Payment Services
With the ever-increasing demand for online services and sales, the number of online merchants has increased drastically. These online merchants, whether they are in a medium or high-risk industry, require numerous payment solutions/methods in order for their customers to complete a sale. On a daily basis banks and other acquirers make operations extremely challenging for business owners by rejecting online transactions, even though they have low chargeback rates, excellent credit scores and big revenue streams.
Additionally, traditional financial institutions do not like to work with high risk merchants such as eGaming operators, and in most cases they try to push them away with high processing rates or rejections of online transactions from gambling users.
Why are Payment Service Providers (PSPs) useful?
Payment Service Providers, often referred to as PSPs, are financial institutions that are responsible for handling huge volumes of transactions simultaneously for online merchants from any industry. In short, PSPs can help ensure a transaction is seamlessly transferred from point A (the user) to point B (your merchant account) safely and securely. Depending on the PSP, the merchant’s line of business, and the jurisdiction of the user, the transactions will have different approval rates. But overall, the job of the PSP is to ensure that the transaction is successful.
A Payment Service Provider is responsible for obtaining the necessary information from the online user to assist with initiating the payment, so that a business can receive the funds.
Benefits of Payment Services
Ease of Integration
Power online transactions by seamlessly integrating a payment solution with your website through a simple-to-use API.
One Integration
Benefit from numerous payment solutions like Credit Card Processing and Crypto Processing, under one integration.
Dedicated support team
Rely on around-the-clock support and direct communication with a dedicated account manager and support agents.
Speed to market
Enter new regions and countries with high velocity and with minimal effort required from your side.
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How do these Payment Service Providers work?
Walkthrough of the Process
1User Enters Information
The user enters his financial information and is diverted to the payment gateway.
2PSP Receives User Information
Once the transaction details have been correctly inputted by the user, the payment gateway transfers these details to the third-party Payment Services Provider that can facilitate the payment. This depends on the user’s location, user’s card network and the volume of the transaction.
3 PSP Communicates with Card Network
The Payment Services Provider sends the transaction information to the card network, i.e. Visa, Mastercard, American Express etc.
4Card Network Communicates with Bank
The card network provider will share these details with the user’s Banking Institution.
5Bank Confirms Transaction Validity
The user’s Banking Institution will confirm that there are sufficient funds to complete the transaction and subsequently confirm to the card network provider if the transaction was successful.
6PSP Receives Transaction Outcome
Once the card network provider receives confirmation from the bank, the confirmation will be shared with the Payment Services Provider, who in turn communicates the outcome with the payment gateway.
7Payment Gateway Returns Transaction Outcome
Through the payment gateway, both the user and the merchant are informed of the outcome of the transaction.
