A payment service provider (PSP) offers (web) shops online services for accepting electronic payments by a variety of payment methods including credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking. Typically, they use a Software as a service model and form a single technical gateway for their clients (merchants) to multiple payment methods.
Typically, a PSP can connect to multiple acquiring banks, card, and payment networks. In many cases, the PSP will fully manage these technical connections, relationships with the external network, and bank accounts. This makes the merchant less dependent on financial institutions and free from the task of establishing these connections directly, especially when operating internationally. Furthermore, by negotiating bulk deals they can often offer cheaper fees.
Furthermore, a full-service PSP can offer risk management services for card and bank based payments, transaction payment matching, reporting, fund remittance and fraud protection in addition to multi-currency functionality and services. Some PSPs provide services to process other next generation methods (payment systems) including cash payments, wallets, prepaid cards or vouchers, and even paper or e-check processing.
1 Google Wallet
Google wallet is a mobile payment system developed by Google that allows its users to store debit cards, credit cards, loyalty cards, and gift cards among other things, as well as redeeming sales promotions on their mobile phone.Google Wallet can use near field communication (NFC) to "make secure payments fast and convenient by simply tapping the phone on any PayPass-enabled terminal at checkout."
Google demonstrated the app at a press conference on May 26, 2011.The app was released in the United States only on September 19, 2011.The service works with the 300,000 plus MasterCard PayPass merchant locations,with Visa licensing their Visa payWave system to Google for use in Wallet as of September 20, 2011.On May 15, 2013, Google announced the integration of Google Wallet and Gmail, allowing users to send money through Gmail attachments.Google Wallet's Gmail integration is only available in the US and to those 18 or older, for now.
2 PayPal
PayPal is a global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders. It is subject to the US economic sanction list, and subject to other rules and interventions required by US laws or government.
PayPal is an acquirer, performing payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee. It may also charge a fee for receiving money, proportional to the amount received. The fees depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type.n addition, eBay purchases made by credit card through PayPal may incur extra fees if the buyer and seller use different currencies.
On October 3, 2002, PayPal became a wholly owned subsidiary of eBay.ts corporate headquarters are in San Jose, California,United States at eBay's North First Street satellite office campus. The company also has significant operations in Omaha, Scottsdale, Charlotte and Austin in the United States; Chennai in India; Dublin in Ireland; Kleinmachnow in Germany; and Tel Aviv in Israel. From July 2007, PayPal has operated across the European Union as a Luxembourg-based bank.
3 Payoneer
Payoneer is an Internet-based financial services business that allows users to transfer money and receive payments through re-loadable prepaid MasterCard debit cards. The company focuses on specific payment solutions, primarily affiliate, mass payments, Local Electronic Funds Transfer (EFT), merchant accounts, and payout programs in countries with underdeveloped banking systems.
Payoneer is a registered Member Service Provider (MSP) of MasterCard worldwide. The Company is headquartered in New York City with R&D offices in Petah Tikva, Israel. Payoneer has received venture funding from Greylock Partners, Carmel Ventures, and Crossbar Capital.
4 WebMoney
Commonly known as WebMoney is a global settlement system a nd environment for online business activities, established in 1998. The system claims to have more than 22 million users. WMT Originally targeted mainly at clients in Russia and the Former Soviet Union, it is now used worldwide. WebMoney Transfer Technology is based on providing all its users with interfaces that allow operating and controlling individual property rights for valuables (assets), stored at the specialized entities the Guarantors.
The system enables Internet users to conduct safe transactions in real time using WebMoney units (WM-units). No bank account or credit card is required to open or operate a WebMoney account. Dozens of thousands online shops and services accept WebMoney payments WebMoney Transfer also provides online financial services, P2P payment solutions, internet based trading platforms, merchant services and online billing systems.
The owner and administrator of WebMoney Transfer system is WM Transfer Ltd. An unrelated Japanese company provides a prepaid cards service using the same name. The Japanese service only supports accounts denominated in yen.
5 Authorize.Net
2 PayPal
PayPal is an acquirer, performing payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee. It may also charge a fee for receiving money, proportional to the amount received. The fees depend on the currency used, the payment option used, the country of the sender, the country of the recipient, the amount sent and the recipient's account type.n addition, eBay purchases made by credit card through PayPal may incur extra fees if the buyer and seller use different currencies.
On October 3, 2002, PayPal became a wholly owned subsidiary of eBay.ts corporate headquarters are in San Jose, California,United States at eBay's North First Street satellite office campus. The company also has significant operations in Omaha, Scottsdale, Charlotte and Austin in the United States; Chennai in India; Dublin in Ireland; Kleinmachnow in Germany; and Tel Aviv in Israel. From July 2007, PayPal has operated across the European Union as a Luxembourg-based bank.
3 Payoneer
Payoneer is a registered Member Service Provider (MSP) of MasterCard worldwide. The Company is headquartered in New York City with R&D offices in Petah Tikva, Israel. Payoneer has received venture funding from Greylock Partners, Carmel Ventures, and Crossbar Capital.
4 WebMoney
Commonly known as WebMoney is a global settlement system a nd environment for online business activities, established in 1998. The system claims to have more than 22 million users. WMT Originally targeted mainly at clients in Russia and the Former Soviet Union, it is now used worldwide. WebMoney Transfer Technology is based on providing all its users with interfaces that allow operating and controlling individual property rights for valuables (assets), stored at the specialized entities the Guarantors.
The system enables Internet users to conduct safe transactions in real time using WebMoney units (WM-units). No bank account or credit card is required to open or operate a WebMoney account. Dozens of thousands online shops and services accept WebMoney payments WebMoney Transfer also provides online financial services, P2P payment solutions, internet based trading platforms, merchant services and online billing systems.
The owner and administrator of WebMoney Transfer system is WM Transfer Ltd. An unrelated Japanese company provides a prepaid cards service using the same name. The Japanese service only supports accounts denominated in yen.
5 Authorize.Net
Authorize is a payment gateway service provider allowing merchants to accept credit card and electronic check payments through their Web site and over an IP (Internet Protocol) connection. Authorize.Net claims a user base of over 350,000 merchants, which would make them the Internet's largest payment gateway service provider.
The company was founded by Jeff Knowles in 1996.
In November 2007 Cybersource purchased Authorize.Net for $565 million.Authorize.Net was originally purchased in 2004 by Lightbridge for $82 Million.In 2011, Authorize.net's parent company, CyberSource, was acquired by Visa.
6 Skrill
Skrill (formerly Moneybookers) is a global e-commerce business that allows payments to be made through the Internet. For individual users, the Skrill payment system offers an online deposit account (e-wallet) and a low-cost, internet-based alternative to traditional money transfer methods such as cheques, money orders and wire transfers. To merchants, Skrill enables businesses to accept online payments: via major payment cards, Skrill's own online accounts & other local payment methods.
The Skrill payment system is owned and operated by Skrill Limited, a UK-based company registered as a Money Service Business with Her Majesty's Revenue and Customs, regulated by the Financial Conduct Authority and licensed to operate within the European Union.
7 Payza
Payza is a leading global online payment platform that connects its members with their money and the products they love quickly, easily and affordably. MH Pillars Inc., which operates the Payza.com platform in the U.S., has partnered with DCR Strategies Inc. to provide members with the Payza prepaid virtual Visa® card program. This program facilitates secure online transactions that enable both consumers and businesses to send and receive money instantly. Personal account holders can shop and send or receive money online right from their Payza prepaid account. Business account holders enjoy a complete solution for accepting payments, including managing their transaction activity, comprehensive fraud screening and chargeback protection.
Payza is a registered trademark of MH Pillars Inc., a wholly owned subsidiary of MH Pillars Ltd. of London, United Kingdom.
8 Dwolla
Dwolla is a payment network that allows any business or person to send, request and accept money. We're not like those other big payment companies that rely on plastic cards and charge hefty fees. Instead, we’ve built our own network that securely connects to your bank account and allows you to move money for just $0.25 per transaction, or free for transactions $10 or less.
Discover why thousands of businesses, non-profits, developers and people use Dwolla to move millions of dollars every day.
9 Neteller
Netteler is an e-money/e-wallet stored-value service owned and operated by publicly traded British global payments company Optimal Payments PLC. People in over 180 countries use the Neteller service to transfer money to and from merchants, almost exclusively online gambling firms, and can withdraw funds to their own bank accounts.
10 2Checkout
2checkout is another payment processor that combines a merchant account and payment gateway into one, allowing customers to receive credit card payments as well as PayPal payments. The company offers international payments, shopping cart stores as well as a recurring billing feature.
Pricing: 3.99% (if you apply by May 1, 2012), a $0.45 transaction fee and $10.99 monthly service fee.
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