Review of Paymerica / Paysafe Merchant Account Services CAREFUL

Be very very careful before signing up for credit card processing with these companies: Paymerica or Paysafe. You will pay HUGE credit card discount rates that are hidden from you - if you charge business or international credit cards you will pay 7.9%!!!

Not to mention - let's say you don't charge any credit cards for one month. What is their fee? $76.95! yes - for no processing at all they will charge you that in addition to any internet payment gateways that you have.

Most people like me probably want to signup for a credit card place with 2.7% discount rate or better. That's what I did with this company. It looked like on the monthly statement that was what was happening. However later I noticed that my total discount rate did not match at all. I about passed out when I later found out what their true discount rates are:

They also will try and charge you a "Enhanced Security Package" without any notice of $189 a year. This is their official discount rates. So if you don't enter all the information perfectly you get the HUGE 5.7% discount rate. And if you are an internet business with clients outside the USA - 7.9%!

The next rate is your Mid-Qualified rate and that encompasses all cards that have points or rewards attached. This rate can also encompass any keyed transaction in which some of the address / zip code / CVV information was not entered or did not match. You are currently being assessed a rate of (.05780) per transaction for all transaction types that meet the above criteria. 

The last rate is the Non-Qualified Rate. This encompasses cards that are a business, corporate, commercial, government, international card or a transaction that has been keyed where you did not enter all the address / zip code / CVV information. You are currently being assessed a rate of (.07980) per transaction for all transaction types that meet the above criteria.

So after 10 years and a few years where I let these hidden huge discount rates slip by, I'm with Stripe and very happy now. A straight 2.7% discount rate which is fair.