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    Payment Service Provider

    A payment service provider is a third-party company that enables a business to accept a variety of card-based and digital payments from consumers.

    What Is a Payment Service Provider?

    In the modern commerce landscape, it’s essential that businesses — no matter their size — give consumers multiple payment options for purchasing products. This is especially true for businesses with ecommerce presences, as consumers increasingly use a variety of payment methods — including credit cards, debit cards, digital wallets, ACH transfer, and payment apps — to complete their purchases. A payment service provider enables businesses to accept these types of payments.

    A payment service provider offers businesses other benefits, as well. In most cases, they accept liability for card fraud and typically handle chargebacks in these cases. They also tend to offer different pricing structures that allow smaller businesses and start-ups more affordable processing options.

    Working with a payment service provider can also help businesses streamline their sales via point-of-sale (POS) systems, ecommerce tools, and more. These resources can save a business critical time and money otherwise spent on manual operations.

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