What is a Payment Service Provider?
Payment service providers offer businesses the convenience of electronic payments by a variety of payment methods including credit card, debit card, and ACH also known as electronic checks. Typically, a payment service provider connects to multiple acquiring banks, credit cards, and payment networks. Often payment service providers manage these technical connections and relationships with external networks and bank accounts, thereby making merchants less dependent on financial institutions.
Ways of Accepting Payments Online
Consumers use credit cards as a method of payment based on their commitment to pay in the future. Merchants use them to accept payments for good and services from their customers. In order to accept payment via credit cards, merchants use the services of credit card processing providers.
Debit cards, also known as check cards, offer a convenient payment method for customers who want an easy way to pay for products and services. Instead of cash, people can use check cards to pay merchants that accept debit card payments. To accept payments from debit cardholders, merchants engage the services debit card processing providers.
ACH is an abbreviation of Automated Clearing House. ACH utilizes debit transfers or electronic credits that allow customers to pay for goods and services from their bank accounts. Many payment processors provide the ACH option as a method for their customers to conveniently pay for monthly and subscription-based transactions. More and more merchants prefer ACH payments over credit and debit card payments.
YapStone: The Payment Service Provider for Check Dominated Industries
YapStone is a payment service provider with 15 years of experience in the industry. Companies that work with YapStone as their trusted partner get a scalable, customizable and flexible payment solution built on deep knowledge of the industries where we focus our attention, and that simplifies the payment process thereby helping to build a loyal customer base. Working with us also helps you avoid the hassle and inconvenience of paper checks.
Whether you’re a large enterprise, small business, or startup, when you engage us as your payment service provider, you can rest assured that you’ll enjoy dedicated service and industry expertise tailored to your specific wants and needs.