I have heard these terms multiple times, often been used interchangeably but I have never understood what is the exact difference among these.
In: Technology
A payment gateway is a technology that securely transmits payment information between a website, mobile app, or point-of-sale system and the payment processor.
A payment service provider (PSP) is a company that provides merchants with services for accepting and processing payments. This can include offering a payment gateway, as well as other services like fraud detection, reporting, and support.
A payment facilitator is a type of PSP that simplifies the payment process by allowing merchants to accept payments under the facilitator’s own merchant account. They typically provide a streamlined onboarding process and handle aspects like underwriting and risk management for smaller merchants.
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