If you operate an ecommerce website, a reliable payment system is essential to providing customer satisfaction and streamlining processes. A payment service provider (PSP) should streamline processes while guaranteeing payment safety and increasing customer satisfaction; but with so many different offerings on the market it can be difficult to choose one; to help narrow your options down it is recommended to find one who meets all four categories of support, simplicity, security and price requirements.
Payment service providers (PSPs) typically specialize in processing credit card and other e-commerce payments online and can play an essential part of an eCommerce platform, helping companies reduce integration and processing costs and offering customers convenient payment solutions such as secure card-on-file, Quick Response Codes for mobile and desktop, recurring membership payments or subscription services.
To process credit card transactions, payment service providers (PSPs) provide a secure form on a company website for purchasers to fill out with their personal and card details, either directly on the site itself or redirected directly to one on their own server. After submitting these details, the PSP will validate if their card is valid and has sufficient funds available before transferring funds directly into merchant accounts associated with these websites as well as sending notifications back out notifying purchasers that their payment was successful.
Payment services providers offering comprehensive offerings like merchant accounts, payment gateways, and related solutions provide businesses with one stop shopping. A PSP makes life simpler by quickly setting up merchant accounts and payment gateways – often within days or even minutes – instead of dealing with multiple suppliers who could require multiple contracts and technical connections from various suppliers to set them up independently. Furthermore, this also saves both time and effort as opening merchant accounts can take days or weeks when dealing directly with banks.
Payment service providers (PSPs) act as intermediaries between businesses and the wider financial system, managing payment transactions on behalf of eCommerce and mCommerce merchants from when buyers submit their details until the funds clear into the business account.