Payment Service Provider
A payment service provider (PSP), also called a payment services provider, is a company that enables merchants and businesses to accept electronic payments through various methods including:
- Credit cards
- Debit cards
- Digital wallets
- Bank transfers
PSPs typically offer comprehensive services beyond basic transaction processing, such as fraud prevention, currency conversion, reporting tools, and integration with multiple payment methods and channels. By partnering with a PSP, merchants can accept payments without building complex payment infrastructure or maintaining direct relationships with multiple banks and card networks. PSPs handle much of the PCI DSS compliance burden on behalf of their merchant clients, significantly reducing the merchants’ scope and security responsibilities.
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