Third-party company that assists businesses to accept a wide range of online payment methods
A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. [1]
They will often provide merchant services and act as a payment gateway or payment processor for e-commerce and brick and mortar businesses. They may also offer risk management services for card and bank based payments, transaction payment matching, digital wallets, reporting, fund remittance, currency exchange and fraud protection. The PSP will typically provide software to integrate with e-commerce websites or point of sale systems.[2]
^"What is a payment service provider?". www.dnb.nl. Retrieved 2022-09-26.
^"What Is A Payment Service Provider (PSP)?". Forbes. August 25, 2022.
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