A Payment Service Provider (PSP) is a business that participates in a payment system by facilitating payments for goods and services between customers and merchants.
These businesses include:
- merchant acquirers
- entities who provide switch services
- entities who provide settlement services
- entities who provide online payment gateways
- entities who provide alternative payment methods.
Businesses that are excluded
Businesses solely involved in the creation of payment hardware, such as EFTPOS terminals, or an issuer such as the customers bank that issues a payment card, (unless they are involved in the provision of the services above) are not PSPs.
Where more than one PSP participates in the processing of a transaction, the reporting obligation will be with the entity that has the best visibility of the identity of the merchant and the merchant's transactional data. In this situation, the other involved entities will be able to apply for an exemption from reporting this transaction.
Notification of requirements
If you are a PSP, we will notify you of your reporting requirements
While we have made efforts to contact each PSP, there will be entities who will meet the definition in the Order in Council that have not been contacted. If you have not been contacted but meet the definition, the regulations still apply to you and your obligations remain unchanged.
If you have not been contacted, but would like to discuss your particular situation, please contact us at [email protected].