Switching PSPs, Keeping the Payment Credentials
Blog post from Basis Theory
Merchants may reconsider their payment service providers (PSPs) as they grow to obtain lower rates, support additional payment methods, improve cross-border processing, access stronger service or compliance tools, and secure more flexible contracts. However, merchants that initially relied on full-service PSPs to store card information and manage PCI-DSS responsibilities may not control their customers’ card-on-file data when changing providers, forcing them to ask customers to re-enter payment details and risking lost transactions and subscription churn. Although PSPs can sometimes transfer stored data, these transfers may be costly, complex, and may preserve dependence on another single provider. A proposed alternative is using an independent tokenization provider, such as Basis Theory, to securely collect and store payment data while maintaining PCI compliance and giving merchants portability across processors. This approach can support a multi-PSP strategy that enables routing payments through providers best suited to particular regions, payment types, costs, or risk profiles.
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