35 Top Payment Processing Companies 2024

Payment service providers prioritize secure transactions by adhering to industry standards like PCI DSS. According to Businesswire, 70% of customers prefer to pay using digital options, and McKinsey’s research shows that 62% of consumers are using at least two different digital payment methods. A key benefit of using a payment orchestrator is quickly integrating with a normal balance new processor without the development effort. We’ve already integrated with the world’s leading PSPs and top local acquirers, allowing you to use the services of new PSPs in just a few clicks—rather than months of development effort. Artificial intelligence helps detect fraud patterns in real-time, protecting merchants from fraudulent transactions.

Integrated Payment Processing

Discover five smart payment strategies to enhance customer experience, reduce costs, and drive growth in the travel industry. With Primer, you can use our Workflows tool to set a trigger and select the fallback processor if a payment fails. We’ve also mapped and standardized decline codes used by PSPs, meaning we will automatically retry a payment depending on the code and chosen fallback processor.

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• Much of the complexity involved in choosing a payment gateway is in calculating the total cost of each service for your business.
• Payment service providers (PSPs) are companies that facilitate electronic payment transactions between various parties, such as customers, businesses, and banks.
• Seek providers offering modern API connectivity, secure checkout solutions, and flexible integration options.
• Everyware is a payment engagement platform that helps businesses strengthen customer loyalty through seamless payment experiences.
• Stax brings its expertise in payment security and compliance to integrated development environments (IDE) in plug-and-play fashion.

It enables businesses to accept payments via websites, mobile apps and in-person transactions. The company also offers features to protect businesses and their customers, including authentication to streamline user verification and tools for preventing, detecting and responding to fraud. Higher-volume merchants that need the stability and additional features of a full-service merchant account will have a harder time finding a “free” gateway.

• Each provider was scored in each category to give a total which was then translated into a star rating out of a possible five stars.
• Setting this up manually is highly complex since you need to understand the logic of retrying a payment and the code that returns from the processor to know whether you can retry.
• To navigate this process effectively, offer a comprehensive overview of your transaction patterns, business model, and growth projections.
• Plenty of reputable merchant account providers offer month-to-month agreements that you can terminate without racking up expensive fees.
• We spend an average of hours researching and updating each one of our lists, making sure every company or application included meets our internal standards for quality and reputation.
• PSPs work seamlessly with payment gateways to transmit transaction data securely between merchants and banks.
• The main advantage is that they handle all the payment tasks, letting you focus on your main business without stressing about payment infrastructure.

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• The biggest difference is that a payment service provider facilitates one large merchant account, with individual business users being sub-users.
• In fiscal 2023, the unit disbursed nearly 1.3 billion payments totaling $5.4 trillion, according to the agency.
• Using a PSP offers several benefits, including simplified payment processing, enhanced security and fraud prevention, access to multiple payment methods, and streamlined reconciliation and reporting.
• Generally speaking, PSPs are a good value for small, seasonal, or new businesses with relatively low transaction volumes, as they minimize overhead costs.
• Unlike merchant accounts plans, which may require customers to process a minimum number of transactions on a monthly basis, payment service providers typically don’t impose a monthly transaction minimum.
• The Treasury has long been the federal government’s checkbook, tasked with handling payments for individual agencies based on funds appropriated by Congress.

This allows you to increase authorization rates while offering a much better customer experience. Not long ago, merchants needed to acquire the tools to facilitate each step in the payment lifecycle separately. As you can imagine, that created a ton of complexity and was, more often than not, incredibly inefficient. With support for multiple currencies and local payment methods, PSPs allow businesses to expand internationally without complications. Using encryption and monitoring systems to secure sensitive data, PSPs protect merchants from fraudulent transactions. Once https://www.bookstime.com/articles/payment-service-provider the transaction is authorized, the PSP manages the transfer of funds, deducting any applicable fees before depositing the money into the merchant’s account.

• Because the Bureau of the Fiscal Service distributes tax refunds and Social Security payments, it has access to the Social Security numbers and bank accounts of recipients.
• Merchants in the United States, Canada, Australia, Europe, Singapore, Hong Kong, Malaysia, and New Zealand can sign up for Braintree’s processing services.
• Payment Service Providers (PSPs) have emerged as indispensable partners in this endeavor.
• The University of Pittsburgh and UCLA health are customers who have benefitted from Flywire’s technology.
• As a result, customers can complete payments with credit and debit cards, mobile wallets, or Automated Clearing House (ACH) bank transfers, to name a few.

You have learned that PSPs provide small businesses with the necessary infrastructure and services they need to securely accept and process online payments. In contrast, dedicated merchant service providers like Stax offer robust and stable merchant accounts. PSPs don’t usually charge monthly fees for access to their payment gateway and instead derive their revenues from the processing fees they impose on each transaction.

For Customers

With payment orchestration, you gain the freedom and flexibility to payment service provider execute your payment strategy swiftly, turning payments into a powerful growth engine for your business. Combining hardware and software, integrated solutions offer seamless payment experiences across all channels. By supporting multiple payment methods, PSPs ensure customers can pay in their preferred way, boosting satisfaction. Choosing the right PSP can help businesses provide a smooth and secure payment experience for their customers while optimizing operational efficiency and revenue growth.