Customers have an increasing number of online payment options, and supporting these customer-focused conveniences puts merchants in an advantageous position. Let’s explore how PSPs can put your eCommerce business in this position.
What is a PSP?
PSPs (Payment Service Providers), also called Merchant Service Providers, are third-party companies that help eCommerce businesses take online payments. You can take payments from debit cards, credit cards, online banking, cash cards, e-wallets, and more. PSPs safely and securely handle the process from start to finish, taking the payment and delivering this to the merchant.
The top PSP’s in the UK include:
- Paypal - The most well known online payment service provider that offers low per-transaction fees and facilitates payments in multiple currencies. Their service can be integrated with shopping carts such as Magento, Shopify, and WooCommerce.
- Stripe - Built for developers, Stripe handles subscription, mobile, debit, and credit card transactions in many currencies. Customer card details can be saved, simplifying future payments and encouraging customer loyalty.
- Shopify - This eCommerce platform supports bespoke online stores with low credit card fees and Facebook Shop and Messenger payments.
- Worldpay - This leading PSP handles four out of every ten card payments in the UK. Worldpay also handles mobile payments and offers flexible pricing plans.
- Sage Pay - Accept online and phone payments with low per-transaction fees and payments arriving in your bank account within two working days.
Out chargeback system integrates seamlessly with Stripe and Paypal, so you can begin seeing your dispute rate lower effortlessly.
The benefits of PSPs
The top reasons why PSP’s are extremely valuable include:
- Simplicity - Online payments are easy for you to manage
- Speed - Payments are handled automatically in an instant, giving you more time to focus on business development or other areas of the business
- Compliance - You never actually handle the payment data yourself, putting compliance in the hands of the PSP
- Fraud management - Payment Help’s chargeback management service reduces chargeback requests & costs and helps you combat friendly fraud
- Subscriptions - PSPs can handle subscription billing, payouts, and transfers
- Variety - By accepting multiple payment methods & currencies, you are eligible to receive more customers
- Security - Payment security is managed by the PSP
- Reporting, analytics, and insight - Use data to manage accounts
If you would like to learn more about PSP’s and managing online payments for your eCommerce store, get in touch with our team. We will help you pick the right PSP & integrate our chargeback management software to help you fight friendly fraud and payment disputes.