Payment Service Provider Advantages

A payment service provider or a PSP provides offers online businesses provide provision various payment methods. The payment methods include credit card, debit card, bank transfer and real-time banking. It is a third-party service provider that enables the online business merchants to accept online payments. It allows the online businesses to accept payment through multiple methods and not just credit or debit cards. But all varieties of payments are done through a single channel. A payment service provider works in tandem with the authorized bank. It takes responsibility for the payment process the moment a customer punches in their details. Right from transmitting customer’s details to the bank’s processor, relaying back the message or authorization of the bank everything is undertaken by the payment service provider. A PSP is equipped to handle multiple payment options right at the outset and receives discounts on bulk processing. It saves money for the merchant as compared to setting up individual payment methods.

It has been researched globally and established that majority of customers prefer payment methods with multiple options. They reported to be more satisfied and have more faith in the merchant. If an online business merchant goes on acquiring multiple payment methods like credit card, mobile wallets, debit cards, net banking and more the same will come out to be a costly affair. With a PSP all these features can be acquired in one go. Not just multiple payment methods but payment services also support multiple currencies. When a merchant is looking to expand their audiences globally or to export to other countries, this feature comes in handy.

It is mandatory for anyone receiving credit card payments to have PCI DSS certification installing a payment gateway gets you a certification too. With an increase in the frequency of credit card frauds world over it has become difficult to ensure the security of online transactions if you have your own payment mechanism. Meeting the stringent PCI norms can translate into a lot of time and money investment on your part. A payment gateway is one of the most secure payment methods and can alleviate the fraud risk for you and your customers. Another major advantage a payment gateway has is that of helping make better business decisions. With a payment gateway, you get the opportunity to make data-based decisions. You get access to settlements or disputes reports easily. It will not only enable you to increase operational efficiency but also increases optimization of your e-store.

A payment service provider will also help you sell globally. You can always select or choose to work with a payment gateway that has global tie-ups. And help your global audience as people use varied online payment methods. Enabling you to cater to an international audience smoothly, securely and with faster transaction. So if you have not chosen to get a payment gateway yet. You are missing out on expanding your business, getting faster payments and under-utilizing the reach your e-commerce business might have.