Payment Providers overview

This section describes the Payment Provider side of the process. You can learn how to add Payment Providers' accounts and enable them to be used further in a payment lifecycle. The section serves as a centralised point and tends to simplify the connection flow, allowing you to manage multiple Providers and Payment methods via a single interface.

What is a Payment Provider?

A Payment Service Provider (PSP) is a third-party company that enables Merchants to accept various types of payments. PSPs are mediators between Customers and Merchants. They cooperate with Acquiring banks and Card networks to allow Merchants to receive payments. Also, the PSPs have to follow PCI DSS Compliance to ensure data protection and the highest security standards.

Catalogue of multiple Providers

The possibility of adding multiple Providers ensures an efficient transaction process. Thus, we can single out some more advantages while dealing with various Providers:

1. The foundation for constant business scalability and growth.
2. The increased conversion rates.
3. The decreased dependency on one Provider which leads to a smooth and ongoing process.
4. Adding new Payment methods that expand flexibility.
5. High diversification of possible risks.