Payment Service Provider (PSP)
A Payment Service Provider (PSP) is a third-party company that enables businesses to accept a variety of payment methods online. PSPs might be a an acquirer, a processor, a bank or a fintech, and provide the technology and infrastructure needed to process transactions, manage security, and ensure compliance with industry regulations. As a PSP, Modulr provides access to multiple payment rails, including Faster Payments, BACS, and SEPA, enabling efficient domestic and cross-border transactions.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
