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Overview

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Introduction

Paysafe's embedded wallet offering caters to merchants that need to implement e-money financial services into their products, such as marketplaces, e-commerce, electronic goods, and more.

By leveraging Paysafe's capabilities - ledger, multiple currencies within the same wallet, multiple region coverage, risk, and AML monitoring, and a multitude of payment options, a product can be easily enhanced with an out-of-the-box, compliant e-money wallet.

The service can easily and securely process payments and wallet requests from your customers using one single API – The Payments and Wallets API.

Paysafe's all-in-one Business Portal allows the merchant to access transaction analytics and manage the merchant account.

Embedded Wallet as a Service

Paysafe Embedded Wallet as a Service allows merchants to provide e-money-based financial services (deposits, withdraws, transactions) to end users.

Operating an e-money solution imposes certain responsibilities split between merchants and Paysafe:

Merchant's responsibilities:

  • Manage customer profiles
  • Take the customer through KYC (Know Your Customer), and share the information with Paysafe for regulatory purposes
  • Implement UI for all customer journeys
  • Integrate into Paysafe's Payments and Embedded Wallets API

Paysafe Embedded Wallets responsibilities:

  • Maintain e-money ledger
  • Maintain customer details for regulatory purposes
  • Monitor for Risk and AML
  • Integrate additional payment methods
  • Provide reporting capabilities

Main Concepts

Here are the core terms of Paysafe Embedded Wallets

  • A Wallet encapsulates all data and services provided to a single entity

  • A Wallet account is a ledger for a single currency. Each wallet account belongs to a single wallet - merchant, customer, or legal entity. One wallet might have multiple accounts.

  • Merchant is the legal entity that provides services or goods to its customers and manages the Wallet as a Service solution. The merchant has one or more wallets in the Paysafe Embedded Wallets platform.

  • Customer is a physical person associated with a wallet and is the legal owner of the e-money stored in the accounts ledger.

  • Legal entity is a customer who is not a physical person. Legal entities have extended compliance requirements and onboarding processes.

  • Transaction is a movement of money between any two accounts

Regulations require Paysafe to collect and assess KYC information, PEP checks, and in some instances - carry out EDD verifications on the customers and legal entities.

Customer Wallet

Each customer is assigned a customer wallet, and it accounts for all transactions for that customer - deposits, withdrawals, pay-ins and pay-outs, exchanges, etc. As mentioned above, a wallet can contain multiple accounts in different currencies.

When the Merchant deems it necessary, a new customer wallet is created. Usually, a customer's wallet is registered, when the customer registers in the Merchant's system and passes the KYC verifications, as agreed between the Merchant and Paysafe.

As the Merchant is managing all its users, Paysafe only holds the customer's details necessary for risk and compliance purposes - Paysafe does not access or manage customer credentials, nor does it manage authentication and authorization. These details are associated with every wallet.

Merchant Wallet

The Merchant wallet, just like the Customer Wallet, provides the ledger, transactional, and multi-currency capabilities.

The Merchant can access the Merchant Wallet via the Paysafe Merchant Portal. Access to this portal is provided during the merchant onboarding process.

Merchant Fees

All Merchant fees that the Merchant needs to charge its customers are accumulated in the Merchant Wallet at the time of customer transaction. Paysafe's fees can either be deducted directly from the MW balance or can be settled on a monthly/quarterly basis by invoicing the Merchant.

To allow for the ultimate flexibility, all merchant fees must be provided by the Merchant on a per-transaction basis. This approach allows the Merchant to execute different pricing schemes based on regions, currency, customer loyalty levels, dynamic fee structures, and other information that is only available to them.

Device Information

Customer device information is critical in all risk and compliance assessments in the embedded wallet offering. Paysafe uses ThreatMetrix as the preferred device intelligence solution.

The Merchant is required to pass in the data as received by ThreatMetrix, to avoid double billing in the case where Paysafe fetches the device information separately from Merchant.

Payment Methods

Payment Methods represent the supported customer's payment instruments for a deposit and withdrawal operations. The supported payment methods are:

  • Cards
  • Rapid Transfer (only for Deposits)
  • Bank transfers

Note: Bank transfers is only supported for Standalone Credits. For EUR, it should be through SEPA, and for GBP it should be through Faster Payments.

Deposits and withdraws, and refunds are supported through the following transaction types:

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