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What is a Payment Service Provider (PSP) and How Do They Work?

Stax

The dominance of cashless commerce means only businesses that ensure the seamless processing of in-store and online credit and debit card payments will remain competitive.

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The Costs of Payment Service Provider (PSP) Lock-In

Basis Theory

Vendor lock-in describes a situation where a customer becomes entirely dependent on a specific vendor for products or services, and switching to another vendor becomes prohibitively difficult or expensive. What is Vendor Lock-in?

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What Is A Payment Service Provider (PSP)?

Nanonets

​A payment service provider (PSP) is a company that provides online payments for e-commerce, similar to a credit card processor in a brick-and-mortar store. PSPs are usually used by merchants who sell online, although some may also provide services for offline sales as well.

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Authorization Rates: What to Know When Migrating PSPs

Basis Theory

Upon completing the migration to a new payment service provider (PSP), payment professionals often let out a sigh of relief. The 6-month (or longer) process of migrating all the data, flows, and processes to a new PSP finally ends with green checkmarks and live checkout flow.

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Computop ships big data analysis tool to monitor payment transactions

Finextra

A new tool, designed to help retailers derive deep insights into the payment behaviour of their customers has been launched by Computop, the international payment service provider (PSP).

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Checkout.com adds Octopus as payment method in Hong Kong

Finextra

Checkout.com, a leading digital payments provider, today announced a strategic partnership with Octopus, Hong Kong’s first homegrown global fintech, to enable online payment for customers of Hong Kong’s leading payment choice – becoming the first global payment service provider (PSP) to add Octopus as a payment option at check-out.

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How to Switch PSPs without Re-accepting Credit Cards

Basis Theory

Merchants, especially online, have no choice but to contract with at least one payment service provider ( PSP ) to ensure they can execute transactions with credit cards and other payment methods.