payment service providers

Payment service providers (PSPs) are companies that enable businesses and individuals to process online and in-person financial transactions securely. They facilitate payments like credit card, debit card, digital wallet, or bank transfers by acting as intermediaries between the customer’s bank and the merchant. PSPs handle the technical aspects, ensure security, and often provide tools for managing transactions, fraud prevention, and reporting. Examples include PayPal, Stripe, and Square. By using PSPs, merchants can accept various payment methods easily and safely, making the purchasing process smoother for customers.