Forex Payment Service Providers (PSP) and Payment Gateways
Those new to e-commerce often ask themselves, what is a Payment Service Provider or PSP? The answer is that today we can make payments with cards online, scan QR codes or authorize payments from electronic wallets using our email. Solution providers that use the software as a service model to bring this sophistication to businesses are known as Payment Service Providers or PSPs. An easy way to understand a PSP is that it behaves like an online payment processing service, or merchant, something important to remember as we get into payment gateways. Examples of merchants are: PayPal, Visa MasterCard, WeChat Pay, Netteller, and Skrill.
PSP technology has been vital to scaling businesses; making it possible for international businesses to transact via multiple channels and currencies as well as reconcile their accounts seamlessly. This leads to a follow up question, namely what is a Payment Gateway? Additionally, what is the difference between a Payment Gateway and a PSP?
A Payment Gateway refers to a standard communication protocol between payment channels (POS, web based, etc.) and a receiving bank. In our definition of a PSP, we explained that it can be looked at as a merchant. A payment gateway is a single point of access for multiple merchants.
Payment Processing For Forex Merchants
Running a forex brokerage is complex. Jurisdictional regulations can be disruptively inconsistent, and high transaction volumes is an innate characteristic of the industry. The best forex payment processing providers are usually equipped to meet the distinct trade requirements of its clients. Each forex broker, however, is unique meaning that different features are required. For this reason, the ideal payment gateway for forex brokers should offer flexibility. Effectiveness of payment processing is the lifeline for all stakeholders in the industry. Hence, to drive success, brokers must choose the best forex forex credit card processing merchant that meets their unique needs and regulatory obligations.
Our Services – Forex Merchant Accounts
We leverage our extensive experience in the industry and long standing relationship with globally reputable PSPs to help clients match their business with the best fit payment processing services. Our solutions are available to both regulated and unregulated, non-licensed brokers. Over the years we have seen a direct correlation between choice of PSP and profitability of our clients business. At a first glance, payment gateways might all seem alike, however, there are significant differences with regard to jurisprudential coverage, supported payment channels, and customer service systems.
To learn more about our forex credit and debit card processing and PSP services, don’t hesitate to contact us.
Have a look at some of the additional services our clients have found to be helpful in the growth of their business.