PSP
n. countablen. Stands for Payment Service Provider. A company that provides the technology to help businesses accept payments online or in person. They handle the connection between the shop, the customer, and the banks.
n. Abbreviation for Payment Service Provider. A third-party entity that enables merchants to accept various payment methods by providing the necessary technical infrastructure and managing the transaction flow between banks.
Our online store uses a reliable PSP to process credit card payments.
Choosing the right PSP is vital for international businesses because different regions prefer specific local payment methods over standard credit cards.
By integrating a robust PSP, the startup managed to reduce transaction friction and automate its monthly subscription billing without having to build a proprietary payment gateway from scratch.
Often used as an acronym for 'Payment Service Provider' in financial and e-commerce contexts.