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The difference between a PSP and a cashier

Any payment service is undoubtedly associated with a high degree of risk. But what can we do now, not accept payments at all? It is unlikely that any business would withstand such a blow because it is from customers that companies get all their profits.
However, it is possible to go the other way by making a choice in favor of an intelligent cashier. Let’s understand what is a service cashier, and what is a PSP, and how they differ.

What is a smart cashier?

Smart cashier software was created by Praxis, a company founded in 1997. This software offers companies a wide range of functions for accepting payments. It has very good functionality and is capable of integrating with more than 300 PSPs.
The software allows companies to optimize their payment processing, set up different payment acceptance methods and limits for each country individually, set up different company parameters, select a payment processing strategy, and so on.
But what’s more interesting, this software is created specifically for high-risk payment processing, which additionally protects the company from fraud.

What is a PSP?

PSPs are companies that provide payment acceptance and processing services. They also provide a high level of transaction security, as well as increasing the convenience of accepting payments and sending customers’ money to company accounts.
PSPs provide their services at every step of the payment-related customer experience.

What are the main differences between a PSP and a smart cashier?

At a first glance, it would seem that smart teller and PSP have the same objective, namely, the competent organization of the acceptance of payments from clients. But that’s not quite true.
While the PSP is a single solution, the cashier goes even further by combining all the PSPs into a single interface. This distinction of a smart cashier is especially important for those companies that enter the global market, providing their services to customers from different countries.
But why is it so important? All because each PSP has its own specific characteristics of working in each of the markets.
Another difference is that in order to increase customer loyalty and maximize market reach, companies have to use multiple PSPs at once. Each one will have to be set up and paid for, resulting in wasted time and additional costs. The cashier’s software conveniently combines several PSPs, making it possible for the company’s customers to pay at once, while the company itself doesn’t waste time and nerves on additional settings. For example, Praxis works with all PSPs without exception.

A smart cashier software system provides additional functions, which are unavailable to the PSP. First of all, the PSP is a payment gateway. Yes, companies get basic security services, as well as multicurrency plus a few other options, but we can’t say that all this will be quite enough for a successful and full-fledged business.
A smart cashier is more than just basic security and payment processing services. This software complex will provide an opportunity to effectively manage the finances of the company. Using this solution in the company is guaranteed to receive the highest level of risk management and implementation of KYC policy.
And also the smart cashier will allow to set up rules, according to which the automation of payment processing will take place according to the client’s profile, his country of residence, and other factors.

What works best for your business is up to you to decide. If you want your clients to get the maximum number of payment methods available and you don’t want to overpay for payment processing and other services, please contact Paymentop. We are already ready to offer you the best service conditions.