Win-win collaboration strategy for PSP: 5 reasons to utilise Corefy platform

Digital payments are the fastest and most convenient way to pay for purchases online. At least 60% of consumers prefer to pay online. Therefore, one of the essential components for online businesses is Internet acquiring. This process is impossible without payment service providers. PSPs act as intermediaries between the participants of a payment process and ensure the integration of the seller's website with the acquiring bank.
Collaborating with Corefy is an integrative process which involves a synergy of ideas and technology, resulting in an optimal outcome. So, what is a PSP? Why do merchants need PSPs? Why might PSPs want to collaborate with Corefy? Let's make things clear below!
A payment service provider or a PSP represents a company that offers merchants certain online services to accept electronic payments from their clients. They usually provide a variety of payment methods, including credit cards and bank-based payments. Basically, a PSP is a third party that allows merchants to accept a wide range of payments through a single channel. PSPs work with acquiring banks or payment processors to manage the entire transaction process from start to finish. It means that the PSP is responsible from the moment a customer inputs their payment details until the funds appear in a merchant's account. As a rule, payment service providers offer services for securely accepting, processing, and managing payments.
Cooperation with a payment service provider saves merchants' money, as the fees for using a PSP are less than the cost involved in integrating individual payment types. PSPs receive bulk processing discounts and are already set up to deal with multiple payment options.
A PSP becomes a real turnkey payment solution when it allows customers to smoothly make and accept money transfers, subscribe and pay for services, etc. These options and features require lots of effort and resources. There is a way out: integrate the Corefy platform and start doing your business immediately, without massive investments in the technical infrastructure. Here are the reasons why processing payments using Corefy's platform is more efficient than developing your own solution.
As you see, developing your own payment solution can be pretty abundant. Utilising Corefy's payment platform makes it much easier for a PSP to manage many different payment types. We offer PSPs unparalleled security services and convenient multi-currency functionality. Contact us to know more and get on board!