Beneficial aspects of a payment service provider

However, acquiring such an account can be quite a lengthy process, and the request is not always successful, as the merchant has to meet a number of strict criteria that have been laid down by the 'acquiring bank' or financial institution. There are also several fees associated with establishing such an account. Alternatively, a merchant can outsource the whole Internet payment process to a 'Payment Service Provider' (PSP), who will then accept all card payments on their behalf and take all the necessary steps to ensure their website is secure and protected. To ensure their initiatives are a success, the merchant needs to instigate a whole range of technologies, including servers and software, which will allow their customers to pay for goods and services using their credit cards. They also need to establish what is known as a 'merchant account', which will allow the merchant to be able to accept online credit card payments.