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What is a payment service provider (PSP)?

pay - ment ser - vice pro - vid - er
noun

A payment service provider (PSP) plays a vital role as an intermediary for merchants, helping them accept and handle a wide range of payments from customers. This essential service ensures the smooth processing of online transactions, enhancing the overall payment experience for businesses and their clientele.

How does a payment service provider Work?

Payment service providers collaborate with acquiring banks to provide merchants with the necessary tools to accept payments. Beyond transaction processing, these providers often offer a range of supplementary services. These services encompass the meticulous adherence with the Payment Card Industry Data Security Standard (PCI-DSS), fortification against fraud and the provision of a flexible infrastructure capable of accommodation a multitude of currencies and languages. This harmonious convergence ensures a seamless and secure payment experience.