Secure Payment System
PSP is a secure payment system that operates over the Internet.
Web 'surfers' visiting a web site can pay for goods or services whilst on-line using credit or debit cards.
Card transactions are cleared in seconds and cardholder accounts are directly debited.
It is the Internet equivalent of the card swipe machines used by retailers when processing payment by credit or debit cards.
Cardholder Not Present
Banks treat credit, debit or charge card transactions carried out over the Internet, in a similar manner to:
Mail order
Fax order
Telephone order
When the merchant, cardholder and card are not all present together at the time of the transaction, it is referred to as Cardholder Not Present (CNP).
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Internet Processing Charges
Here is an example scale of processing charges for internet transactions with various Banks.
The processing rate charged in a particular month is determined by the value of authorised transactions processed:
| Upto £1,999.99 | 4% |
| £2-4,999.99 | 3% |
| £5-9,999.99 | 2% |
| £10,000.00 + | 1% |
In addition to this the Bank is likely to charge approx. 4%
Payment Solved
PSP is low cost and allows any Web site to start taking payments On-line with Credit and Debit cards.
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