Payment service providers (PSP)

Payment Service Providers (PSPs) are companies that enable businesses to accept electronic payments securely and efficiently. They act as intermediaries between merchants and payment networks, handling transactions such as credit card or digital wallet payments. PSPs streamline the process by providing the technology and infrastructure needed to process payments online or in-store, ensuring funds are transferred safely and promptly. Examples include companies like PayPal, Stripe, and Square. They help businesses expand their sales options, manage fraud risks, and comply with regulations, making it easier to offer convenient payment options to customers.