Corefy provides support for almost any online payment and payout method. Our clients can work with as many payment providers as they need, having the power to connect both global and local payment options in a few clicks.
Our catalogue will help you to navigate the global payment landscape and find the best options for your business.
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A payment service provider (abbreviated as PSP) is a third-party company offering businesses complex solutions for accepting, managing, processing and archiving online transactions. A connection of several payment methods via an online payment service provider allows merchants to deliver their goods and services to customers anywhere in the world, making their brand recognisable.
Besides the ability to accept debit/credit card payments, business owners can benefit from additional merchant services offered by payment service providers, such as invoicing, multicurrency support, real-time currency conversion, and risk management. Thus, partnering with a payment service provider gives them access to a wide range of merchant services and offers them more ways to get paid.
Acquirer and PSP are two different things. First of all, they differ in how they open and hold merchant accounts. While acquiring banks open individual bank accounts for each seller, merchant service providers register each merchant under its own account. This is done to allow the merchant to accept transactions as soon as possible, without waiting for the acquirer to open an account for them. After concluding a contract with a payment service provider, you’ll be given a processor, gateway and other necessary tools to accept debit/credit cards issued by card brand networks and new payment methods your business needs. Plus, a payment service providers offer a much broader range of services than acquiring banks, including risk management, multi-currency support and enhanced fraud protection.
If you’re looking for a flexible and secure payment processing solution, try Corefy, a universal payment orchestration platform allowing you to connect as many methods as you need to keep your business thriving. Book a demo to explore our product.