article thumbnail

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

Stax

Compliance and security Your PSP is responsible for ensuring that sensitive customer financial data is securely encrypted and stored according to the standards and regulations of the industry, such as PCI DSS (Payment Card Industry Data Security Standard).

article thumbnail

What is a White-Label Payment Gateway?

Ikajo

However, they are of particular value for specific business types: Startup payment service providers A white-label payment gateway is a wholesome starting point for entrepreneurs who wish to establish their own Payment Service Provider (PSP).

article thumbnail

How to Accept Online Payments for Free in 2024

Payment Savvy

Understanding the specific costs of each online payment method empowers businesses to make informed decisions that align with their financial strategies. PSPs like My Payment Savvy (MPS) prioritize data security through technologies like tokenization and compliance with PCI DSS (Payment Card Industry Data Security Standard) Level 1.

article thumbnail

How to start a payment processing company?

Ikajo

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. As a payment business dealing with card transactions processing, you’re subject to PCI DSS certification.

Process 52