What is a Payment Service Provider?
A Payment Service Provider, or PSP, is a company which offers a bundled solution for accepting and managing payments. This often includes gateway services, processing, and access to multiple payment methods through a single integration.
What services do PSPs provide?
They provide payment processing, fraud tools, reporting, currency conversion, subscription billing, and support for alternative payment methods such as wallets and bank transfers.
Why do businesses use PSPs?
PSPs simplify payment operations by consolidating multiple services into one platform. This reduces integration complexity and speeds up time to market.
What are examples of PSPs?
Examples include Adyen, PayPal, Stripe, and Worldpay.
How do PSPs differ from traditional acquirers?
PSPs typically offer a more unified and technology driven approach, while traditional acquirers may require separate integrations for different services.