Paysafe review 2024: Cost, plans, features and more

Best for high-risk businesses

Paysafe

Blueprint Rating

Monthly fee

$7.95

Transaction fee

Interchange plus 0.50% plus $0.10

Free equipment

Yes

What you should know

Paysafe is a credit card processor offering a wide range of payment options, including online cash payments, direct debit and digital wallets. Its per-transaction fees are some of the lowest available. Paysafe merchants pay interchange plus 0.50% plus $0.10 per transaction for online and in-person credit card processing. For context, competitor processors offer between 2.3% and 2.9% plus $0.09 to $0.49 per online and in-person transaction.

However, many competitors process payments with only per-transaction fees. In contrast, Paysafe requires a $7.95 monthly fee, making it better for companies that manage consistent and larger transaction volumes per month to make the monthly fee worth the cost, given the lower per-transaction rates.

Notably, Paysafe offers credit card processing solutions for high-risk merchants. High-risk merchants are those that do not meet standard requirements for approval by credit card processors, such as those with high average order sales or chargeback volumes. Examples of typical high-risk merchants include those in the multi-level marketing, gambling and subscription industries. Paysafe charges a $200 monthly fee for high-risk merchants to cover costs associated with enhanced monitoring and due diligence.

Customer reviews indicate issues with inconsistent transaction processing — such as payments not coming through — hidden charges and unclear contracts. Notably, Paysafe is prompt in addressing customer complaints and resolving issues.

Most small businesses can likely find a better payment processor. However, Paysafe may be a good fit for high-risk businesses.

Pros

• Serves high-risk businesses.
• Accepts global payment methods.
• Low transaction fees.

Cons

• Low customer satisfaction.
• Sub-par customer service.
• Requires a monthly fee.

Featured credit card processing offers

Stax

Learn More

Via Stax’s website

Monthly fee

$99

Swiped transaction fee

7¢ to 10¢ + interchange rate

Merchant One

Learn More

Via Merchant One’s website

Monthly fee

$13.95

Swiped transaction fee

0.29% to 1.55% per transaction

Payment Depot

Learn More

Via Payment Depot’s webiste

Free Trial

No

Offers

$0 Setup & No Cancellation Fees

Pricing

Customized Interchange+ Pricing – Rates as low as 0.2% – 1.95%

Clover

Learn More

Via Clover’s website

Monthly fee

$14.95

Swiped transaction fee

2.6% + 10¢

Paysafe overview

With headquarters in London, Paysafe is a global credit card processing solution with 20 years of experience. Though its payment platform was only launched in 2018. In 2022, it earned over $130 billion in annualized transaction volumes. It operates in 120 global markets and offers 70 payment methods for localized payment processing solutions, including online, in-store, cross-border and mobile point-of-sale (POS) systems. 

Paysafe stands out among competitors as a credit card payment processor that accepts high-risk merchants. These merchants must pay $200 per month for Paysafe’s costs associated with the ongoing monitoring of high-risk merchants. Still, most competitors do not accept high-risk merchants at all. 

In addition, for mid-sized or large companies with high-volume monthly transactions, Paysafe’s low per-transaction rates of interchange plus 0.50% plus $0.10 per online and card-present transaction help to balance out its extra fees elsewhere, such as its high-risk merchant fee and its $7.95 monthly fee.

Paysafe has a 1.4-star out of five-star user rating on Trustpilot with over 500 user reviews and a 1.4-star average user review with the Better Business Bureau (BBB). However, Paysafe is prompt in replying to negative reviews (within two days). 

Most of Paysafe’s Trustpilot user complaints center around its paysafecard, a prepaid digital payment card, and consumers’ inability to withdraw money from it. Complaints surrounding its credit card processing solution focus on difficulties in canceling contracts with the company. Positive reviews cite great experiences with Paysafe’s customer service, user-friendly credit card processing and low transaction fees. 

How much does Paysafe cost?

PAYSAFE COST
Pricing structure	Interchange-plus
Monthly fee	$7.95
Online transaction fee	Interchange plus 0.50% plus $0.10
Swiped/keyed transaction fee	Interchange plus 0.50% plus $0.10
Keyed transaction fee	Interchange plus 0.50% plus $0.10
Chargeback fee	$25
Free equipment	Yes
High-risk merchant	Yes: $200 per month fee

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Paysafe credit card processing

Paysafe’s credit card processing supports all major types of payments including the most common credit cards and digital wallets. It also offers its own payment methods for digital cash and prepaid vouchers. In total, it supports over 70 payment methods across 120 global markets, making it a great fit for global brands. 

Paysafe’s credit card processing service supports the following credit and debit cards:

• Visa, Visa Debit, Visa Electron and Visa Prepaid.
• American Express.
• Mastercard, Mastercard Debit (Maestro) and Mastercard Prepaid.
• Discover.

Paysafe’s Payments API also accepts other payment methods, such as:

• Digital wallets: Customers can pay in-store via mobile digital wallets such as ApplePay, PayPal, Google Pay, Skrill, Neteller, Sightline and Venmo.
• Prepaid voucher: Consumers can upload cash onto Paysafe’s proprietary prepaid card, paysafecard, and anonymously purchase items or services online. 
• Digital cash: Paysafecash allows users to select Paysafecash as an online payment method. The system will generate a barcode, which they can scan at their nearest payment point to pay their online purchase. 
• Direct debit: Customers can pay via ACH, EFT, BACS, SEPA — forms of electronic payment, direct deposit and electronic fund transfers between banks in the United States and the United Kingdom. 
• Bank transfers: Paysafe’s bank transfer methods include Interac e-Transfer and Interac Online, VIP Preferred and Mazooma.

Pricing

Paysafe uses a flat monthly fee and discounted interchange-plus credit card processing model. Its online and in-person fee for credit card processing is interchange plus 0.50% plus $0.10. Paysafe’s transaction fees are significantly lower than most other credit card processors, which can range from 0.5% to 2.9% plus $0.25 to $0.49. 

Paysafe’s monthly fee of $7.95 is above the average of $7 for the companies with monthly fees that make our best credit card processing list. Several companies, including Square, Stripe and PayPal do not charge any monthly fee. However, their transaction rates are significantly higher, making them a better fit for companies with low transaction volumes; high-transaction volume companies needing low per-transaction fees should consider Paysafe to save more, even with Paysafe’s monthly fee.

Features

Unlike some competitors, Paysafe does not offer complimentary business management add-ons such as accounting, payroll processing, customer management or marketing tools. For these types of tools, consider Intuit Payments, which offers accounting and bookkeeping tools, or Square, which provides payroll, customer relationship management and marketing tools. 

Paysafe stands out for accepting high-risk merchants that other companies do not. And, while it charges $200 per month for “enhanced merchant monitoring and due diligence,” high-risk merchants can access many payment processing options competitors offer to low-risk merchants.

“The primary reason credit card processing companies assess a higher rate for high-risk businesses is because of the increased risk of chargebacks,” said John Pham, finance expert and founder of The Money Ninja. “There is a greater chance of these transactions being disputed due to fraud, so card processing companies charge more to offset this potential loss.”

Other companies Paysafe specializes in serving include those in the following industries: 

• Crypto. 
• Direct marketing. 
• Education. 
• Field services. 
• Government and utilities. 
• Healthcare and elderly care. 
• iGaming. 
• Membership and wellness. 
• Trial and continuity. 
• Petroleum. 
• Property management. 
• Restaurants. 
• Retail. 
• Sports camp registration.
• Subscription. 

Equipment

You can use a Clover point-of-sale (POS) system with Paysafe, and the company will provide POS consulting to determine if a different POS is a better fit. A POS device is provided free of charge, which gives Paysafe a leg up against competitors that require business owners to pay for this equipment. 

Who it’s best for

Based on its pricing and features, Paysafe would be affordable for small businesses with high transaction volumes seeking low transaction fees. Despite the high monthly fee for high-risk merchants, Paysafe may also be a good choice for businesses that are prohibited from selling their goods or services with other prominent credit card processors. 

Paysafe customer support and experience

Customers can contact Paysafe through its merchant support email or its technical support email. The company claims email responses will be received within 24 business hours. However, our testing and user reviews indicate that receiving an email response can take several days. Merchants can also call Paysafe from 9 a.m. to 6 p.m. ET. With no live chat option, this is the fastest way to speak to a Paysafe support representative.

User reviews indicate that Paysafe’s customer service can be unhelpful. However, the company appears committed to resolving user issues raised on Trustpilot and BBB. On BBB, representatives respond to each complaint, offering potential solutions after thoroughly investigating the customer issue. 

Paysafe also offers a comprehensive merchant support portal. It includes frequently-asked question-and-answer pages, getting-started guides and other resources to help merchants answer their questions.

Paysafe vs. PayPal

	MONTHLY FEES	ONLINE TRANSACTION FEES	IN-PERSON TRANSACTION FEE	FREE HARDWARE	HIGH-RISK MERCHANT
Paysafe	$7.95	Interchange plus 0.50% plus $0.10	Interchange plus 0.50% plus $0.10	Yes: Clover POS	Yes
Paypal	$0	2.59% plus $0.49	2.29% plus $0.09	No: Zettle POS, starting at $29	No

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When it comes to pricing, high transaction volume businesses would benefit from Paysafe’s lower transaction fees, which are interchange plus 0.50% plus $0.10 for both online and in-person card transactions (versus PayPal’s 2.29% plus $0.09 and 2.59% plus $0.49 for in-person and online transactions, respectively). Additionally, PayPal’s hardware starts at $29, while Paysafe offers a free point-of-sale device. However, unlike Paysafe, PayPal doesn’t charge a monthly fee.

Both providers accept credit card processing for all major credit cards and for digital wallet options, including for Google Pay and Apple Pay. However, in terms of digital wallets, PayPal offers the ability to pay via more providers, such as Samsung Pay. 

Paysafe caters to high-risk businesses, while Paypal requires approval to process payment for certain goods and services and prohibits others outright. However, high-risk merchants must pay a $200 monthly fee when using Paysafe for extra monitoring by Paysafe. 

Overall, PayPal is a good choice for small businesses looking for a straightforward payment solution with no monthly fee. It is also a great fit for merchants with target markets that often use digital wallets, such as consumers belonging to Gen Z, Gen X and Millennial age groups. Paysafe is better suited for high-risk businesses seeking low per-transaction fees.

Paysafe vs. Square

	MONTHLY FEES	ONLINE TRANSACTION FEES	IN-PERSON TRANSACTION FEE	FREE HARDWARE	HIGH-RISK MERCHANT
Paysafe	$12.95	Interchange plus 0.50% plus $0.10	Interchange plus 0.50% plus $0.10	Yes: Clover POS	Yes
Square	$0 to custom	2.9% plus $0.30	2.6% plus $0.10	Yes: Square card reader	No

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Paysafe’s pricing is straightforward, with a monthly fee, set transaction fee and free POS device. On the other hand, Square offers various free and paid plans with more features, such as payroll processing, employee benefits and marketing tools. Still, Paysafe’s transaction fees are lower than Square’s. For example, per online transaction fees are interchange plus 0.50% plus $0.10 with Paysafe and 2.9% plus $0.30 with Square.

Paysafe serves high-risk industries, such as online gaming, crypto and subscription services. While Square prohibits the sale of most high-risk goods and services. And, despite the fact that high-risk merchants must pay $200 a month for Paysafe, high-risk companies with high transaction volumes can offset those costs with Paysafe’s low per-transaction rates. 

Square is the best overall credit card processor for small brick-and-mortar businesses. It offers features to meet most small business needs (such as marketing and payroll features), no upfront costs and a free card reader. Paysafe, on the other hand, is a better fit for high-risk businesses that are not approved by Square or similar competitors.

Is Paysafe right for your business?

With a low transaction fee but a hefty monthly charge for enhanced merchant monitoring, Paysafe caters specifically to high-risk industries. Most credit card processing companies do not charge merchants $200 for services; however, high-risk merchants often cannot be approved by those providers, leaving them with few alternative options.

For low-risk companies, many credit card processing companies offer more features for running a business with less upfront costs. Square, for example, offers a free card reader, free plans and add-on features for running a business. 

Still, Square and similar competitors make up for their no-monthly fees with higher per-transaction rates. For this reason, Paysafe can help high-risk and other merchants offset monthly fees via its low per-transaction fees, especially large merchants with high monthly transaction volumes. 

Featured credit card processing offers

Stax

Learn More

Via Stax’s website

Monthly fee

$99

Swiped transaction fee

7¢ to 10¢ + interchange rate

Merchant One

Learn More

Via Merchant One’s website

Monthly fee

$13.95

Swiped transaction fee

0.29% to 1.55% per transaction

Payment Depot

Learn More

Via Payment Depot’s webiste

Free Trial

No

Offers

$0 Setup & No Cancellation Fees

Pricing

Customized Interchange+ Pricing – Rates as low as 0.2% – 1.95%

Clover

Learn More

Via Clover’s website

Monthly fee

$14.95

Swiped transaction fee

2.6% + 10¢

Frequently asked questions (FAQs)