Paysafe Teams With FastSpring on Merchant of Record Solution

Payments platform Paysafe has partnered with Merchant of Record provider FastSpring to launch a new Merchant of Record (MoR) solution. The collaboration, announced on August 26, aims to simplify global commerce for businesses by handling operational, regulatory, and administrative tasks associated with direct merchant operations.

Bob Legters, Paysafe's chief product officer, stated that businesses should focus on product development and customer service rather than navigating global commerce complexities. The MoR solution will handle tax collection, calculation and remittance, payment localization, regional compliance, and chargeback management, enabling businesses to focus on innovation and customer acquisition.

Initially targeting digital-first sectors like gaming, the solution combines Paysafe's payments expertise with FastSpring's MoR capabilities to provide a streamlined path to global commerce. David Nachman, FastSpring's CEO, highlighted that this partnership will help businesses scale internationally more efficiently. Paysafe has also recently introduced a gaming arena, a platform for gamers, developers, and publishers.

Legters emphasized the platform's role in bridging gamers with game publishers, offering discovery, community engagement, and seamless purchasing experiences through PaysafeCard and PaysafeWallet. Online gaming contributes significantly to Paysafe's revenue, with the company reporting a 17% growth in iGaming for its merchant solutions business in Q2 2023, driven by higher iGaming growth, ongoing strength in Latin America, and double-digit active user growth.