Paysera review – A good choice for payment processing? Features, fees, pros and cons explained

Updated on 13 July 2023

The world of business transactions is a vast and complex ecosystem, with many different companies offering their unique spin on payment processing. One such name, emerging from the cluster of competitors, is Paysera. This fintech company promises an easy, affordable, and efficient way to handle your financial transactions. But how well does it live up to its promises? In this review, we’ll dissect the features, fees, pros, and cons of Paysera, allowing you to make an informed decision on whether it’s the right choice for your business.

 
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Overview of Paysera – what’s on offer?

Born in Lithuania, Paysera has quickly expanded its footprint across Europe and beyond. It offers a diverse range of financial services aimed at both individuals and businesses, focusing on payment processing and money transfers.

Paysera provides a multi-currency account, which can be managed through a user-friendly app or online platform. This is accompanied by a physical or virtual Visa debit card, enabling you to make payments or withdraw cash worldwide.

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One of Paysera’s most touted features is its competitive currency conversion rates, which are particularly beneficial for businesses that transact internationally. Besides, the company offers online payment gateways for businesses, enabling them to accept payments from customers all over the world. This functionality extends to a variety of payment methods, including bank transfers, credit card and debit card payments, and even payments through SMS.

Another interesting feature is the ability to generate and manage invoices directly through Paysera. This is particularly beneficial for small businesses that may not have dedicated invoicing software. Paysera also integrates with a range of e-commerce platforms, including Shopify, WooCommerce, and Magento, allowing businesses to seamlessly accept payments via their online stores.

Pros and cons of Paysera

Pros:

  • Affordable: Compared to many traditional banks and some online competitors, Paysera offers competitive fees and exchange rates, especially for international transactions.
  • Multi-currency capabilities: Businesses dealing with international clients or suppliers can benefit from the ability to hold, send, and receive funds in multiple currencies.
  • Versatility: Paysera’s comprehensive set of features, from invoicing to payment gateways, makes it a one-stop-shop for many businesses’ financial needs.
  • E-commerce integration: The ability to seamlessly integrate with popular e-commerce platforms can simplify the process of accepting online payments.
  • Ease of use: Both the Paysera app and online platform are praised for their intuitive design and ease of use.

Cons:

  • Limited physical presence: Despite its online focus, a physical presence can provide a sense of security. Paysera’s main offices are in Lithuania, with limited physical representation elsewhere.
  • Customer service: Some users have reported difficulties getting prompt responses from customer service.
  • Limited services in some countries: Not all of Paysera’s services are available in every country, potentially limiting its utility for some businesses.
  • No interest on account balances: Unlike some competitors, Paysera does not pay interest on account balances.

Paysera products and services guide

Multi-currency account

At the heart of Paysera’s offerings is the multi-currency account, which enables businesses to send and receive funds in over 30 different currencies. This is supported by their money transfer service, which boasts competitive exchange rates and low fees.

Payment gateway

The Paysera payment gateway is another cornerstone of the company’s product lineup. This service enables businesses to accept a variety of payment methods, from traditional bank transfers and card payments to modern alternatives such as SMS payments.

Invoicing functionality

Invoicing capabilities are another significant part of Paysera’s offerings. Businesses can create, send, and manage invoices directly through Paysera, streamlining the invoicing process and potentially reducing the need for additional invoicing software.

Ecommerce solutions

For businesses with an online presence, Paysera’s e-commerce solutions could be beneficial. These services integrate with popular e-commerce platforms, making it easy for businesses to accept payments through their online stores.

Paysera pricing, fees and charges explained

Paysera largely stands out due to its cost-effective approach to fees. Opening an account with them is free, and so is maintaining it. However, international money transfers in foreign currencies involve a fee, the amount of which varies depending on the currency.

In general, Paysera charges a fixed percentage for currency exchange, which is lower than most high-street banks. When it comes to card payments, there’s a standard fee per transaction, which varies depending on whether it’s domestic or international, and on the type of card used (Visa, Mastercard, etc.).

In addition, the payment gateway service involves a monthly fee, plus transaction fees, which vary depending on the payment method used. Lastly, there’s a small fee associated with issuing and renewing the Paysera Visa card.

Alternatives to Paysera

While Paysera offers a comprehensive set of features, it’s worth considering alternatives, especially if some of the cons may affect your business. These alternatives include:

  • TransferWise: Now known as Wise, this company offers a multi-currency account with competitive exchange rates and low fees. However, it lacks a comprehensive payment gateway.
  • Revolut: Revolut offers similar services to Paysera, including a multi-currency account and card, though its fees can be higher.
  • Stripe: While it doesn’t offer multi-currency accounts, Stripe is a robust solution for businesses seeking a reliable online payment gateway.
  • PayPal: Known worldwide, PayPal provides a suite of services, from payment processing to invoicing, though its fees can be higher.

Conclusion – Is Paysera a good choice?

So what is the verdict of our Paysera review?

To answer the question of whether Paysera is a good choice, we have to consider the specific needs and circumstances of your business. Paysera’s suite of services, from its multi-currency account to its invoicing capabilities, certainly offers a lot of value, especially for businesses that frequently deal with international transactions.

However, potential drawbacks, like limited physical presence and reported issues with customer service, may deter some. It’s also worth noting that while its fees are competitive, they’re not the lowest on the market.

As with any business decision, the key is to assess your business’s specific needs, compare different options, and choose the one that provides the best value. For many businesses, Paysera could well be that option.

FAQ – Paysera review

What is Paysera?

Paysera is a fintech company offering a range of financial services, including payment processing and money transfers.

Where is Paysera based?

Paysera is based in Lithuania, but offers its services to customers worldwide.

Does Paysera offer a multi-currency account?

Yes, Paysera offers a multi-currency account, allowing businesses to send and receive funds in multiple currencies.

What e-commerce platforms does Paysera integrate with?

Paysera integrates with several e-commerce platforms, including Shopify, WooCommerce, and Magento.

Is there a fee to open a Paysera account?

No, opening a Paysera account is free.

How does Paysera make money?

Paysera makes money by charging fees for certain transactions, such as currency exchanges, card payments, and the use of their payment gateway service.

Can I use Paysera for personal banking?

Yes, Paysera offers services for both individuals and businesses.

Can I withdraw cash with my Paysera card?

Yes, you can use your Paysera Visa card to withdraw cash at ATMs worldwide. Fees may apply.

How secure is Paysera?

Paysera operates under the supervision of the Bank of Lithuania and is subject to EU financial regulations, which require strict security measures.

Can I create and manage invoices with Paysera?

Yes, Paysera offers invoicing capabilities, allowing businesses to create, send, and manage invoices directly through their platform.

How do I contact Paysera’s customer service?

You can contact Paysera’s customer service through their website or app. However, some users have reported issues with response times.

What currencies does Paysera support?

Paysera supports over 30 different currencies, making it a versatile choice for international businesses.

What are the alternatives to Paysera?

Alternatives to Paysera include Wise (formerly TransferWise), Revolut, Stripe, and PayPal, among others.

How can I fund my Paysera account?

You can fund your Paysera account by bank transfer, card payment, or through cash deposits at Paysera’s partner locations.

What fees does Paysera charge?

Paysera charges fees for certain services, such as international money transfers in foreign currencies, card payments, and the use of their payment gateway service. Fees vary depending on the service and transaction type.

Can I get a physical card from Paysera?

Yes, Paysera offers a Visa debit card that can be used for payments and ATM withdrawals. A virtual card is also available.

Are there any limitations to Paysera’s services?

Not all of Paysera’s services are available in every country, and some users have reported issues with customer service.

Does Paysera offer interest on account balances?

No, as of now, Paysera does not offer interest on account balances.

Can I accept payments via SMS with Paysera?

Yes, Paysera allows businesses to accept payments via SMS, in addition to traditional methods like bank transfers and card payments.

What kind of businesses is Paysera suitable for?

Paysera can be a suitable choice for many businesses, particularly those that deal with international transactions, need invoicing capabilities, or operate an online store. However, specific suitability depends on the individual needs and circumstances of the business.

Reviewed by , Managing Director

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