Payment Service Provider (PSP)

A Payment Service Provider (PSP) is a company that facilitates online payments between businesses and customers. They enable merchants to accept various payment methods, such as credit cards, debit cards, and digital wallets, all through a single platform. By handling the technical aspects of payment processing, including security and compliance, PSPs make it easier for businesses to manage transactions and for customers to pay seamlessly. Essentially, they act as a bridge connecting consumers' payment methods to merchants’ bank accounts, ensuring secure and efficient financial exchanges.