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A PSP allows you to accept both credit and debit card payments from your customers.
PSPs, or commonly known as Payment Service Providers, are third parties that help retailers accept payments from their customers.
A PSP allows retailers to accept both credit and debit card payments from customers. A PSP is the gateway to ensure any business can receive/collect payments from its customers.
A PSP works closely together with banks managing the process from start to finish. Here is a breakdown of how the process works:
Some of the most renowned PSPs are:
Choosing the right payment provider for your business is one of the most important decisions you make when you are setting up your online store. Have a Sana Commerce web store and interested in knowing more about setting up payments? Read more here.
Aside from the benefit of allowing your company to accept any card and bank payment, having a PSP offers you a ton of different benefits such as:
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