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A Payment Service Provider (or PSP for short) is a third-party company or entity that offers businesses and individuals solutions for receiving and handling electronic payments, for example, credit and debit card transactions.
Payment service providers (PSPs) have changed the way businesses and individuals handle financial transactions from the ground up. They streamline payments, enhance security and privacy by minimizing data logging and retention.
These days, businesses are constantly seeking ways to streamline their operations and enhance customer experiences. As such, payment processing is a critical aspect of this journey, and one innovative solution that has emerged in recent years is payment orchestration.