Payment Service Provider
Typically, a PSP can connect to multiple acquiring banks, card, and payment networks. In many cases the payment service provider will fully manage these technical connections, relationships with the external network, and bank accounts. This makes the merchant less dependent on financial institutions and establishing these connections directly - especially when operating internationally. By allowing the business to simply deal with a single payment company (which has pre-existing relationships with acquiring banks throughout the world) a huge amount of time and effort can be saved building up a solid and trusting relationship with numerous banks throughout the world.
Furthermore, a full service payment service provider, such as Lancore, can offer risk management services for credit/debit card and bank based payments, transaction payment matching, reporting and fund remittance and fraud protection in addition to multi-currency functionality and services.
Why Use a Payment Service Provider?
There are numerous benefits to employing a payment service provider rather than attempting to create and maintain a payment solution individually. Here are a few such reasons:
- Dealing with a payment service provider means that for any issues relating to payments the company only has one place they need to contact.
- Quick to set up. Employing a PSP saves a lot of time that the company would otherwise have to spend speaking to numerous banks individually, building up a relationship and negotiating deals. With Lancore the relationships are pre-existing and they will conduct all the legwork for you.
- The payment system is already created and ready to use. Creating a specific and secure payment system can be expensive, take time and have problems that may not become apparent until the website is live. By employing a PSP you will receive a payment system that is already fully functional and has been rigorously tested so you can be confident that it will perform to the highest standard.
Please don’t hesitate to get in contact with us if you have any queries as to how you could utilise the services of a payment service provider on your website. Full details for how to contact Lancore via phone or email can be found in the ‘contact us’ section of the website.