At this point, PayPal is a household name. In fact, the term is almost synonymous with any form of digital payment. But other companies are thriving in the industry – specifically Paysafe. While PayPal launched their main brand as one, Paysafe’s strategy was to launch the brands under the company umbrella as separate entities. That way, each one could harness their own strengths and create specific associations in the minds of consumers. But what brands are included under Paysafe?
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What are Paysafe’s Brands?
Paysafe is an online payments company. Within this, there are several smaller brands, with a different role and benefit for those opting for digital payments. These are: Paysafecard, Paysafecash, Skrill, Neteller, PCS Payments, and Income Access. But what do they all do differently that helps them benefit from being separate Paysafe brands?
Income Access, in the same field, operates differently as an affiliate marketer, sticking to B2B. Paysafecard touts its prepaid nature as its major selling point, with Paysafecash being a similar concept. PCS Payments – or Petroleum Card Services focuses on the petroleum industry.
Skrill and Neteller already have names for themselves in the field and may be seen as reliable and trustworthy. Both allow payments to be made online. Skrill, acquired in 2015, focuses on cheaper international money transfers while Neteller prides itself as a leading e-wallet.
How Do the Brands Benefit Independently?
One of the primary reasons for separating its brands in this way has been so that each brand’s slightly different selling points can appeal to a wider range of potential customer. This is noticeable in the online gaming industry where Paysafe’s brands are listed as payment methods.
According to Harrison Score of WDW Bingo, “Although PayPal remains the world’s most famous e-wallet, Paysafe offers serious alternatives for slots and bingo players. Skrill and Neteller, the former rival brands now under the Paysafe umbrella, are well-known to players, having been in the market practically since the beginning.”
Potential players who opt for an alternative to PayPal will be taken care of with these methods. Many people consider the payment methods on offer as a factor when deciding which site to join for online gaming.
Those looking to specifically transfer money overseas may know or remember that Skrill allows this. So, they would possibly be first choice. This specific benefit may be lost or subsumed if Paysafe’s brands acted as one. This is especially important as more people are making overseas transfers than before.
Paysafecard’s prepaid features are also something that benefits from being associated with a specific use. They offer a different service to the e-wallets and would need to appeal to different types of customers.
Paysafe’s strategy is a good one. If they were to simply do as PayPal did, they may struggle to get out from under the weight of PayPal’s success. By presenting a number of smaller brands who cover the basics but also are differentiated, then the path to becoming household names themselves is clearer. As each brand has a different benefit and use, their audiences will be more niche than the generalist strategy that PayPal has employed.