Paysafe Review – Everything You Should Know

Founded in 2000, Paysafe is a top merchant account service provider. It is an iPAYMENT/PAYSAFE Group subsidiary that caters to all types of businesses. The company is based in California and serves over 100,000 companies across 50 states. Its parent company has extensive experience in the payment processing industry. Apart from providing credit card processing services at competitive rates, Paysafe also offers other products and services including POS systems, cash advances, online ordering software among others.

Product and Services

Paysafe provides companies with merchant account services. Most of these are ISO from reputable First Data, but the company offers accounts from different back-end processors as well.

Credit processing services

Paysafe accepts a wide arrange of transactions. Clients can swipe most credit and debit cards. It also supports mobile app payments such as AndroidPay, SamsungPay, and ApplePay. The best part is that they also accept some high-risk merchants. The application process for their services takes place online. Paysafe does not charge a start-up fee. Their approval record is quite impressive with a 98% acceptance rate. The company has a $500 assurance program. If you don’t save money while transacting through them, the company writes you a $500 check.

Although they accept some merchants in the high-risk industry, they don’t take up businesses in the travel, adult entertainment, non-retail gun sales, and marijuana industries.

Clover POS system

When it comes to POS systems, Paysafe offers their merchants POS equipment and other paraphernalia from Clover. In the POS gadgetry industry, Clover stands out as one of the leading companies. They provide a wide range of high-quality products that include Bluetooth enable mobile swipe systems, mobile app pay readers, and EMV chips.

Clovers advanced gadgetry allows you to customize your options as you please. For instance, you can choose to receive business reports in regards to your customer transactions and manage inventory. A combination of Paysafe and Clovers products helps your company to receive payments without any qualms.

First Data, Pax, Verifone Terminals, and Pad pins

Paysafe ensures that their customers are well taken care of by providing payment terminals from industry leaders. These companies include Verifone, Pax, and First Dat. The terminals are paramount because your customers cannot pay without them.

What’s more, is that all terminals that Paysafe provide are PCI compliant. In regards to date, you and your customers are guaranteed maximum protection. Merchants may opt to either buy or lease this terminal. However, Paysafe provides the necessary pieces of equipment at no cost, when you are starting.

A comprehensive summary of what Paysafe offers

Merchant account services
POS systems, Pin Debit, and Credit Card Terminals including First Dat, Verifone, Clovers POS, and others
Cash advances and business loans
Loyalty card applications
Website and logo design
Mobile/NFC wallet payments
EMV card readers and processing including Google pay, Samsung Pay, and Apple pay.

Capital loans

Leaders Funding is a lending department under Paysafe. It provides capital loans to merchants who have run their companies for over 6 months. For merchants to qualify for these loans, they should have earned a minimum of $10,000 per month in sales. If you are looking for a partner who can help you grow your business, then Paysafe could be an ideal option. Additionally, Leaders Fund provides borrowers with a flexible payment structure. For these loans, Paysafe work in conjunction with Wells Fargo. The approval process for the loans is 48 hours. After approval, you can expect the funds within 4 days.

Paysafe does not demand a particular minimum credit score to lend merchants money. Their loan terms are friendly their rates are affordable.

Instant accept

If you like to work with software that can easily fuse with Quickbooks, you’ll be happy to know the Paysafe provides Instant Accept. It is a Quickbook compatible software that offers a lot of good options. You can use it to send invoices to your customers and receive money from electronic payments and a wide array of cards. It also grants merchants access to their customers’ accounts. Furthermore, you can use the software to create customer accounts and generate invoices and reports with the utmost ease.

The compatibility of Instant Accept with Quickbooks helps merchants to minimize accounting errors. This software comes with SSL encryption which protects your data. As such, fraudsters and hackers cannot interfere with your customers’ information. Paysafe does not display the pricing details of this software on their website. However, you can always call them to find out.

SimplyPaid

If you are a merchant that prefers a paperless payroll, you will be glad to know that Paysafe offers SimplyPaid. You can use it to pay out to Paypal, ACH payment, banks account, ApplePay, virtual debit cards, and even checks. SimplyPay services are profoundly safe. To find out about their pricing, you can contact Paysafe.

Pricing

The pricing of Paysafe varies. It depends on the type of business you run and the revenue you generate in a month. On their website, you will not find any information on pricing structures. However, you can engage the company representatives to send you a quotation.

Negotiable Pricing

Paysafe works with independent sales agents. Depending on the agent handling an account, there is always room for pricing negotiations. According to customer comments, Paysafe pricing seems to fall within the industry average.

Virtual Terminal and Payment Gateway Pricing

On its website, Paysafe advertises payment gateway and virtual terminal solutions. Authorize.Net is the company that provides these services. Paysafe charges a separate transaction rate as well as a monthly fee for the gateway.

Three-year contract

When you approach Paysafe, they will offer you a 3-year contract. It is the standard practice across the merchant account industry. The agreement also comes with a PCI compliance fee and a monthly fee. According to most of the complaints, Paysafe monthly charges fall anywhere between $20-$25. Early cancelation of this contract attracts an early termination fee. The subsequent fee ranges from $250- $350.

When to use Paysafe Services

While Paysafe services may not suit all businesses, it is ideal in some enterprises. These include;

Merchants want to diversify their payment options to meet their customer’s needs
The small businesses that prefer to tap card payments
Online businesses looking for a way to accept eCommerce payments

Company Reputation

Whenever you set out looking for a merchant account service provider, reputation is of the essence. A company with an impeccable reputation and excellent customer service can help you grow your business. Paysafe ticks many boxes when it comes to reliable customer service, reasonable and competitive pricing, tailored business solutions, and so on.

Customer service

Paysafe is serious about its customer care. The company’s management allocates a customer service representative to each merchant they serve. These representatives are dedicated to answering any questions that merchants may raise. In case you cannot reach your rep, Paysafe has a reliable 24/7 customer service line.

The company grooms its customer representatives well enough to not only handle general problems but also technical issues. Technology is not every merchant’s forte, and without assistance, you can lose significantly in sales.

The company’s able customer service is coupled with a reliable FAQ section that merchants can use to troubleshoot common problems. Additionally, merchants can use its resourceful PDFs to resolve a host of issues if the need arises.

Data Security

Data security is a sensitive issue surrounding payment processing. It is a massive concern that merchants have, not only for themselves but also for their customers. Paysafe takes all the measures necessary to ensure that their clients’ data is well protected. As such the company is PCI certified. On top of that, they have invested heavily in encryption technology. Paysafe also partners with companies that take security seriously. Authorize.Net and Clover are good examples.

Pros

Few industry restrictions: Most companies in the merchant’s accounts industry have restrictions on some types of business. As a result of this, they lock out a lot of hardworking merchants. Fortunately, Paysafe does not mind partnering with high-risk businesses.

Cons

Limited transparency: Paysafe does not display its pricing structure on its website. However, you can always contact them for a quotation.
Early contract termination fee: Paysafe charges a fee for early contract termination. It is a practice that most businesses in this niche adopt.

Bottom Line

In regards to other players in the merchant account service industry, Paysafe has a commendable rating. One of the reasons is because they extensive services and extend the necessary customer support to merchants. If you add the web and logo design, loans and cash advances, payment gateways, you can rest assured that Paysafe leads from the forefront in its industry.

Apart from that, Paysafe has a generous sign-up bonus. After all considerations, this company is ideal for all merchants. However, the ultimate decision on whether they are good for your business model lies with you.

Frequently Asked Questions

I currently process credit cards with another company. Can Leaders offer better rates?

We’ll meet or beat your current pricing. If we can’t, we’ll give you a $200 Gift Card for letting us review your current pricing.* Just provide us with a copy of your two most current processing statements and we will prepare an analysis complete with LEADERS’ new rates and your estimated savings. *Our “meet or beat” offer will be based on an analysis of your two most recent monthly processing statements. Whether we can “meet or beat” your current pricing will be based on a comparison of your current overall monthly costs (a combination of rates, fees, and monthly charges) with LEADERS’ proposed rates, fees, and monthly charges. Each of the merchant’s two most recent processing statements must show a minimum monthly processing volume of $2,000 in Visa, MasterCard and Discover credit card transactions (excluding PIN Debit). Our $200 Assurance is payable only if LEADERS’ analysis shows that we cannot at least match your current rate structure and processing profile. Actual costs for months in which the merchant processes with LEADERS’ may vary from month to month depending on processing volume and profile. Savings from your current rates are not guaranteed. This offer does not apply to high risk merchant types or merchants with poor credit.

I have two businesses that need to accept credit and debit cards. What do I need to do?

PCI requires that only one business can utilize each merchant account. A new merchant account must be opened for each of individual business but you can utilize a multi merchant terminal to minimize the hardware requirements if they share the same location. Please visit our equipment page to view your options.

How can I access free equipment?

Merchants who are looking for free equipment are eligible with a contract commitment to Leaders Merchant Services. For more information on the length of the commitment please contact a sales representative who can provide full information on the equipment you are interested in.

I already purchased my own credit card terminal. Can I use it with a Leaders Merchant Account?

Most likely the answer is yes. Our technical and installation department will need the specific details of your terminal (make and model). As long as it is PCI compliant and not locked by the previous processor, then more than likely we can reprogram it with your new Leaders Merchant Services account.

Does Leaders Merchant Services offer a Point-of-Sale system (POS)?

Yes, Leaders Merchant Services offers the Clover Point-of-Sale System. We have an entire page dedicated to this great product or you can call one of our account specialists to learn more now!

Can I export my payment processing data to my accounting software?

Leaders Merchant Services does offer gateways that will integrate with several popular accounting programs, including most versions of QuickBooks. We have a great solution for QuickBooks POS, which we know can be hard to find. Please give us a call today to learn more!

Does Leaders Merchant Services offer Electronic Benefits Transfer (EBT)?

Yes. This needs to be notated up front on the application and certain information will need to be submitted. EBT processing is completed like PIN-based debit card transactions and the proper equipment needs to be present for the transaction.

What are Leaders Merchant Services’ hours of operation?

Leaders Merchant Services offers a 24 hour, 7 days a week Technical Support Hotline.

Do I have to contact American Express directly in order to be able to accept Amex cards?

No. Leaders Merchant Service can do that for you, quickly and easily, during the Merchant Account Application process. We include the ability to accept all of the major cards types with your new account! All your Amex activity will appear on our simple and easy to read monthly statement which can be pulled up and reviewed on line 24 hours a day, 7 days a week!