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!
What is a PSP?
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.
Why do merchants need PSPs?
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.
5 benefits of collaboration with Corefy
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.
- Lower expenses. You don't employ IT staff, pay for equipment, licenses, audits, etc. It's all on us. We arrange your accounting and help track all commissions, balances and payment details.
- Faster start. You'll save several years. Hiring a team, developing your own software, obtaining necessary licenses and passing all the security and compliance audits, establishing connections and integrations with third parties, and getting your first client on board might take all the time in the world. Integration of Corefy and getting started will take you less than a month.
- Feature-rich infrastructure. We offer a range of valuable services and features that are up to date in the modern payment world. You just choose what meets your specific needs the best.
- Less effort on your side. Corefy will make you ready for processing transactions without any development effort needed from you. Moreover, we will also offer you technical support and maintenance. You just concentrate on your business development, and our professionals handle all the processes.
- Hassle-free operation. With Corefy, you won't have technical hassle anymore. We solve all technical issues, provide the necessary software, and establish the needed integrations with payment providers and acquirers. Just concentrate on building stronger relationships with your merchants and expanding your client base.
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!