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Selecting a payment service provider (PSP) isn't just about making a shortlist and choosing the cheapest provider. It's about evaluating the criteria that are important to you for each provider.
There is a big difference between payment service providers that focus on web stores and specialized PSPs for platforms and marketplaces. If you have a web store, you are responsible for the delivery and the quality and service of the goods. As a marketplace, it is very important that when you choose a specific payment service provider, you are sure that regulators and regulations (PSD2) are followed. This means, for example, that the marketplace is not responsible for the delivery and guarantee of the goods and services traded on your platform.
If you choose a specialized platform, they will also be able to perform the required Customer Due Diligence (KYC) for you and guarantee that the selling party is a verified 'Merchant of Record'.
Another element that is essential to the usability of a platform or marketplace is a PSP's support for multi-split payments. This ensures that users who have, for example, products from six different vendors in their shopping cart can pay all at once instead of six times. To guarantee payments and limit the risks associated with transactions on your platform, it is advisable to ensure that a PSP also offers an escrow solution. This means that the money paid by the users of your platform is retained by the PSP until the seller has fulfilled certain obligations.
We evaluate the right platform for your business and explain the decision to you.