Payment Service Providers (PSPs)

Payment Service Providers (PSPs) are companies that facilitate transactions between customers and businesses. They enable merchants to accept various payment methods such as credit/debit cards, digital wallets, and bank transfers, often through a single integrated platform. PSPs handle sensitive payment information securely, process transactions quickly, and ensure funds are transferred from the customer to the merchant. Examples include companies like PayPal, Stripe, and Square. By managing the technical and security aspects of payments, PSPs make it easier for businesses of all sizes to accept online payments efficiently and securely.