Payment Service Provider (PSP)

What is Payment Service Provider (PSP)?

A Payment Service Provider (PSP) is a company that offers merchants a complete solution for accepting electronic payments. They handle the technical connection to multiple card networks and banks, simplifying the payment process for the business.

PSPs often provide additional services like fraud detection, reporting, and currency conversion. By using a PSP, a merchant can accept many different payment methods through a single integration.

Why It Matters

• Simplifies the complexity of connecting to multiple banks and networks

• Provides a unified platform for managing all types of customer payments

• Offers built-in security and compliance tools like PCI DSS support

• Enables faster time-to-market for businesses looking to accept payments