So, what to consider when choosing a payment service provider?
Struggling to choose the right PSP? There are too many options claiming they are the best and you don’t know which to choose? So, what to consider when choosing a payment service provider?
Size, scope, and ambition
Size is not everything. But it is important. When choosing a PSP, you want to make sure that you are working with one or two PSPs able to provide comprehensive services and cover different locations rather than having 10 different PSPs and the necessity to follow their different regulations and having to integrate different systems. To control the process, it is optimal to connect with very few PSPs providing a number of solutions in a specific market and covering several markets. It is also important to make sure that the company is well-known in the market and has prospects of further gradual and stable development. You want a company that supports your growth and can provide local markets expertise. Right PSP needs to be working with several acquirers as you don’t want to put all the eggs in one basket.
Security, compliance, and fraud prevention
As a minimum, to protect your business and customers, you need a PSP compliant with domestic and international requirements, complete with licenses and certificates that demonstrate effective risk management. Make sure to check that your PSP is PCI DSS compliant and implements a fraud screening and prevention system. While implementing your own system might be time, resources, and money-consuming having your PSP take care of the security issues is the best way.
Last but not least the rates
Finally, the rates are of course important. Make sure that the PSP that you choose offers competitive pricing for its services. It is worth mentioning that the cheapest is not always the best as you don’t want a better rate at the price of the security.
Here in Billmont we use a machine learning fraud prevention system, we operate in all allowed markets in multiple currencies, and we provide local expertise and support in Asian markets. Our rates are competitive and based on volume and other parameters. Our system is easy to integrate and we provide solutions tailored to our customers’ needs.
Please feel free to contact us for more.