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Learn More Understanding PaymentServiceProviders (PSPs) A paymentserviceprovider helps businesses with the acceptance and processing of payments made via electronic payment methods, including credit cards, debit cards, digital wallets, ACH transfers, and payment apps.
Payment processor – Handles the technical aspects of the payment. Its the third-party service that serves as the link between the payment gateway, acquiring bank, and issuing bank or card network. It works in tandem with the customers bank or credit card provider to verify and authorize the transaction.
It also ensures that data security best practices, particularly PCIDSS (Payment Card Industry Data Security Standards) requirements , are followed to the letter to prevent any breach or loss of sensitive customer data. Your merchant account can even be terminated if you get too many chargeback fees.
Last January, Segpay proudly announced that it has launched its new gateway payment platform: The Segpay Gateway can handle high volumes of merchant transactions in multiple currencies, keeping all data safe with the latest data security standards. What is a Payment Processor? The issuing bank transfers funds to the acquiring bank.
Yet, for all its transformative potential, AI companies struggle to partner with a secure paymentserviceprovider (PSP), because of regulatory concerns surrounding emerging technologies. Payment processors, PSPs, acquiring banks and payment gateways operate under strict regulations.
They play a vital role in facilitating various payment methods, such as credit or debit card transactions, digital wallet transfers, mobile payments, and electronic bank transfers. In 2020-2021, while some industries struggled to make ends meet, the payment processing market hit the headlines with major deals.
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