Nine merchant of record providers compared for founders who sell software, SaaS, and video games. We looked at the things that usually matter: the currencies they support, the payment methods they offer, the taxes they handle, their security, how long they have been in business, and what they actually cost once you add up all the extra fees.
Providers are listed by G2 rating, highest first.
There are three things you should know before you start comparing merchant of record providers.
On this page
A full merchant of record arrangement usually includes four things. If a provider only does some of these things, they may not be a merchant of record:
Full MoR
2006
140+ (vendor-stated)
Set by withdrawal method
70+ (vendor-stated)
13,000+ subnational taxing jurisdictions (vendor-stated)
One flat rate, quoted per account
Full MoR
2012
33 (documented)
5 balance / 13 payout (documented)
18 (documented)
100+ jurisdictions (published)
5% + 50¢
Full MoR
2005
36 transactions (documented)
5 funding (documented)
~30 (documented)
~75, registration IDs (published)
Custom
Full MoR
2005
59 (vendor-stated)
Set by banking details
33 (vendor-stated)
Rates listed for 75 countries (documented)
Custom enterprise
Full MoR
2002
45+ (vendor-stated)
Not published
70+ (vendor-stated)
Not published
Quote-only
Selectable
2006
100 (docs say “up to 99”)
USD, EUR or GBP
45+ MoR / 14 entry (documented)
200+ markets (vendor-stated)
MoR tier quote-only
Full MoR
Apr 2024
2 (EUR, USD)
Payouts to 87 countries
3+
50+ countries (vendor-stated)
3.9% + 40¢ + payout fee
Full MoR
2019
130 display, charged in USD
USD
8 families, 4 do subscriptions
Not published
5% + 50¢
Full MoR
2022
130+ pricing (documented)
Via Stripe Connect
14, 4 do subscriptions
Registers worldwide as thresholds are reached (vendor-stated)
5% + 50¢; down to 3.4% + 30¢ on paid plans
Nearly all providers measure currency counts, tax coverage, and payment methods differently; e.g., a “currency” can refer to a pricing currency, a display currency, a transaction currency, or a payout currency.
Tax coverage can refer to markets served, countries where tax is calculated, or actual registrations held.
Each cell has labels to make comparisons more equal.
The table below maps our data points back to their disclosed target markets. This should help you quickly develop a shortlist.
Enterprise software with procurement-driven process
PayPro Global, Cleverbridge, 2Checkout, Nexway
Proof of compliance provided by the vendor
B2B, B2C or B2G scaling across territories
PayPro Global, Paddle, Cleverbridge, 2Checkout
Coverage of payment methods at the tier you’re considering, and whether subscription-based payments are supported
Video games and in-app purchase functionality
PayPro Global, FastSpring
Operating outside the application stores, regional pricing strategy and high volume of low-value transactions
Businesses with subscription-based revenue model
PayPro Global, Paddle, Cleverbridge
Tools for dunning and recovery and local payment solutions that support recurring billing
Small and medium-sized businesses, startups and self-funded entrepreneurs
PayPro Global, Lemon Squeezy, Polar, Creem
The effective rate after surcharges and payout fees at your actual payout size
Selling into many tax jurisdictions
PayPro Global, Paddle, FastSpring
Whether the provider holds tax registrations under its own identifiers – not just “serves” those markets
Developer-first, API-led teams
Polar
Reliance on a single payment processor
Each of the providers listed below has the same data points, so you can make direct comparisons. Listed by G2 rating, highest first.
The 4.9 out of 5 G2 score highlights the most common areas mentioned by the customers: vendor support and onboarding. PayPro Global was built for SaaS, software and video game companies, from startups to enterprises, that sell subscriptions, licenses or in-game content worldwide. It is particularly useful if you are selling to multiple markets simultaneously or have an industry that larger platforms tend to deprioritise, like the video games segment.
Founded: 2006 – Toronto, Canada
Currencies: 140+ (vendor-stated)
Methods: 70+ (vendor-stated)
The 4.9 out of 5 G2 score reflects what customers most often highlight: excellent customer and vendor support and fast onboarding. Best for SaaS, software and game companies that sell worldwide, run complex billing models and want tax, compliance and payments taken off their plate entirely. Branded, customizable checkout and a dedicated account manager so businesses could focus on the product, not on payments.
Paddle is a Merchant of Record for SaaS & software products, founded in London in 2012. They provide payments, taxation, and subscriptions in one solution. It streamlines e-commerce processes by performing back-office tasks.
Founded: 2012, London, UK
Currencies: 33 billing / 5 balance / 13 payout
Tax: 100+ jurisdictions (published)
Simple and transparent choice for software and SaaS vendors that receive payment via credit cards from their clients. The single fee takes care of all tax complications in more than 100 jurisdictions, making the basic price simple to foresee. With 18 types of payments supported, this solution is less suitable for companies selling into markets where local payment methods matter.
A merchant of record that sells digital products, software, and video games, based in Santa Barbara since 2005. It streamlines back-office functions through localization of tax compliance, fraud management, and payment processing, enabling digital product producers to go global.
Founded: 2005, Santa Barbara
Currencies: 36 transactions / 5 payout funding
Tax: ~75 with registration IDs (published)
Ideal for online product vendors, e-learning services, and game developers looking to find out where their provider is registered for tax. The tradeoff lies with the currency. While there are 5 payout currencies available against 36 transaction currencies, there is a conversion fee of 2.5%.
Cleverbridge is an eCommerce and Merchant of Record platform founded in Cologne in 2005; majority-owned by EMH Partners since 2021 and one of two providers in this comparison on Mastercard’s registered service provider list.
Founded: 2005 – Cologne
Currencies: 59 (vendor-stated)
Payouts: Monthly – By the 16th of the following month (documented)
Designed for enterprise software licensing sellers in need of registry-attested compliance. The trade-off is that payouts are monthly by the 16th of the following month.
Operating since 2002 through Nexway SASU and Nexway Inc., Nexway is a French merchant of record and eCommerce platform designed to assist medium-sized and large businesses in scaling their operations globally; reported €126.9 million in revenue for 2024 (French company register filings).
Founded: 2002 – Nîmes, France
Currencies: 45+ (vendor-stated)
Methods: 70+ (vendor-stated)
Geared toward large-scale European software distribution and high-volume licensing deals. The features like white-label checkout and managed support services may be suitable only for mid-market or enterprise companies operating in Europe. Public data on pricing and compliance seems to be limited.
Monetisation platform for software and digital goods. Unlike most providers on this list, 2Checkout lets you choose between merchant of record, payment service provider, or a hybrid model depending on the market – though the MoR capability sits on its unpriced top tier.
Model: Selectable – MoR / PSP / hybrid by market
Currencies: 100 (docs say “up to 99”)
PCI DSS: Registry-verified – AOC 7 August 2026, Foregenix
Suitable for teams that are looking for MoR and PSP to be blended together in various markets, as opposed to choosing one framework. The MoR level cannot be priced without a sales call, and the rolling reserve will affect cash flow.
Operating through Armitage Labs OÜ in Estonia, Creem is a contemporary MoR targeted at independent developers and bootstrapped founders. In April 2024, they formally began conducting business (registered 30 April 2024, Estonian Business Register). The effective rate varies depending on the size of your payout, but it has the lowest published merchant of record rate without a monthly fee among the nine.
Incorporated: Apr 2024 – Tallinn, Estonia
Currencies: 2 – EUR and USD only
Indie hackers and bootstrapped side projects selling to US and EU clients might consider this company. The headline rate looks low, but the fixed payout fee narrows the gap at smaller amounts. Having only two currencies and no public PCI statement could limit you as you scale.
Lemon Squeezy is an all-in-one platform created for indie creators, SaaS & software entrepreneurs, a merchant of record founded in 2019, launched publicly in July 2021, and acquired by Stripe in July 2024. Through this solution, digital product developers can set up an online store, manage their products and payments, while also accessing marketing tools.
Founded: 2019 – United States (remote team)
Currencies: 130 – Display; charged in USD equivalent
Methods: 8 families – 4 support subscriptions
Lemon Squeezy was acquired by Stripe in July 2024. The team declared in January 2026 that it is developing Stripe Managed Payments, including a migration plan. There have been no changes in the public changelog after August 2025. A shutdown date has not been disclosed yet, and the site continues accepting new registrations.
Intended for creators and small businesses selling digital products who require an easy-to-set-up service with favorable FX rates. The Stripe acquisition and the shift to Managed Payments make the platform’s future unclear.
Polar is an open-source Merchant of Record (MoR) and billing platform specifically developed for developers and indie hackers to simplify the monetization of software and digital products.
Founded: 2022 – Stockholm
Methods: 14 – 4 support subscriptions
Tax: Registers worldwide as thresholds are reached (vendor-stated)
Made for developers and open-source projects that need an MoR that fits their way of working. The lower rates need a paid monthly plan, and every payment depends on a single processor, Stripe.
Here are 7 questions that you must ask a Merchant of Record provider. These elements are not usually presented on pricing pages, but each has impacted decision-making on at least one occasion:
Here is the breakdown of the operational and legal vendor assessment criteria:
Who is the legal seller?
Some platforms marketed as MoRs outsource the role of legal seller to you in their own terms.
Which legal entity is selling you the product, on what routes, and under what clause?
Who holds PCI scope?
“We use a PCI Level 1 processor” and “we are a PCI Level 1 service provider” is a significant distinction.
Can you produce your current attestation with the assessed entity, scope, version, assessor, and date?
Tax registrations vs. markets
Just because a provider can “sell in 200 markets” doesn’t mean they’re registered in them.
How many jurisdictions are you registered in under your own tax identifiers?
Subscription support
The scope of your recurring billing support coverage will be substantially smaller than your one-time payment support coverage.
Which payment methods support recurring billing (not just single purchase) subscriptions?
Coverage on your tier
Local payment methods are often gated by plan tier.
Which methods are live in our top five markets, on the tier being quoted?
Payout terms
The holdback, reserve, and delay of settlement by the provider have a far greater impact on your cash flow than does the nominal rate alone.
What is your policy on settlement delay, minimum threshold for payouts, and reserves?
Counterparty risk
The provider holds your funds in transit.
Which providers do you, as a provider, rely on, and how are those specific funds kept secure?
Before you commit, make sure to read the actual terms alongside the pricing page. See where the pricing page and the contract differ, for example:
Polar
Disputes cost $15
Terms allow up to $30 per incident plus a $25 prevention fee
Creem
“No hidden fees, ever”
Separately documents a payout fee of $7 or 1% and a $25 chargeback fee
FastSpring
“No hidden fees”
A full additional-fees schedule exists on the same site, plus a 45-day monitoring hold on new accounts
2checkout (Verifone)
Plan rates with no reserve mentioned
A percentage of sales held as a deposit on a rolling 90-day basis, set per merchant by risk
Paddle
“No hidden extras”
Chargeback fees, a $15 cross-border SWIFT payout fee and a conversion margin up to 1.5% are in the help docs
Every single provider on this list deals with chargebacks as the party that is being disputed. This is how it works. When you look at the contracts, you will see that the cost of the chargeback and an extra fee for each dispute are always passed on to you. So what you are really getting is help with the work that comes with chargebacks, like dealing with operations and legal issues.
Its relevance may vary depending on the individual or context. Here are some case examples:
You already have a finance team and sell in one country.
A payment gateway with personal tax registration may involve fewer complexities and a more limited set of cost components. The case for a merchant of record starts when you cross borders.
You want your brand on the receipt.
As the merchant of record is legally selling to the consumer, their name will appear first on card statements and invoices.
You need fast access to your money.
Settlement time, monitoring holds, and rolling reserves vary by provider. Refer to the contract tables above to help make your decision.
You sell physical products.
Each of these providers caters to software, SaaS, and digital products.
There are some platforms that did not make it to this comparison. These platforms are often talked about. They are not on the list because this page only talks about platforms that sell software and SaaS using their name, and they have the right to do so in their terms.
Payment orchestration
BlueSnap’s website now presents it as a payment orchestration platform and doesn’t market a merchant of record service. See how BlueSnap compares to PayPro Global
Subscription management and billing
Chargebee is billing software. Its merchant of record option runs through its partner Reach and is a private beta. See how Chargebee compares to PayPro Global.
Financial operations for B2B SaaS
Maxio’s payment terms make you the merchant of record: Maxio acts as the marketplace, and Adyen processes the payments. See how Maxio compares to PayPro Global
Merchant of Record for SaaS and AI products
Dodo Payments is a merchant of record (Dodo Payments Inc.), but its terms don’t name its card processor and compliance, so we couldn’t check it to the same standard as the nine. See how Dodo Payments compares to PayPro Global.
MoR for WordPress plugins and micro-SaaS
Freemius is a merchant of record, but a lot of its infrastructure is geared specifically toward WordPress plugins and themes, not SaaS generally.
Creator storefront and checkout
Gumroad has been the merchant of record for its sellers since 1 January 2025, but it’s a creator storefront, not built for software and SaaS billing. See how Gumroad compares to PayPro Global.
The right Merchant of Record (MoR) isn’t just a payment processor; it is a way to protect and grow your business. With the right MoR, you reduce your legal exposure and make it easier to expand into new markets. It allows you to sell more around the world.
An effective MoR helps you scale your business internationally, without worrying about the legal implications of selling in different markets.
When scaling your business, consider not only fees, but the complexities of your products, the markets you want to enter, and how you want your business to develop.
Based on each provider’s website, developer documents, published contracts, corporate registries, regulator filings, card-network compliance lists, and other official papers. Remember that websites can change, so make sure to double-check anything
Found something wrong? Let us know and we’ll fix it.
It will depend on your billing model, target market, and the amount of assistance you require. Indie or creator products will suit platforms that have flat published rates and are straightforward. Enterprises, B2B SaaS, and other subscription businesses selling across many regions might require more complex subscription infrastructure with wider payment coverage and an assigned account manager. In this case, PayPro Global has the highest G2 rating of the nine (4.9/5), the widest currency coverage (140+), and a dedicated account manager.
Most merchant of record providers charge a percentage of each transaction plus a small fixed fee. Across the providers compared here, pay-as-you-go rates run from 3.9% + $0.40 to 5% + $0.50 before add-on fees, and several quote custom pricing instead. Check what carries separate charges – subscriptions, international cards, PayPal, currency conversion, affiliates – these add-ons, not the headline rate, define the final costs.
A payment gateway moves money. A merchant of record becomes the legal seller. The use of a gateway indicates that responsibilities for tax registration and filing, chargeback management, PCI compliance, and consumer-protection regulations reside with the user in each market of operation. A merchant of record takes all of that on. If you sell within one country with a finance solution in-house, a gateway can be enough; but once you start selling across borders, MoR is usually a better solution.
The triggering factor is cross-border exposure rather than the size of revenue generated. In case the amount of sales coming from the foreign market takes up a large proportion, and you have to deal with the registration requirements as well as submitting returns in multiple jurisdictions and resolving the issues in multiple languages, you may need something more than a gateway, and it’s time to move to a merchant of record. Payment collection internationally is one more aspect that needs your attention: when a meaningful portion of cross-border transactions don’t go through, it can affect customer retention over time.
It depends on the providers involved and on your contract. Because the merchant of record is the legal seller, saved payment details sit with its payment processor, so the move has to be planned between the two providers. PayPro Global helps with migration both ways: importing of subscriptions and payment details from the existing platform and migrating them if you decide to move away from them so that your subscribers do not have to input their payment details again. No matter which service provider you use, make sure that you know in advance about billing data that can be exported and payout holds.
Some of the mentioned MoR providers on this list are built around downloadable digital products and subscription billing and treat games as an edge case, as some game publishers might require additional features like selling outside the app stores, regional pricing, high volumes of low-value transactions, in-game currency and DLC, and age verification. From this list, PayPro Global names video games as one of its core segments.
Coverage has three dimensions, and providers differ on each: the countries where the merchant of record is registered to collect and remit tax, the local payment methods it offers, and the currencies it can charge in. Of the providers listed here, PayPro Global states the widest currency coverage (140+), and it shares the widest payment-method coverage (70+) with Nexway.
The three biggest are:
Treating Merchant of Record selection as a payments decision is a fourth mistake. In truth, it is a legal, compliance, and finance recurring solution.
Competitor figures come from each provider’s own pricing pages, developer docs and terms, company registers, and Mastercard’s registered service provider list. Every source is linked.
G2 profiles: PayPro Global Paddle FastSpring Cleverbridge Nexway 2Checkout Creem Lemon Squeezy Polar
Mastercard: registered service provider list, October 2026
Paddle: pricing currencies payment methods tax SOC 2 chargebacks payout fees
FastSpring: pricing currencies payouts VAT and sales tax payment methods additional fees vendor terms trust center
Cleverbridge: pricing security tax rates payouts ownership
Creem: pricing currencies payouts chargebacks countries company register
Lemon Squeezy: about fees payouts currencies payment methods changelog 2026 update Stripe acquisition
Polar: fees payment methods payouts currencies merchant of record terms founding
Not included: BlueSnap Chargebee Maxio Dodo Payments Freemius Gumroad
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