PSPs simplify the complex process of payment handling, allowing merchants to focus on their core business operations. By managing all aspects of payment processing, from authorization to settlement, PSPs eliminate the need for Legal E-Billing merchants to interact directly with banks and card networks. The right payment service provider (PSP) can help businesses sell into new countries, sectors and customer groups more easily. They can also help with higher approval rates, for example Inpay has transaction success rates of 99%. But also, help with better data to drive better business insights, simplified reconciliation, fraud prevention and more targeted marketing.
Simplifying the checkout experience
- My journey has taken me through diverse roles in Asia – as a lawyer, investor, and business owner.
- By utilising additional customer information within the 3DS2 flow, merchants can identify situations where no extra customer input is needed to authenticate a payment.
- These popular players are driving change in the market, but they’re not the only options to consider.
- The Guardian Bank enables you to manage your business in every financial aspect without needing third-party institutes.
- It is also important to note, that PSPs offer more than basic payment functionality.
Payment service providers generally offer a simple setup process to get you up and running quickly, unlike many merchant account options, which have an involved approval process. The payment processing landscape is constantly evolving, and PSPs are at the payment service provider forefront of this change. As technology advances, PSPs are likely to incorporate new features and services to meet the growing demands of merchants and consumers.
Payment Options
This includes the ability to handle increased transaction volumes, support new payment methods, and expand into new markets. Inpay is a cross-border payments company, connecting businesses and communities to a global banking network that helps them thrive. While PSPs deliver a powerful set of payment and business management solutions, they aren’t ideal for all businesses. Here are several instances where PSP alternatives may be an easier or more economical option. PSPs also support a range of customer payment conveniences, including secure card-on-file, quick-response (QR) code payment screens and automated recurring payments for memberships and subscriptions. Conversely, for a customer in Germany, providing payment options like SOFORT and GiroPay and displaying prices in EUR is advisable.
Top Trends in Payment Service Providers
Understand the rules for each payment method and opt for a unified platform that offers streamlined integration processes, effectively minimising hidden costs. Generally speaking, PSPs are a good value for small, seasonal, or new businesses with relatively low transaction volumes, as they minimize overhead costs. Meanwhile, merchant accounts are often cheaper for well-established, higher-volume businesses that can take advantage of economy-of-scale pricing. While Payment Gateways are a part of electronic payment systems, they are different from PSPs. Payment Gateways play the role of a middleman between the businesses’ online platform or application and the bank or institution between which the transaction is made. Payments can be complicated, but if you want to accept debit or credit card payments at your business, you’re going to need to understand the terminology behind them.
How Payment Service Providers Work
This provides customers a better sense of security, and encourages them to go through with the payment. With Primer, you can use our Workflows tool to set a trigger and select the fallback processor if a payment fails. We’ve also mapped and standardized decline codes used by PSPs, meaning we will automatically retry a payment depending on the code and chosen fallback processor. This allows you to increase authorization rates while offering a much better customer experience.
My journey has taken me through diverse roles in Asia – as a lawyer, investor, and business owner. These experiences have given me a deep understanding of the challenges that entrepreneurs and small to medium-sized companies face, especially in banki… Supported currencies refer to the types of currencies a PSP can accept and process.
- However, this is only possible if the PSP works with a payment processor that is capable of processing the desired currencies.
- PSPs may also provide tools to help automate processes such as invoicing, reporting, and accounting.
- The primary goal of your checkout page is to ensure customers complete their transactions.
- PSPs implement multiple layers of security, starting with mandatory PCI DSS compliance to protect sensitive card data.
- The following table breaks down some of the general characteristics of payment service providers vs. merchant accounts (although some outliers do exist in both categories).
Security and Compliance
PSPs enable businesses to process transactions in multiple currencies efficiently and securely. This capability is important for companies looking to scale globally, as it eliminates currency barriers and simplifies cross-border transactions. This enhanced security infrastructure not only protects transaction information but also builds customer trust. It also improves payment completion rates and reduces abandonment at checkout. Reliable customer support is essential, especially when dealing with payment processing issues. Choose a PSP that offers 24/7 customer support through recording transactions multiple channels, such as phone, email, and live chat.
Support
The advantage for me lies in the centralization of receiving payments rather than several accounts, “said French business owner, Cherie Sheriff. This is particularly important now that shoppers are moving away from traditional payment methods and adopting more convenient, digital payment methods. Are you ready to start looking for an online payment platform for your business?