Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Payment Service Provider
The Payment Service Provider (PSP) is to be understood as a technical payment provider. The Payment Service Provider does not itself issue merchant contracts (credit card acceptance contracts) and is also not a third-party biller.
Payment Service Provider as Gateway
Merchants who have a credit card acceptance contract contact the payment service provider in order to have the connection (via interface) of the website/shop to be settled and to the credit card company processed. A direct connection to a credit card company is not possible due to the technical effort involved. Therefore, the payment service provider acts as a gateway and processes a large number of transactions from the various merchants and submits them to the acquirer accordingly. The payment service provider charges a transaction fee/gateway fee for its services, among other things.
Payment solutions
Payment service providers thus offer payment solutions specially designed for e-commerce to process transactions with financial service providers. This means that operators of online stores, for example, do not need to connect to all payment systems (credit card companies). Instead, a single interface to the payment service provider is usually sufficient.