A payment service provider (PSP) refers to a third-party solution that enables businesses to accept a variety of online payment methods by connecting them to the broader financial system.
Payment service providers facilitate payment transactions between eCommerce and mCommerce merchants and their customers. From the moment a customer enters their payment details to the second the funds clear in the merchants’ account, the payment service provider works on their behalf with banks, card schemes, and payment platforms to make sure the payment is processed, and the transaction goes through successfully.
Payment service providers bring each party in the chain together, including the merchants, customers, banks, card networks, and payment platforms. This helps ensure a fast, seamless, and secure payment experience for businesses and their customers.
A payment service provider manages the payment process in its entirety:
You can use a payment service provider to accept a range of payments from your customers via one gateway including debit cards, credit cards, mobile wallet payments, and more. The majority of payment service providers provide both local and global payment methods and accept payments in a range of currencies – making them a secure and effective way to accept payments from customers around the world.
Additional benefits you’ll experience when using payment service providers:
Get access to a range of online payment methods and solutions and ensure secure, fast, and affordable payment transactions with a payment service provider. Payment service providers dial back your admin time, making them a no-brainer for your payment transactions.
Read how to choose the right payment service provider for your business.
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