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.
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
| Criteria | Details |
|---|---|
| Founded | 1996, Isle of Man |
| Website URL | www.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.
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- 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
| Platform | Rating |
|---|---|
| TrustPilot | 4.1/5 |
| Google Reviews | 3.9/5 |
| Reviews.io | 4.0/5 |
| Average | 4.0/5 |
Alternatives to Paysafe
- PayPal – Offers a similar range of services but is generally more expensive.
- Stripe – Known for developer-friendly interfaces, although lacks a prepaid option.
- 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.
FAQ
Yes, Paysafe is regulated by the Financial Conduct Authority (FCA).
Paysafe offers a range of financial services that can streamline online payments for your business.
Fees vary depending on the service used. Currency conversion fees generally average around 2.75%.
Yes, Paysafe has a robust fraud protection system in place.
Yes, Paysafe supports over 100 different currencies.
No, Paysafe’s customer service is not available 24/7, but they do offer extended hours of support.
Paysafe employs SSL encryption and has a dedicated fraud team to ensure the security of transactions.
Yes, Paysafe offers a variety of plans and pricing models to accommodate businesses of all sizes.
Yes, Paysafe provides various integration options for popular e-commerce platforms like Shopify and Magento.
Yes, Paysafe has a mobile application that allows you to manage transactions on the go.
Yes, you can withdraw funds from your Paysafe account to a connected bank account.
Transaction limits vary based on your account type and usage history.
Most transactions are processed instantly, although bank transfers may take longer.
Yes, Paysafe has options for setting up recurring payments.
Yes, Paysafe is compliant with GDPR and other data protection regulations.
No, there are generally no fees for receiving money into your Paysafe account, although other fees may apply for certain transactions.
Yes, Paysafe supports transactions in over 100 different currencies.
Paysafe has a procedure for handling chargebacks, and fees may apply.
Yes, Paysafe offers some customisation options for its payment gateway.
No, Paysafe does not provide an invoicing service, but you can integrate it with third-party invoicing software.