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Payment service provider

A PSP supports businesses with electronic payments. Payment methods, processing and additional services depend on the offering.

Also known asPSP
E-Commerce

What is a payment service provider?

A payment service provider, or PSP, offers services for processing electronic payments. For an online shop, it can provide access to several payment methods through one integration and manage payment statuses or refunds, for example. The scope depends on the provider and agreement. A payment gateway is the technical transmission component; a PSP may bundle it with other payment services.

A fictional ceramics shop wants to refund the payment for a returned cup. In the planned workflow, the refund request is linked to the original payment and its status tracked with the PSP. If the service reports the refund as pending, that state remains clear in the shop too. Customer information must distinguish a requested refund from a completed one; submitting the request alone does not confirm that money has reached the bank account.

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