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<p class="MsoNormal">Searching for the right payment solution is time intensive, and our clients can't always have the time for it. UTIP is pleased to help you with the <a href="https://www.utip.org/platform?utm_source=fmen&utm_medium=article+1-23&utm_campaign=payment+systems+in+up" target="_blank" rel="follow">choice of a payment system</a>, its integration on our platform, compliance and so on. The UTIP gathers 40 integrated payment solution providers and about 50 payment solution integration services. </p><p><a name="_63u9vmcnmc8p"></a>Types of payment solutions</p><p class="MsoNormal">The list of payment solutions:</p><p class="MsoNormal">●      Acquiring: acceptance by Visa/MC/AmEx cards, etc.</p><p class="MsoNormal">●      Crypto acquiring: cryptocurrency purchase made by traders with credit card or other methods.</p><p class="MsoNormal">●      Crypto processing: crypto transfer from a trader's account to a broker's account.</p><p class="MsoNormal">●      Local methods that are available in a particular region.</p><p class="MsoNormal">●      E-wallets.</p><p class="MsoNormal">●      Bank transfers.</p><p><a name="_pyzucuwtjcs2"></a>Types of payment solution providers</p><p class="MsoNormal">Payment solution providers can be divided into several groups:</p><p class="MsoNormal">Payment systems (PS) are gateway owner-companies that have the funds transferred from traders to a broker. A shorthand name for payment service provider is PSP.</p><p class="MsoNormal">Payment aggregators (PA) are providers of several methods for accepting payments: for example, by cards, crypto, e-wallets. Plus, payment systems, gateways or banks can be integrated into the payment aggregators. PSP is alternatively used as a shorthand name for payment solution providers.</p><p class="MsoNormal">Payment solutions (PS). No own gateway, but have available multiple options. They act as mediators between brokers and other PSPs.</p><p class="MsoNormal">Cashier Services are non-payment service providers that integrate a variety of payment solutions within their system.</p><p><a name="_dlw5cbcxwhdn"></a>The advantages of using a PSP</p><p class="MsoNormal">Vast geography of payment transactions including ample of countries. Some PSPs pitch the idea of anonymous cryptocurrency transactions. Others use more traditional fiat payments or a combination of fiat and crypto currencies. Cashier services ensure brokers with the recent additional tools as smart routing, MID and cascading. </p><p class="MsoNormal">Routing is an extensive list of payment channels depending on the credit card issuing country.</p><p class="MsoNormal">Mid is a share-based payment transaction throughput different PSP.</p><p class="MsoNormal">Cascading is a transfer to another PSP after the previous transaction has been declined.</p><p class="MsoNormal">Some payment systems are tailored to QR code and mobile payments, P2P and other local methods.</p><p><a name="_ioxxfwwh048b"></a>PSP regulations</p><p class="MsoNormal">Each PSP has its own set of documents for compliance required from the broker's side. The first are willing to work with individuals without a registered legal entity, the second are requesting for a license, the third are willing to work only with a full legal component. </p><p class="MsoNormal">The UTIP experts are pleased to assist you in choosing PS by meeting the forex brokers' demands.</p><p><a name="_kgohg5jm7ed7"></a>Technical details</p><p class="MsoNormal"><a href="https://www.utip.org/platform?utm_source=fmen&utm_medium=article+1-23&utm_campaign=payment+systems+in+up" target="_blank" rel="follow">UTIP Technologies Ltd.</a> provides brokers with our open back-office API which they reroute to new PSPs for further integration with us. The integration is not that sophisticated for the PSPs. Above all, there is a PSP without API-integration.</p><p class="MsoNormal">Please feel free to contact <a href="https://www.utip.org/contacts#send-message" target="_blank" rel="follow">UTIP sales managers</a> with any questions on payment systems. We are open to your requests and feedbacks.</p>

This article was written by Finance Magnates Staff at www.financemagnates.com.