Introduction

The present page serves as an overview for the topic. All available documents for the topic can be found here.

About the Topic

Extension

An extension is an add-on that enhances a product or solution with new optional functionality. Extensions can be sold independently, but require a product or solution, which they extend (they cannot run independently). An extension defines to which product / solution it is compatible.

Payment Service Provider

A payment service provider (PSP) is a company that offers merchants 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, 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.

A payment service provider is the business partner who handles the financial transactions in case, for example, a credit card will be offered as payment method. The partner is involved in the process of card authorization and capture.

Payment Solution

A payment solution is a software for accepting electronic payments by a variety of payment methods including, for example, credit card, bank-based payments such as direct debit bank transfer or real-time bank transfer based on online banking.

Payment solutions are provided by a payment service provider (PSP).

Overview