businesses like Skrill and Neteller, expanding its global footprint and range of services.

Explore business banking

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up to 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply in 10 minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

Co-Op Business Banking
✓ Business Current Account
✓ Online, App & High Street Banking
✓ Quick & Easy Application Process
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

FAQ

Is Paysafe FCA regulated?

Yes, Paysafe is regulated by the Financial Conduct Authority (FCA).

How can Paysafe benefit my business?

Paysafe offers a range of financial services that can streamline online payments for your business.

What fees can I expect with Paysafe?

Fees vary depending on the service used. Currency conversion fees generally average around 2.75%.

Does Paysafe offer fraud protection?

Yes, Paysafe has a robust fraud protection system in place.

Can Paysafe handle multiple currencies?

Yes, Paysafe supports over 100 different currencies.

Is customer support for Paysafe available 24/7?

No, Paysafe’s customer service is not available 24/7, but they do offer extended hours of support.

How secure are transactions made through Paysafe?

Paysafe employs SSL encryption and has a dedicated fraud team to ensure the security of transactions.

Is Paysafe suitable for small businesses?

Yes, Paysafe offers a variety of plans and pricing models to accommodate businesses of all sizes.

Can Paysafe integrate with my existing e-commerce platform?

Yes, Paysafe provides various integration options for popular e-commerce platforms like Shopify and Magento.

Does Paysafe have a mobile app for managing transactions?

Yes, Paysafe has a mobile application that allows you to manage transactions on the go.

Can I withdraw money from my Paysafe account to a bank account?

Yes, you can withdraw funds from your Paysafe account to a connected bank account.

What is the transaction limit with Paysafe?

Transaction limits vary based on your account type and usage history.

How quickly are Paysafe transactions processed?

Most transactions are processed instantly, although bank transfers may take longer.

Does Paysafe support recurring payments?

Yes, Paysafe has options for setting up recurring payments.

Is Paysafe compliant with data protection regulations?

Yes, Paysafe is compliant with GDPR and other data protection regulations.

Does Paysafe charge for receiving money?

No, there are generally no fees for receiving money into your Paysafe account, although other fees may apply for certain transactions.

Can I use Paysafe for international transactions?

Yes, Paysafe supports transactions in over 100 different currencies.

How does Paysafe handle chargebacks?

Paysafe has a procedure for handling chargebacks, and fees may apply.

Is it possible to customise the user interface of Paysafe’s services?

Yes, Paysafe offers some customisation options for its payment gateway.

Can Paysafe issue invoices for my business?

No, Paysafe does not provide an invoicing service, but you can integrate it with third-party invoicing software.

Compare ⓘ

Reviewed by , Managing Director

Important

Business Financed provides general information, but not financial advice. Always speak to a qualified expert to get personalised advice for your business.

Advertising disclosure

We may be paid a commission by our FCA-regulated partners when you click on the links in our articles. This does not affect our independent journalism.

Learn more

You can learn more about how this website operates by clicking here.