The system of payment originated in Austria. Paysafecard was established in the year 2000. Cardholders can use the card within Austria and in other countries around the world. In essence, it is an prepaid credit card that requires no bank account in order to function. This means that users are not required to divulge their personal information.
The card is a gift card that comes with the PIN code that is composed of 16 numbers. You can purchase the card at physical points, such as stores, gas stations and other. Presently, Paysafecard has over 650,000and more than a hundred places.
In the past, Paysafecard is now a part of the Paysafe Group that also owns Skrill and Neteller. It is part of the Paysafe Group, in its own right, is a payments company located on the UK. Therefore, Paysafecards are offered in the nominal number of: GBP10 as well as GBP25, GBP40, the GBP50, GBP75 and GBP100.
What are the advantages of Paysafecard?
There’s an Paysafecard prepay card that’s powered by Mastercard that lets you make payments exactly like credit cards. To ensure that the account is fully stocked the cardholders simply transfer a certain amount from their Paysafecard account onto the card that is prepaid. After that, they are able to make use of the card to pay via the web (or off-line).
Additionally, Paysafecard has a free mobile application to download. With the help of this app, customers can find the nearest location to where they can purchase the voucher. Additionally, they can verify their balance. Another advantage of the Paysafecard is the ability to make payments in foreign currency.
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How do I make use of the Paysafecard
To make use of the Paysafecard the cardholder must purchase the voucher that has the 16-digit PIN inside one of the stores that sell offline. When a buyer makes purchases on the internet, they use the voucher’s code to make the payment. To see the remaining balance the customer can check it using the online application. If the balance is sufficient that the voucher is still valid, the user can make use of the voucher to purchase other items. If it’s a high-ticker purchase the purchaser can mix the vouchers up to 10 times.
What businesses are eligible to profit from Paysafecard?
Of course, any internet business can benefit from this payment method. However, there are specific business types which are advised to provide Paysafecard along with other solutions. They include gambling, online dating games, games, and travel-related businesses.
Rates and business model
The Paysafecard company is able to earn varying percentages of the transaction volumes of merchants which are shared with distribution partners. Paysafecard does not charge costs to the user when purchasing and using Paysafecard as well as monitoring whether the account balance is full PIN’s account or the transaction history on the internet. However, there are fees in the following scenarios:
Twelve months after the purchase of Paysafecard the company will charge the customers an administrative fee of EUR3 (or similar amounts) on the balance remaining monthly and will be taken off their account.
The process of reclaiming credit left from a PIN issued by Paysafecard requires the user to supply their personal information, as well as the original of a valid proof of photograph identification and bank account information as well as the information for the PIN being used. In most cases, a fee for reimbursement is deducted from the remaining credit on the Paysafecard.
In the event of a transaction that is in a currency other than that related to the PIN Paysafecard may be charged a fee, usually 2percent.