What is a Payment Service Provider (PSP)?

pay - ment ser - vice pro - vid - er
noun
A third party that helps Merchants accept and facilitate payments.
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For more information, read "The Payments System Simplified"
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How Does a Payment Service Provider Work?

Payment Service Providers partner with Acquiring Banks to offer Merchants the capability to accept payments. Payment Service Providers often offer services in addition to processing transactions. These services include Payment Card Industry Data Security Standard (PCI) compliance, fraud protection, and the ability to process different currencies and translate different languages.