What is a Payment Service Provider?
A Payment Services Provider, commonly referred to as PSP, is an alternative to a standard merchant account and payment gateway. A PSP will provide a full service with both the technical payment processing as well as money collection. In addition, the PSP is responsible for all the contracts with banks and card acquirers and for the settlement of the funds collected.
PSP’s integrate different electronic payment methods such as credit/debit cards, e-banking and e-wallets. Using a Payment Services Provider model means that they are not tied to one bank or payment network and are therefore able to integrate with several payment methods over just one platform – this works well for national and international payments.
Online payment service providers
Before looking at payment service provider comparison, let’s look at the benefits of choosing PSP over a standard merchant account and payment gateway;
Only one contractual relationship
The merchant only needs to establish a contractual relationship with the PSP to have access to different banks and payment methods.
Fraud prevention
Often PSP’s have their own fraud prevention resources. They are usually compatible with the integration of third party antifraud services too.
New payment methods can be added easily
Using a PSP payment service provider means that as your business changes or technology advances you can add alternative payment methods to your website with ease.
PCI compliance – covered
Choosing an established e payment service provider will save costs on PCI certification, as they will carry this out for you.
Security
PSP processing has a reputation for being secure with credit control processes and other things meaning that the risk to loss of revenue due to fraud is reduced. Customer data is encrypted using secure socket layer encryption, prior to completing the transaction and funds reaching the merchant bank. Security is regulated by the European Central Bank.
APPLY HEREHow can Merchant Advice Service help?
Merchant Advice Service work with industry experts to provide advice to merchants searching for a PSP. We can assist with enquiries in the following areas;
National and international PSP
Payment service provider software
High risk PSP applications
Third party payment service providers
Portable PSP
CALL USPayment Services Provider vs Payment Gateway
We often get asked about the differences between Payment Service Providers and stand-alone payment gateways. The main difference is that the PSP hold the contracts with the banks and acquirers, whereas a payment gateway provider agrees contracts directly with you, the merchant.
Unlike payment gateways, PSP service providers offer a full service, not only processing payments but collecting funds as well. Understanding the differences between these two services is essential when choosing the best route for your e-commerce. Many merchants tend to prefer the full service provided by a PSP as it simplifies their businesses’ routines.
International Payment Services Providers
Merchant Advice Service advisors don’t just work with UK Payment Services Providers. We have access to international payment solution service providers, from Europe to China and Australia! Our experts can advise you on accepting multicurrency transactions through internet Payment Services Providers.
SPEAK TO US TODAYPayment gateway service provider in India
Finding the best Payment Services Provider for companies based in India can be a little more complex. Our experts deal with applications in tech support and computer based industries. They work alongside payment service providers that will service India. To start your enquiry, fill in the form below, we will be in touch.
ENQUIRE HEREOnline bill payment service provider
At Merchant Advice Service, we work with industry experts to provide automated billing to businesses, taking the hassle out of monthly paperwork and invoicing. Speak to our advisors about bill payment service providers and how they can work for you.
AUTOMATED BILLINGStart your internet Payment Services Provider application today
Our advisors will help you to find a Payment Services Provider ideal for your business now and in the future. Discuss your requirements with us today. We provide an intermediary based access to Payment Services Providers.
APPLY TODAY
