A payment service provider is a company that helps businesses make various money transfers. Payments can be made using debit or credit cards, e-wallets, fast transfers, cryptocurrency and other methods.
Biilblend acts as an intermediary between the business, the client and the payment system. The business receives a ready-made solution, as the payment service provider offers a complete solution. Let us tell you what makes payment solution provider Billblend stand out from other competitors.
How a service payment provider works
Service payment providers offer intermediary services. Billblend processes a customer’s application for payment, which he leaves on the website of a shop or bookmaker’s office. The application itself goes to the payment gateway, then to the payment processor, which confirms the debit. The payment processor links everyone involved in the purchase – the seller, the buyer and the bank that issued the buyer’s account and the bank where the seller’s account is held.
When making a purchase online, the client specifies his data on the payment page and confirms the payment with a code from the card or SMS, or other method provided by the payment system. It takes a few seconds, so there is a false perception of the simplicity of operations.
If we consider the payment on the site from a technical point of view, the chain of confirmation of the operation, the payment service provider carries out extensive work. The payment gateway processes the buyer’s application, sends a request to the banking organisation, receives a response, processes the results, issues a payment authorisation or denial of the transaction.
What does payment processing service provider mean?
Payment processing service provider is a payment processing participant who is responsible for data collection and verification. In e-commerce, PSPs offer a technical solution to make a purchase. Billblend offers businesses to integrate a form of payment by bank cards, e-wallets, direct transfers and other methods into their website or shop. There are over 100 options in total, with the ability to change the currency of the account. This allows you to expand the geography of work, as customers can pay the bill in the national currency. This is very convenient, customers do not experience stress and do not incur additional losses for conversion.
Choosing a reliable payment solution provider is very important, as the partner determines how convenient the transaction process will be and what costs you need to incur to connect the provider to your website or shop. At Billblend you can request a free consultation by leaving a request form. For a more detailed response, please describe your field of work, turnover and region of operation. Billblend helps businesses in Europe, Africa, Asia and other continents. Tech support responds promptly.
What is the difference between a payment service provider (PSP) and a payment gateway?
A payment gateway compared to payment as a service provider is less functional. Both solutions allow businesses to customise the payment acceptance process. The gateway can collect and transmit data, but the transaction itself is handled by the payment solution provider.
With Billblend, you get comprehensive support. You can request transfer statistics at any time. You can use the solution for your business by leaving a request for a free consultation.
What fees are charged for using payment solution service provider (PSP) services
A payment solution service provider enters into a co-operation agreement with a business. The business pays the provider to provide the service and make transfers. At Billblend, we use a dynamic rate grid, so the final figures for connection and account maintenance fees depend on the turnover of funds. Small businesses benefit from this approach, as they pay solely for the transactions they make
If we look at the payout service provider industry as a whole, we can highlight the main indicators that affect the cost of partnership. There are no uniform standards, as providers attract new customers through tariffs
Usually, a business pays for connection to a payout service provider or partially compensates for the initial integration costs. Also the cost of connection is influenced by the speed of connection, the faster the provider integrates with the partner’s site, the less losses the business has.
Additional services such as cryptocurrencies, fraud protection, working with high-risk businesses and others can affect the cost of co-operation with a payment method provider. For example, Billblend accepts payments in over 70 currencies, including cryptocurrency. There’s fraud protection, including the use of customer activity analysis to prevent credit card fraud.
Pros of using a payment service
Much of the popularity of payment service providers stems from the fact that you get a lot of convenience for a low price. Payment service providers are great for growing companies and small businesses. Many providers have a rule of thumb – only pay for completed transactions.
For a small fee, you get a transaction provider with great functionality and state-of-the-art fraud protection. The main advantages of PSP include:
- ease of use;
- flexible tariffs
- speed of connection;
- modern security features;
- suitable for both small and large businesses.
By choosing Billblend you will get a payment service provider with a good reputation, over 100 payment methods and fast integration.
FAQ
How do I choose the right payment service provider?
Choosing the right payment service provider will require you to consider several factors. Some of the main ones include: the need to process transfers, business goals, available costs of the payment service, reputation of the provider, what security measures the service provider uses.
What currency does the PSP accept payments in?
The functionality varies between payment service providers. Billblend has support for fiat and cryptocurrency, you can use bank transfers, e-wallets, credit cards and other payment methods. The provider processes transactions in more than 50 currencies. The choice of payment solutions is large, so companies from different countries will be able to find a suitable option.
How can a payment service provider help businesses?
The main goal of a payment provider is to make it easier for businesses to process transactions and make payments safer and easier to understand for customers. Billblend has experience in dealing with high-risk businesses, so utilising our services will result in increased transaction success as well as protection against fraudulent transfers.
