PSPs save you the trouble of setting up multiple payment methods. Remember each payment method has a different set of requirements, which can be a hustle.
PSPs offer one simple integration that supports several payment methods such as credit cards, debit cards, mobile wallets, mobile money, and more.
Security services
A third of consumers are reluctant to make online purchases because they fear credit card and personal information theft.
Payment service providers have secure infrastructure that guarantees data safety. Remember, PSPs are obligated to provide state of the art security before receiving a license to operate.
Currency processing
Do you have your sights set on the global market? Well, dealing with foreign currency and exchange rates has never been easier.
Due to their partnership with acquiring banks, PSPs can process and settle different currencies, leaving you are free to carry out cross-border or global trade with ease.
How does the payment process work?
Once a customer submits their card details online, they receive an order confirmation. Even though this may take a few seconds, the back-end process is a lot more complicated. Let’s have a look, shall we?
- Once the card details are submitted, the transaction details are sent to the acquiring bank’s processor.
- The information is submitted to the credit card network (MasterCard or Visa).
- The network then sends the transaction details to the issuing bank (the bank that issued the card to the customer.)
- The issuing bank then approves or declines the transaction and sends their decision back to the card network.
- The network then sends this information back to the acquiring bank’s processor.
- The processor then communicates these details to the PSP.
- The PSP shares these results with the customer and merchant (you).
- If the card payment transaction was approved, the funds are then settled in the merchant’s account.
- The issuing bank sends the funds to the card network.
- The network deposits the funds in the merchant’s account at the acquiring bank or the PSP’s merchant account.
Are Payment service providers a good fit for your business?
Contrary to popular belief, PSPs don’t just serve large institutions with bulky transactions and hundreds of customers. They work perfectly with any online business, whether big or small. By following a few easy steps, you can integrate a payment gateway to your website or app and receive card transactions.
PSPs are perfect for eCommerce stores, online boutiques, ticketing agencies, hotels, fast food joints, restaurants, and many more businesses.
We can help…
By partnering with Elivalat Fintech, you immediately open your business up to millions of online consumers. We would love to help you take this vital step.
Our payment infrastructure and dedicated team will ensure that your business runs smoothly. Our systems exist to help your business grow.
(Speak to our representatives today.)