Payment service providers (PSP) are institutions that enable companies to accept and process online payment transactions. PSP software is necessary specialized software that allows PSPs to operate as a payment service entity. This software allows merchants to receive information and data into particular accounts and ensures that all PSPs are operating in compliance with industry standards.
Features of Payment Service Provider Software
When forming a PSP entity, it is important to obtain, implement and integrate the relevant software to provide the basis for communication between the merchant and the bank. The PSP software acts as the payment gateway that provides a communication tool between the merchant and the bank. It is software that is adopted by the merchant.
PSP software is integral for the operation of a PSP business because it serves as the interface that merchants use to see their usage of the payment gateway, as well as for them to interact directly with the payment gateway. PSP software can also contain functionality that allows merchants to use the payment gateway through the PSP software, including using a virtual terminal or batch processing software.
Obtaining a payment gateway is not sufficient for a PSP as they will need to take the data that the payment gateway processes and present it to the merchants. This is achieved using PSP software as it takes the data from the payment gateway and breaks it down into separate accounts for merchants to see their processing history, as well as statements and other reporting tools.
Starting Business offers years of experience in obtaining PSP licensing and integrating PSP software. For more information about our services and how we can assist you, view our PSP service area.