For more details: https://www.2checkout.com/ecommerce-resources What is a Payment Service Provider
( PSP )? A 3rd party that helps merchants accept and help with payments. How Does a Payment Company Work? Payment Service Providers partner with getting banks to use merchants the capability to accept payments. Payment Company typically use services in addition to processing deals. These services include Payment Card Industry Data Security Standard compliance, fraud security, and the ability to process different currencies and equate different languages. Source