Payment Service Provider

A Payment Service Provider (PSP) is a third-party company that facilitates merchants in accepting and processing various forms of payments. These services are essential for businesses looking to offer a broad range of payment options, including credit and debit cards, direct debit, bank transfers, and real-time bank transfers.

The role of a PSP is multifaceted:

By using a PSP, merchants can offer their customers a more flexible payment experience, enhancing customer satisfaction and potentially increasing sales. PSPs remove the complexity of dealing directly with banks or credit card processors, streamline payment operations, and help manage financial transactions securely and efficiently. This support is especially critical for small to medium-sized enterprises (SMEs) that might not have the resources to develop their own comprehensive payment systems.